The daily morning journal and courier., 1902-03-01
FtnamctaI.
THE STOCK MARKET.
Prices Dragged Downward.

New York, Feb. 2S-The forecast of the bank statement and the prospect of additional heavy requirements upon | New York bank reserves overcame the
 market to-day and dragged prices downwards. The downward movement
 towards the latter part of the trading showed more consistency than any pre- vious movement during the week. Prices of all classes of stocks were alike affected, both the minor specialties- among which there had been some show of strength earlier in the day and the leading standard stocks which
 had lain inert until the selling move
 ment began. The liquidation was not
 urgent and showed no signs of being forced, but it was eviden. that it was
 thought best to be prepared for contin-
 gencies in the money market and take in all sail possible.
 The preliminary figures of the week. S cash movement, as usually published on Friday which include the known movement of money up to Thursday night, indicates that the banks have lost nearly S6,000 GOO in cash during the week. The exports of gold called ex- actly for $3,513S23. The routine sub treasury operations took $2,S99,177. The regular express movement with the in- terior was in favor of New York to the extent of less than a million dollars, and to-day there was deposited at the ub-treasury $500 900 for transfer to Chicago which would about wipe out the earlier gain by the banks. The loan item remains in the usual obscurity. But there has been no important stock market liquidation, syndicate subscrip- tions to the Glucose and Starch com binations have been called, and there is possibility that the gold exports rep resent the paying off of foreign obliga- tions and their transfer to local banks as was the case with the last gold that went out.
 There is no great hope, therefore, of anything but very weak bank return tomorrow. Beyond that the persistent firmness of the foreign exchange mar ket indicates that further gold will go out by export next week. The first de- posit at the sub-treasury for transfer to the west is generally accepted as the sign of the turning movement of cur rency away from New York again to meet the usual spring requirements in the interior
 New York exchange at Chicago, how ever, recovered to-day from 50 cents discount to 20 cents discount The re- quest to the treasury authorities for permission to deposit gold in New York to be drawn on at San Francisco fore shadows a further movement which promises to reach nearly $15,O00,00O, and which is connected with syndicate pay ments for street railroad properties With surplus reserves of the banks last Saturday already down to the modest showing of SIP, 446,650, the money out look seems somewhat formidable for spectators on margin who are depend ent upon the call loan market for ac- commodation with which to carry their holdings. On the other hand, March interests and dividend disbursements will be unprecedently large this year, estimate of the amount running up to $75, ,000,0 GOO.
 The speculators, however, evidently took the view that caution was desira- ble and they sold their holdings. The days net losses run over a point for some of the important stocks.
 The bond market was dull and moved | very narrowly. Total sales par value, $3 230, 900.