The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-20
STOCKS FAIRLY STRONG
EXPECTATION OF Ooh BANK
STATEMENT THE CHEF CAUSE.
Special Causes in a Few Issues Con-
Lonn Market Quiet and Steady.

NEW YORK, Sept. 19-If to-morrow's
bank statement does not make a strong
showing. spectators who bought stocks to-
day will be disappointed. The buying was
based on the expectation that the surplus
reserve of the banks has been replenished
as a result of the weeks money movements.
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 o was indicated.
or this amount the subtreasury has OBJ
sorbed some s.. 66O.O 900. including deposits of
currency for telegraphic transfer to the in
terror. The regular movement by express on
routine banking operations 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 dollars from
Chicago. reported as made last Saturday
night, figure as such a transaction, and re-
ports have come from other interior centers
OF various amounts shipped to New York TO
take advantage of the prevailing high rates
for call loans. 1t is never possible to fore
cast accurately the changes in the loan
item. but it is confidently believed in the
street that there has been a large contrac-
ton In the loan account during the week.
The payment of subscriptions on the Oregon
Short-line bond issue on Monday would re-
suit In some loan contraction. The engage
ments Of gold during the week would also
figure as a transfer OF loans from the local
banks to foreigners.
The stock market has not reflected any
heavy liquidation during the week. The
steadiness Of the call money market to-day,
in face of the demand for loans to carry out
until Monday, was strong indication that
the position of the banks is strengthened.
The leader of the market to-day was easily
St Paul, which was 55 points over last
night at one time, with a sympathetic eff
feet on the whole list. The movement was
unexplained, but the early tendency of Mis-
souri, Pacific to keep 1t company revived
rumors of an alliance between the two sys-
TENS. There was a setback in Missouri Pa
cine when the July statement of earnings
appeared. showing a decrease in net earn
ings or sos, 1856. The stock lost most of its
gain. and the other Southwesterns turned
rather heavy In sympathy. The unfavorable
cotton reports were also an influence upon
that group. The fact that a 4 per cent. divi-
dend Is included in the price of st. Paul
was given as an argument for its strength,
and another was a comparison with the
price paid for Burlington, which was 200.
The continued rise above 200 of Rock Island
6AatiOA ~ iottNA
stock was conspicuous for the number of
cash transactions, as the right of exchange
into new securities expires tomorrow, and
there is no stock delivery on the exchange
on Sunday. These contracts for the new Sc
curities were active and strong on the curb.
The reversal by the New Jersey Court of
Errors and Appeals of the vice chancellor
decision against the steel stock and bond
conversion plan Of the United States Steel
corporation caused a squirt In its group.
pennsylvania was strong and Canadian
Pacific showed the effect of continued large
earnings. The upward movement of a num-
Der of minor industrials was due to special
causes. Considerable realizing was &C.
complished on the advances, and the mar
ket closed irregular and below the best.
The bond market was quite active and
strong, especially for the Consolidated To-
bacco fours. Total sales, at par value, were
S,670,OO0. United States refunding twos, the
threes, new fours and ives dvanced u,
and the old fours u per cent. on the las,
call.
The following table shows the range OF
stock prices on Friday:
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