New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There was steady advance in stocks yester-
day until the bank statement came out, after
which a decline set in which continued to the
close. and wiped out good part Of the improve
ment. The total amount Of business was large
for a Saturday. The bank statement. while not
specially unfavorable was nevertheless dlsap-
pointing. There was a loss in cash, which had
not generally been looked for. and this, despite
a material decrease in deposits. prevented an in
crease in the surplus reserve OF any account.
Preliminary calculations had made out gain
OF 100000 in cash. but instead rather
startling loss OF 50. 425. 800 was shown. A con
traction of $7.777.0G0 in loans was about in
keeping with expectations. This reduction in
loans, with the loss in cash, explained for the
most part decrease Of 81. 49, 400 in deposits.
The surplus reserve, which was increased by
S35S,350 was left at $3,47l250. A year ago the
surplus reserve was S10,272 425.
Where the mistake was made in the advance
estimate of the bank statement was in a lack Of
knowledge as 70 the interior movement of
money. It is clear that in the week more cur
rency was sent out of New-York, and probably
less was received, than was known or thought
1t is presumed that the outgo OF currency will
continue for time. and as the purchase OF
bonds by the government has been discontinued
the Sub-Treasury viii probably almost steadily
absorb money from the banks. The prospect
therefore, is not alone for higher rates for
money, but also for a further curta1lment Of
loans in order 10 keep the reserves Of the banks
up to legal requirements The factor in specu-
lation for a time at least must be the state
Of money. The banks have the money market
under good control and will lie able to maintain
its equilibrium. doubt. Borrowers will have
no difficulty in obtaining accommodation If they
are willing to pay the rates asked.
The heaviest dealings on the Stock Exchange
in St Paul which gained substantially IN
price. st. Paul has been bought literally for
some time The belief is that the buying has
been for the purpose OF securing representation
in the management. with view to ultimate con-
troll There is uncertainty TO the capitalists
who have been acquiring the stock They may
be the group which are in possession of the
Rock Island road they may be the group
which dominates the Union Pacific and Southern
Pacific roads. The St. Paul system could be at
tached with particular advantage to the Union
Pacific. While there was no final change in the
price Of Rock Island, the stock in request
by shorts. who covered their contracts TO avoid
a squeeze. Practically all the Rock Island in
the market has been accumulated. A slump fol-
lowed realizing sales in Colorado Fuel and Iron.
Tennessee Coal and Iron quiet, but steady.
Sugar Refining was freely dealt in. but closed
with merely fractional change in price. Deal
ings in United States Leather common were ac-
companied by yarn that a plan was maturing
which provided the possibility Of placing the
stock on the dividend list. The company is
about 30 per cent behind in the cumulative divi-
dends on the preferred stock
The usual weekly table Of price changes for the
active stocks follows: