Omaha daily bee., 1902-09-20
NEW YORK STOCKS AND BOND.
Spectators Are Relying on Replen-
ished Bank Vaults.

NEW YORK, Sept, 19.-If tomorrow's
bank statement does not make a strong
showing spectators who bought stocks to-
day will be disappointed. The buying was
based on the belief that the surplus reserve
of the banks has been replenished as the
result of the weeks events. Preliminary
week somewhat chilled the hope of a good
bank statement, as a decrease In cash re-
serves of upward of 10000 was indicated.
OF this amount the sub-treasury has alb
sorbed some 81, $50, 900, including deposits of
currency for Geographic transfer to the
interior. The regular movement by eX-
nress on routine banking operations makes
up the rest, but il is not improbable that
there have been special movements Of
money not included in these routine opera
tions. The shipment of several million
dollars from Chicago, reported as made
last Saturday night, figure as such a trans
action and reports have come from other
interior centers of various amounts shipped
from New York to take advantage of the
prevailing rates for call loans. 1t is never
In the loan item, but II is confidently be-
lieved in the street that there has been a
large contraction in the loan item during
the week, The payment OF subscriptions
on the Oregon Short line bond issue on
Monday would result In some contraction.
The engagements 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 decline during the week. TIL steadi-
ness of the call money market today was
a strong indication that the position of
the DdnkS Is strengthened. Inc leaueT OF
the market today was easily st. Paul,
which was 5h points over last night at one
time, with a sympathetic effect on the
| rest. The movement was unexplained, but
the early tendency of Missouri Pacific to
keep in company revived rumors of an
alliance between the two systems. There
was a setback in Missouri Pacific when the
July statement OF earnings appeared, show
ing a decrease in net of $263, 1856. The stock
lost most of its gain and the other south
westerns turned rather heavy in sympathy.
The u~nfavorable cotton reports were also
an influence on that group. The fact that
a 4 per cent dividend is included In the price
of St. Paul was given as an argument for
its strength and the old comparison with
the price paid for Burlington, which was
200. was also continued. The rise above
200 OF Rock Island furnished an additional
parallel. tn latter stock was conspicuous
for the number of cash transactions, as
the right of exchange in new securities ex-
pires tomorrow and there is no stock de-
livery on the exchange on Saturday. These
contracts for the new securities were ac-
tive and strong on the curb. The reversal
by the New York court Of errors and APP
peals of the vice chanCellor's decision
against the stock conversion and bond Issue
of the United States Steel corporation
caused a squirt in its securities. The Penn
sylvania group was strong and Canadian
Pacific showed the effect of continued
large dealings. Considerable realizing was
accomplished in the advances and the
market closed irregular and below the
best.
The bond market was active and strong
especially for the Consolidated Tobacco As
States refunding rs, the IS, new A. and IS
advanced 4 and the old As Is per cent or
the last call.
h following are the closing prices OF