New-York tribune., 1903-03-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The heaviest selling in yesterdays STOCK mar
t.+ developed in the last half hour, following
che nlIbIication OF an Unexpectedly unfaVoraple
h..t- statement loss in cash amounting TO
sorbla the figures shown by Fridays estimates
,-se effective in cutting q large slice from the
surplus reserve, despite heavy reouctloI' IN
- liabilities. and as a consequence stock
- traders became intensely bearish, ham
-.rfnc- prices throughout the list with marked
/ ,se. in the more active issues. Union RACINE
{, rarI Manhattan, Atchison, Baltimore ana
,Lio Canadian Pacific, Missouri Pacific, New
vo-l- Central and Rock Island lost from Ia 10
q. roints on a heavy volume OF business WINE
] f,sses Of per cent were common III many P9t1s
- che list In the bond market Union RACINE
,or,ertibles and Wabash debenture bs "eTe
r,5er uressure the latter declining from 20 10
-ss Ion6ou prices for American STOCKS were
-, vlua Berlin was z heavy seller OF the in
,srnational issues. Closing prices were at 'He
,ov,set of the day, while speculative sentiment
=, ,aesir,isfic. The Street was blue enough at
-. r1oee 70 suggest the wisdom Of bearing IN
- the old theory that great depression IN
-,s,-1sti,-e circles attracts investment hnylhs'
vel street is saturated with gloom at the mo-
r,snt but II will doubtless soon smile AGAIN.
IT, art7,aT decrease in bank loans last week
zss nrobablv greater than shown by the DaIlA
statement while the actual loss In cash " as
doubtless lighter than recorded IN the Nie0itNS ~ .
House exhibit Bank statements are conpAeu
sy 8 system Involving averages ana 3s q I.s
-. +r-ls nssition OF the banks is more cleaFlS
T-st..ta8 nv Fridays estimates gathered from
She Irrown movement of money than oy tne
sys-.ves that go 70 make up the coHsohoeteo
Abatement Of the associated banks Be this as
IN NV The fact remains that Wall Street apecu-
tsstsrs ghspe their Stock Exchange movements
~ fhs statement Of averages, hence II foloWs
Ebs& hear pressure may be expected Wnen oe-
b-lsnsnr reserves are reported. According 10 the
thrnnvu movement Of money last week. as SHOWN
Nv careful COMPILATIONS based on the operations
/ Il the banks with the suh--reasury ana -t elle
k-ts-ior 4he loss IN cash aggregated S0'JOU'Ooo,
- = loss iu the bank statement OF
- v%e Goa Tts4a true that the loss in cash
/ k.,I,-.-s q xreeI. aro was about $2OuOJ9 less
ts,r indicated by preliminary estimates yet
"a, SJrr-ers rcv does not account for the heaNS
- ,hov-r IN this weeks Clearing House ng-
/ Tpes Loans decreased S1G563,000, deposits oe-
Il creased $40 56C 100 and reserve above legai-re-
,r,rs-Dsr+z decreased IS, ,24, ,925. to S666,9'o.
/ This compares with S3.95s,425 & year ago ana
S1OT1T.2TJ in 1901. With the e1ceptlon OF lne
corresponding week in March 1900, yesteros!
.boz41r was lower for the period than in any
first week in March since 1883, When=tneTe war
a deficit Of s.. $50. In the week ending sep
ts-rFe- % 1902 there was deficit OF $1,64
/ In that week call money rates reached - per
rent while in the following week q high leVeI OF
Il > rer cent was touched. There is nothing uh-
usual IN low bank reserves and high money
rates at this time OF the year. The underlying
situation is sound conditions governing tne
money market Go not suggest serious tTouOie
and there is nothing in the situation that war
rants q needless sacrifice Of securities. The pup
II lie is not engaged in the market TO any extent
and passing declines in stock quotations WIZ not
Be Of Widespread Importance
Announcement Of the failure Of the mercanule
house bout which rumors were rife throughout
the week was made after the close OF STOCK
Exchange business, but it was thought 'hat
psrt Of the heavy selling in the last part OF tne
dav WIS due 10 information that the firm was
about 10 suspend. This house had consioera-
be amount Of commercial paper outstanding
but not enough to cause embarrassment TO any
4 q the Neyv-York banks. The fact that the head
OF The firm recently resigned from the ,presl-
! dsncy Of a trust company suggests TO some
minds uufasora bic possibilities but in well in
formed circles il Is thought that the ~noIe az
! fair has been discounted as Tar as wan o''eSS