The Montgomery advertiser., 1901-11-10
WALL STREET REVIEW
MARKET BROAD AND CONTRIB
 HENSIVE IN SHAPE.
Highly Irregular Throughout and Increasingly So Toward the Last-Bank Statement Shows
 Decrease in Cash Reserves

also highly irregular throughout, but ln- creasingly so toward the last, when the unexpected decrease in the cash reserves of the banks reported in the weekly state ment was offset by a buoyant upward spurt in the new York public utilities, led by Metropolitan Street Railway, which rose some 3-4 points over last night; Brooklyn Transit gained 5-S; Con- solidated Gas, 1-4. and Manhattan. 2. At the same time there were enormous transactions in Third Avenue, per cent bonds at an extreme decline of about points. sThe only news bearing on the movement was the reported dissolution of the syndicate which financed the pur- chase of the Third Avenue Street Rail- road. Peoples Gas came into the move ment appa rently in sympathy, and there was a sudden jump of 1-4 In Pressed Steel Car at the last. During the first hour of the market there were widely distributed dealings based on general con- alterations such as the uniformly large increase in railroad earnings for the fourth week in October, and the belief in early improvement in the money condi- tions. At the same time there was heavy realizing going on in stocks, which have had a considerable advance lately, the realizing. however, being well absorbed. The disposition to take profits increased after the appearance of the bank state ment, and the market closed in some con-
 
 creased $4, 497,0O0. The known movements of money indicated gain in cash by the banks of over 2.000.000, while the bank statement shows a loss of S. .70S,700. The most plausible explanation is that the local trust companies have been lending money in the stock market and with drawing cash deposits from the hanks.
 Following the holiday interval on elec- tion day this week. there was an out burst of activity and buoyancy on the Stock Exchange, which rushed the vol tune of dealings over the million shares day level. The election results them selves had little apparent connection with the movement, except in the case of some of the New York municipal stocks, sup posed to be directly interested in the personnel of the New York city govern ment. Stock Exchange brokers were very large winners of election wagers on the New York city contest, which may have been an incentive to speculation. But the important underlying motive of the out burst was the confident statements cur rent that definite agreement has been reached for the harmonization of the Northwestern Railroad quarrel The stocks concerned In that dispute have made up the largest part of the specula- tion and the whole of the trans-continen- tai group has shown sympathy. Nothing has been learned from authorative sources to show so far railroads not i'm mediate parties to the dispute were to be affected by the settlement; but specula- tive Wall Street has clung to the convic- ton that not only was the control of the Burlington system to be harmoniously ad- justed between the Union Pacific and the Northern Pacific Great Northern inter- ests. but that concord of operation was to be assured between all the trans-con- tinental lines.
 The actual news on the subject has been confined to skillful surmise, based on the price movement of individual stocks and on the general fact that the leading capitalists involved are agreed in their admissions that the negotiations are proceeding satisfactorily, and the promise of an agreement to insure the in- terests of all parties. No official infor- nation of details has been forthcoming, and current surmises have varied from day to day, giving oportunity to profes- sional operators in stocks to make skill ful use of the mystery for effective man. ipulation.
 The opinion has been gaining force in the financial field that the terms and the sentiments which were supposed to bear diI ectly on the control of Northern Pa cific have worked back to the direct con- trol of Burlington itself, it ia easy to see how the problem of financing the project would be simplified, and the object fur thered of releasing part of the enormous capital which was locked up in the strug- gle for control last spring. The Union Pacific holdings of Northern Pacific would, in fact, mot be necessary for control of Burlington. The market ing of these holdings would indeed be a formidable undertaking. The current ru- mors of c intended increase in the divi- dend rate on the Northern Pacific stocks would run with this explanation of the terms of the settlement. The stimuat- ing effect of this development has given
 ,l~o,, favoring forces on the stock market. Re- ports of q phenomenal railroad traffic have come from all sources and an ur- gency of demand for freight room which has led to freight car famine in many lines. In some industries, notably the iron and steel, the production of orders has only been limited by the ability of railroads to deliver materials. Pending imports of iron are reported to be in con- temptation to supply the deficiencies of the domestic supply. The coal traffic is said to be of unprecedented amount and at a record level of prices. Reports of general domestic trade conditions are also favorable. The gross earnings of rail- roads for the fourth week of October show some very large percentages of in creases over those for the corresponding week of last year. A considerable short interest in some of the stocks recently under pressure has been a technical aid 10 the rising tendency. These considera- tions have tended to obscure somewhat the money question and the continued ex- ports of gold without relaxing the stiff ness of the foreign exchange markets have been ignored. This was partly due to the hope that the largest part of the demand had been satisfied. With the Paris bourse settlement disposed of, the November inStallmeut of subscriptions on British consos met and notable recu- peration effected this week in the condi- tion of the Bank of France. the hope of relaxation of foreign demand for gold is considered. The large receipts of Australian and Klondike gold have run parallel with the withdrawals for export and the offerings of Government bonds, though small, are sufficient to offset the Government current surplus withdrawn from the market. + Is to be remembered that the Government surplus, after run ming light during the early part of last month, became very large before the end of the mouth. Europe's year-end require ments for money are still an undecided question.
 Railroad bonds have been ip active de- mand. United States bonds were all un- changed on the call ...
 New York Stock List.
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