Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-09
FINANCE AND TRADE
Manchuria Incident Bear
Feature in Stocks.
BAD BANK STATEMENT
INCREASE IN LOANS WAS UN-
SATISFACTORY.
The Close Was Weak and Dull-Public
but Little Interested in
Market.
BAD BANK STATEMENT

Special Dispatch to The Evening Star.
! NEW YORK, May a.-American railway
| shares In the London market today wera
| about on parity with the final prices here
| yesterday. Speculation there was dull and
| uninteresting
In the local stock market prices were
| only .ractionally changed from yesterday
| although the street was much worked up
over the Manchurian situation. the bears
doing all in their power to scare people out
of long stock to facilitate their covering
some short accounts that, in some instances
at least, have shown only loss for the
past ten days.
Initial prices, however. were somewhat
| disappointing to these pessimistic traders.
as majority of the active list opened
unchanged. while few. such as Pennsyl-
vania. Union Pacific. American Ice issues
and the Mexican shares. showed slight
gains. The heaviest trading at the start
was in Amalgamated Copper stock, which
held around -.
The Rock Island and Frisco stocks wer.
not active as heretofore. and lost a lit
tie ground In the early trading.
Atchison. the steel shares and Missouri
Pacific opened al II loss. and subsequently
lost Is per cent more on a renewal OF the
pressure in the firSt-named stock
International Power lost y. and Sugar
was a shade easier. There were also de-
clines extending to Y per cent I'm New York
Central. St. Paul and Metropolitan after
the first half hours dealings
Bonds We're steady.
The trading after the first hah hour was
very inactive. as number of the larger
traders were out of town until Monday.
The banks gained from the !subtreasury
slo4o.oO0 yesterday, and that institution
waa a debtor to the clearing house today
to the extent of SS1TS20.
After the first hour the market continued
heavy, but dull. There was quite a sharp
decline in Metropolitan Securities stock. and
t9is caused reaction of about point in
Metropolitan Street Railway stock
After the publication of the bank state
ment, which was somewhat disa ppointing.
inasmuch as loans still showed: an increase
instead OF n decrease as expected, and the
gain in cash was not as large expected.
traders began selling stocks again and the
market weakened very generally Atchison
sold off X per cent further and there were
fractional recessons in Missouri Pacific.
st. Paul, Union Pacific and ma jority of
the active shares. The selling. however.
was not in large blocks and there appeared
to be some covering in Pennsylvania at the
decline.
The market closed weak, with prices gen
orally showing from u to p per cent de-
cline over opening figures
The bank statement follows: Reserve or
all deposits. decrease 81 ,152023: reserve or
deposits other than United States. decrease
81 .l56 .92J: loans, increased 81, COZ 200: spe-
Gle, increased S1.6l3. 400: legal tenders de
creas ed S246. 500: deposits increased SO
914 800; circulation. increased 1892 800.
The statement. as above, shows an in
crease In lawful money of 81 ,366. COO This
together with the increase of S9G02 200 in
the loans Is nearly consistent with the in
creased deposits. Cash increase fell short
of the expected amount by over s., 900 900
and the statement again exhibits a sr-le-
what surprising increase in the loan it.m
The net result reduces the surplus to Slo-
O29 So5.