Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-04
FINANCE AND TRADE
Stocks Were Dulland Slightly
Lower.
BAD BANK STATEMENT
LONDON SOLD SOUTHERN PACIFIC
FREELY.
Sugar Was Sold on Report Of . Fur
Their Cut in Price Of
Product.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. April Am the London
market shares showed declines OF from Y
to V. the latter occurring in Southern Pa
cific on denials of the rumors current here
just before our close yesterday that a
settlement had been reached between the
Southern Pacific and Union Pacific fac
tions These stories were also emphati-
cally denied in Wall street before the
close of the market yesterday, and. con-
sequently, were not factors here at the
opening. The local market at the start
was only moderately active. with here and
there fractional declines, but there was a
lack Of pressure seen In the early dealings
and the market after the first few minutes
of trading developed a little firmer tone.
Sugar was about the weakest thing at the
start, on news of further cut In the West
Virginia district by the Arbuckles of ~
points in the price of refined sugars. The
fight in this commodity appears to be on
again in earnest, although 1t must not be
forgotten that this Is not the busy part or
the sugar year. and. again. that the Ameri-
can refinery loaded up Its customers with
refined sugars only a week or ten days ago
before the recent cutting in prices began.
Brooklyn Rapid Transit, although some
what lower than yesterdays highest. con-
tinued to show good firm undertone OF
strength. The reports that the marlborough
company had bought controlling interest
In the system was not seriously taken, but
1t is known that that interest has in the re-
cent past picked up some OF the stock, and
that all the local traction shares are likely
to improve in value when the underground
system is completed In October. and other
extensive Improvements now nearing COM
pletion are finally made
Union Pacific was u lower Atchison lost
H. Southern Pacific averaged about u lower.
and there were losses in the first few min
utes Of trading of from % to "a in Brooklyn
Rapid Transit. Manhattan, Missouri Pacific.
Consolidated Gas, st. Paul. Colorado Fuel
and a number of other active issues. The
Wabash debenture bonds were firmer.
but the preferred stock declined about "a
per cent.
Bond dealings were scattered and without
feature. Around the first hour the market
became flrmer on covering of short con-
tracts in anticipation Of a good bank state
ment, and prices generally worked up from
" to q per cent. the best rallies occurring in
Baltimore and Ohio. Union Pacific ST. Paul
and the Reading and Erie issues. Business.
however, was not very brisk and commits
sion houses reported only moderate i'm
provement in out-of-town orders.
The banks started the week, yesterday,
with a gain of 1906 600 from the subtreas-
ury. This compares with a loss of over
$1O000O last Friday.
On the appearance Of the bank state
ment showing a heavy loss in cash and
surprisingly small decrease in loans
selling movement was started which car
rIed the general market from Y to Is per
cent but at that level support was met,
and this led to some good covering de-
mands throughout the list and in which
most of the losses were recovered and In
some instances advances were scored over
the best prices of the day. This demand
for stocks by the shorts lasted until about
within five minutes of the Close at which
time the market became dull, but with a
fairly firm undertOne.
The regular semi-ann1lal per cent d1vi-
dend was declared today on Atchson COM
mon.
Total sales of stocks, 24S9OO shares. and
of bonds. $500. 900. Governments unchanged.
Railroad bonds fairly steady.
The bank statement follows: Reserve on
all deposits, decrease, $415O.075; reserve on
81 29S OPS: loans. decreased, $61 300; specie.
decreased. s5,315,30O: legal tender. de-
creased, 100000: deposits. decreased, S.
497 100; circulation, increased, 500 800
AS will be seen by the above statement,
the loss in cash is s., 5A 500, twice as
large as the biggest estimate of yesterday,
and Is probably to an extent correction OF
last weeks statement.
The discrepancy between the changes in
cash and loans and the deposits Is smaller
than usual, being only $64O. 900. The most
ever, is the small decrease in loans, not
withstanding all the reports of heavy liqui-
dating sales during the past week, and
would tend to show that either this heavy
selling was for the short account or that
last weeks bank statement was misleading
to the street The net result brings the
surplus reserve down to So, 13O, S2o.