Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-29
Losses of Half a Point Com
mon During First Hour.
DEPRESSION WAS GENERAL
Due Anticipated Loss of Cash by
Banks.
THE ROAD EARNINGS VARIED
sagging Movement From Opening
Was Not Confined to Any
Particular Securities.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. February 2s--In anticipa-
ton Of an unfavorable bank statement
that would show a considerable loss in
cash by the associated banks through
Withdrawals Of government deposits. the
stock market was heavy this morning.
The early figures. showing few changes
over night, gave way under general de-
preston in Wall street. and losses of half
a point were common in the first hour.
The attitude Of the administration to-
ward the Union Pacific railroad in par
ticular continued to be an important fac
tor In market sentiment. report to
the effect that Monday the Attorney Cen
eral would move against the road gained
ready credence. Taken in connection
with the report from Texas. crediting the
railroad commission Of that state with
the issuance Of an order requiring one
Of the Gould roads to spend $2.00D,00
on improvements, the story revived the
depression of traders that has been al
most constantly with them since the be-
ginning Of the anti-railroad crusade last
year.
Reports 81 earnings by railroads were
hardly more encouraging. In the main.
the encouragement they gave was COM
parative. Reading showed heavy d.
grasses. which did not aid in lettering
trading sentiment. though many brokers
were inclined to take the view that, con-
sidering the times. the roads statement
was better than could have been ex-
pected.
Union Pacific Heavily Depressed.
Tho sagsing movement in stocks that
began with the opening was confined to
no particular securities. though Union
Pacific. for the joint reason Of the legal
the popularity it enjoys as speculative
issue. showed the depression most plain
~. National Lead followed up it's ad-
vance Of yesterday and held its gain fairly
WELL
the remainder of the list. but with a
more marked exhibition of heaviness, and
the Coppars declined as easily as they
advanced yesterday. The Steels, especial
iy steel common. which was strong yes
terday on favorable reports of the con-
dition of the trade and the effort OF bull
Operators to mark up it's price, were
heavy in today's trading.
There was no change in the character
in the transactions on the exchange from
that Of yesterday. The market was al
most exclusively professional. The volume
OF transactions compared unfavorably
with yesterdays increased business of
the morning
BANK statement surprise.
The bank statement contrary to ex-
pectation, showed an average increase Of
cash during the week though the actual
condition of the banks yesterday showed
a decrease in cash of 1884 100. Loans
which had q heavy daily average increase
amounting to SIT 100000 declined by yes
terday to $4,000 600 increase. The heavy
increase In loans early in the week was
noted as a continuation to the adjustment
incidental to the recent sale Of city bonds.
There was large average increase in
deposits, amounting to more than $22,-
100000. The increase at the close of BUSH
ness yesterday amounted to nearly $16-
100000 The surplus of the banks was
SO go 675, as against a surplus for the
corresponding week last year of s.. S5S $50.
and the percentage of reserve was 27.oO,
as against 27.S4 in the week ending Feb
ruary %.
a summary of the banks and trust COM
pa1es not reporting to the clearing house
showed a decrease in loans of 81 2S1. 500,
slight increase in cash and an increase in
deposits of S.. 253 800. The percentage of
reserve was 1920.
On the whole the condition of the banks
was better than had generally been ex-