The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-09
FINANCIAL AND COMMERCIAL.
SATURDAY, Aug.


Weakness developed in to-day's stock
market from the start, and under the raid
ing pressure from bear operators fresh
liquidation in volume was induced. The
weekly statement Of averages Of the asso-
ciated banks was decidedly Disappointing
and IL accelerated the selling. In the final
dealings the scenes of decentralization wit
messed on recent previous declines were
repeated. Prices broke violently and there
were plenty of Indications of forced liquida-
ton through the exhaustion of margins
and the execution of stop orders. A few
of the standard railroad shares, however,
gave evidence of support. In the closing
few minutes there were rallies in some direc-
tons, rejecting covering by bearish trad"
ers, but the market ended nervous and
very unsettled. Many disturbing Timors
were again circulated. but there was moth
ing Of tangible nature. beyond the bank
statement, to which the markets fresh
outbreak Of weakness could be attributed
Arbitra gers came into the market as heavy
sellers of stocks. their sales being esti
mated at $4,000 shares, or more than the
amount purchased for foreign account
yesterday. II was the largest Saturdays
e.
long time Prior to the opening of the
local market the cabled quotations from
the London market. which closes on Sat
urday before our market opens. showed
general declines, and the dscouraging
attitude of London was a Contributory
bearish influence on the local opening
The private cable advioes said there had
been some forced selling of American shares
in the London market for the account of
brokerage houses in the provinces.
considerable number of prominent stock
issues made new low prices for the present
downward movement. The most sensa-
tional decline was suffered by Union Pacific
common, which fell 81 points under yes
terday's closing price, the ST ock apparently
being selected for special attack by the
'bsars 10 rallied 2Is points at the close.
Canadian Pacific gave further evidences of
strong support and actually closed at 4
of point net advance for the day. II was
the only active stock that failed to register
a material recession. 1t loaned at stiff
premium for its Use on Monday, and there
were well-circuated assertions that
squeeze" in it may he impending
While the large increase amounting to
13,coZ ,OuU, SHOWN by Inc loan item OF to-
days statement of averages of the Associ-
ated Banks was distinctly disappointing 10
the Wall Street mind, it reflects technical
condition. 1t can be attributed TO the con-
tin ID shifting Of loans by trust COM
panies and out -of-town banking institu-
tions to the local banks. The decrease in
cash, amounting to 81 500 800, is some
what larger than was forecast by yester-
days preliminary figures as to the known |
movements Of money at this centre. The !
unreported outward movement of cur !
rency at this season of the year, it was
explained to-day is, however, always of |
considerable magnitude. A good balance
is shown by the increase Of S2,4l4,s 800
in deposits, which is only s45l 500 more than
the increase in loans less the loss in cash.
The reserve required is 5000, 100 more than
a week ago, which. added to the loss in cash.
results in decrease in the surplus reserves
of So ,473,0OO, bringing the amount now
held by tho banks in excess Of lawful
to s2l ,5s7 OTIS. No attention
was paid in the market to the general run
of news. 1t is worth noting, however, that
the grain markets were decidedly firm
to-day. and the tendency Of the traders in
those markets was to look for bullish show
ing by the monthly Government crop report
due on Monday. The cotton market ex-
hibited little feature, with prices closing
easier.