The Birmingham age-herald., 1902-09-20
SPECULATORS MAY
 BE DISAPPOINTED Success or Failure Depends on
 Bank Statement ST. PAUL LEAD THE MARkET I Setback In Missouri Pacific When the July Statement of Earnings Was Made Showing a Decrease
 of $26s,1s6.
ST. PAUL LEAD THE MARKET

New York, September 19.-If tomouow's 8 bank statement does not make strong showing, spectators who bought stocks today will be disappointed. The buying was based on the expectation that the surplus reserve of the banks has been re- plenished as a result of the weeks events. The publication of the usual preliminary estimates of the cash movements of the week somewhat chilled the hope of a good bank statement as a decrease in cash re- serves of upwards of 100000 were in- dicated. Of this amount the sub-treasury has absorbed some g, eco, GOO, including de- posits of currency for telegraphic trans fer to the interior The regular move ment by express on routine banking op- erations makes up the rest, but 1t Is not Improbable that there have been special movements of money not included in these routine operations.
 The shipment of several million dol- lars from Chicago reported as made last Saturday might figure as such a trans action, and reports have come from other interior centers of various amounts shipped to New York to take advantage of the prevailing high rates for call loans. It Is never possible to forecast ac- curately the changes in the loan item, but 1t Is confidently believed in the street that there has been a large contract on In the loan account during the week. The payment of subscriptions on the Oregon Short Line bond issue Monday Npuld result in some loan contraction. The en- agreements of gold during the week also would figure as a transfer of loans from the local bank to foreigners. The stock market has not reflected any heavy liquidation during the week.
 The steadiness of the call market today in face of the demand for loans to carry over until Monday was strong indication that the position of the banks Is strengthened. The leader of the market today was easily St. Paul, which was 51s points over last night at one time with a sympathetic effect on the whole list. The movement was unexplained, but the early tendency of Missouri Pacific to keep it company revived rumors of an alliance between the two systems. There was set back in Missouri Pacific when the July statement of earnings appeared showing a decrease in net of $263, 196 The stock lost most of it's gain and the other southwesterns turned rather heavy in sympathy. The unfavorable cotton re- ports were also an influence upon that group.
 The fact that four per cent dividend is included in the price of St. Paul was given as an argument for it's strength and the old comparison with the prices paid for Burlington, which was 200. was also revived. The continued rise above 200 of Rock Island furnished an additional parallel The latter stock was conspicu- Dus for the number of cash transactions as the right of exchange into new secu. sities expires tomorrow and there is nc stock delivery on the exchange on Sat urday. These contracts for the new se- curities were active and strong on the curb. The reversal by the New Jersey court of errors and appeals of the vice. rhancelors decision against the stock conversion and bond issue plan of the United States Steel Corporation caused a spurt in it's securities The Pennsyl- vania group was strong and Canadian Pacific showed the effect of continued arge earnings. The upward movement of a number of miner industrials were Hue to special causes. Considerable real zing was accomplished on the advances md the market closed irregular and be- ow the best. The bond market was luite active and strong, especially for the consolidated tobacco fours. Total sales par value $3,670,000, United States re- 'unding 2s, the Ss, new 4s. and 5s ad- ranced A and the old 4s 1s on the last all.