Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-09-24
FINANCE AND TRADE
Pacific Stocks Showed Strength on
the Board Today.
STRONG HOUSES BACK OF THE BUYING
Break in Tobacco---Review of the
Speculative Situation,
GENERAL MARKET REPORT

Srecial Dispatch TO The Evening Star
NEW YORK, September 2i-Americ3n
securities IN London ended the week I'm a
desultory fashion. with business practically
al a standstill. ST. Paul and Louisville ana
Nashville were nominally iSai. below New
York parity. while other American issues
were firm on jobbeis' bids. British cous1ls
were unchanged.
The New York market opened with bet
ter feeling and higher prices for the PaciHS
shares. while most Of the industrials were
little below last nights close and I'M
clined to heaViness. This was especially
noticeable in American tobacco which,
after opening at 14s. quickly reacted 10
145Is
The demand from the continent HELPED
Union Pacific, and il is understood that
some strong interests have been accumalat-
ing the preferred stock
short while after the opening the gen
eral list became firm on moderate business
The publication Of a bearish advertisement
OF. sugar in a local paper caused some GOV.
erlng In that stock, as IT was regarded as
very weak move.
The early decline in Tobacco was caused
by some realizing on news Of the purchase
OF the st. Louis plug plant
Cleveland. LoIain and Wheeling stocks
We're strong on probability OF establish
Steel Company. The positions now assun1-
eG by the bulls and bears on the market
are being supported by the following arlii-
ments: The bulls say the tendency toward
easier rates in the money market, the i'm
portations of gold. the large shipments Of
wheat and the advance In price OF That
commodity and the unusual activity IN
nearly all lines of business, especially no.
tceable in the large western cities, viii
soon give US a strong market.
The bears argue that the market has
been oveTboughT-some operators carving
heavy lines and waiting for an opportunity
to unload; that the public is filled up with
stocks, and that fresh stimulus is needed
to produce better prices. They also refer
to the reported attitude of the Spanish
peace commission in regard to the Philip
pines and possibility of democratic sue
cesses in fail elections as future develop
ments likely to cause a depressing effect
upon stocks.
St. PauTs earnings for third week Of
September show an increase Of Slls,314. as
compared with the same period last year
the figures then given were the largest
since 1892
Omaha for August reports gross Increase
of $l32 100.
Bank statement:
Reserve ACKNOWLEDGEMENTS. 81 02i 40
Loans decreased. .....................ll1 1872 4ur
Specie increased .................... TigShl
Legals increased. OBSERVATION-DISCLOSURES. All. ion
Deposits dec reased. ............. 3l4 3uI
Circulation increased. JUI an
The hank statement shows banks have
gained 81 .lS3.gD in lawful money about
two-thirds of II in specie. This is the first
time the banks have gained reserve I'm
many weeks. There has been a further
contraction of the loans. nearly as large as
that of last week. The condition Of the
money market shows that this has been In
the main voluntary. The decrease in de-
posts is somewhat larger than is called for
by the change in other items and the net
result brings the surplus up to s.. Do. :S75.
Money loaned today al per cent. The
general market today has been strong. but
terest has sold Its stocks, but the market
has taken them fairly well. Bank state
ment is likely to be favorably construed
and will doubtless influence easier money
next week.