Evening star., 1900-09-29
FINANCE AND TRADE
Short Covering Caused a Sharp Rally
in Stock List.
FAVORABLE BANK STATEMENT
Northern Pacific Was a Weak
Spot in Trading.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, September 29.-The early
trading in today's stock market was infiu-
eneed largely by fears of a discouraging
bank statement and the prospects for higher
money. Traders hesitated to take a posi-
tive position until the bank statement ap-
peared, arguing that the loss in cash might
have been adequately discounted by yes
terdays selling. The wisdom of this con-
servative attitude was demonstrated later
In the day, the banks being stronger at the
end OF the week than predictions Indicated.
The loss in lawful money has been
$6.SOoOO0, or more than a million less than
indicated in yesterdays estimates. A sig
nihcant feature of the showing is contrac-
ton of so,66S, 400 in loans, a result accom-
plished without any furry In the money
market.
The decrease in the latter item, coupled
with the loss In cash, is shown by a de-
crease of s12 764. 700 in the deposits Circu-
iation has been increased s203, 800 and the
net result Of all changes is shown by de-
crease of $500, 725 in the reserve.
The total reserve holdings above the legal
requirements are now $l2,942, GOO. The
statement as a whole was construed to be
a favorable one, and prices rallied to the
best level of the day after its appearance
The gold received at the Pacific coast ports
al the end Of the week does not appear in
the showing
The covering of short contracts during
the last hour was rather spirited and
showed clearly a decline in the belief in
materially lower prices. In numerous In
stances traders covered short contracts and
went long an equal amount.
The latter action was the result of the
prospects for the settling of the anthracite
coal strike within day two A rally
would follow, 1t is thought, and no material
Incubation seems to threaten at this level
Ihere VIII be tendency to advance prices
IN the railroad list on earnings. Union Pa
cific makes fine showing for August and
Atchison's report for that month shows a
net Increase Of S316.94S Under the inf1u-
ence of such evidences of growth, these
STOCKS are finding steady market among
conservative operators
On the other hand Northern Pacific hay-
ing failed to sustain it's record of last year
declines in perfectly natural manner and
the entire Pacific group no longer moves
up simply because of the prosperity of a
single member. This discrimination Is en-
couraging and shows that the market is in
q more than ordinarily normal condition
The fact that the public is able to distin-
gulsh between sentiment and value and
refuses to indorse merely sympa thetio
movements explains in great measure the
lack or investment liquidation at this time
The industrial issues are moderately
STEADY, but cannot gain much strength out
side OF the room during the political agita-
tlon or the trust question. Another draw
back is the knowledge that If discrimina tion
against collaterals should be made later In
the season this group would become ex-
tremely sensitive. All things considered
the market acts unusually well in view Of
political doubts.