The Birmingham age-herald., 1902-09-14
KEEN INTEREST IN BANK STATEMENT There Were Fears of Utter Wiping Out ot Reserve STOCK MARKET STRONGER Event of the Week Was the Placing of St. Paul Common on a Seven
 Per Cent Dividend
 Basis.
STOCK MARKET STRONGER

New York, September 13.-Some assur- ance was imparted to the market at the opening today by reason of a better demand from London and early news of the governments decision to anticipate October interest on bonds but the list generally was dull and inactive during the first hour. Commission houses did very little and foreign houses were mod crate buyers. Many conditions were more favorable and contrary to custom at the weeks end there was a brisk demand for call money which ruled at per cent Slight pressure was directed against some issues in the early trading, but support came later. Rumors of gold imports were again surrent, but appear ed to have no foundation in fact. It was clearly shown that the rate preclud- ed engagements except at loss.
 The keenest interest was evinced in the bank statement because of the many pessimistic reports and fears of an utter wiping out of the surplus reserve. AL though this item shows a decrease of nearly $S, S,3S2OO0. there remains on balance more than $70O.00O the result of a heavy shrinkage in the loan account. The otdASAhSnl pIONeS De4ODQ QOuDl a number of banks are at this time much below the legal reserve requirements The loss in cash-slightly over %000,0OO- was about up to expectations. The mar ket appeared to take kindly to the bank statement and this together with the ac- tion of Secretary Shaw, brought inereas- ed activity with improved prices to a number of leading issues, including St. Paul, Reading, Pennsylvania, New York Central, Missouri Pacific, Illinois Gen. tral Louisville and Nashville, Baltimore and Ohio and Sugar. The close was strong and active.
 The event of the week was the placing of St. Paul common on per cent divi- dend basis, this action having been advo- cated it is said by the strongest interests in the road "The street" attached no ordinary significance to the increase, in view of the roads established reputation for conservatism, but the stock failed to make response in this market or abroad Reports that George J. Gould is to be- come a director in St. Paul gave weight to stories of a St. Paul-Missourf Pacific alliance. The course of Missouri Pacific was interesting. that stock touching a new high record with St. Paul and both selling off proportionately. Another event was the decision of the Baltimore and Ohio directors to issue S42, 000 new common stock, part of which had been
 
 rent that some news dealing with the general railway situation in the south will soon come out and that the settle ment of the Louisville and Nashville Southern railway matter will bring bene- fits to the Seaboard Air Line and the At 1antic Coast Line.
 Call money fuctuated wildly.N the rate rsnging from 31k per cent early in the week to 15 per cent on Thursday and 20 per cent yesterday.
 The bond market during the week was unusually active, with a large percentage of the dealings in Wabash debenture Bs, which at one time showed a gain of over B points resulting from the heavy specu- lative purchasing movement. The market generally was firm In sympathy with stock manipulation.
 United States 3s advanced 14, the new 4s registered 11k and the new As coupon l% per cent. The old As declined F as compared with the closing call of last week.