Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-04-13
Another Day of Heavy Buying Of
Rock Island.
SEEMS 10 CONFIRM DEAL RUMOR
Sensational Fluctuations in Colo
RADIO Coal and Iron.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, April l3.-The undertone 81
today's stock market was decidedly firm.
and the larger interests seemed TO have
been convinced that the mid-week fears or
higher money and unfavorable bank
statement had not been justified. Buying
orders were sent in in volume and prices
responded easily TO the demand. The high
priced shares were in favor and made fur
Their gains. Rock Island was again tho
feature of the western group. selling well
beyond St Paul In spite of the recovery in
the latter
Such action is not justified solely on the
basis Of values, since St Paul equals or is
but little inferior to Burlington. This un-
usual discrepancy in prices puts the street
upon inquiry, and the conclusion at pres
ent accepted is that the Pennsylvania
Rock Island alliance is a reality. T<e
splendid buying of Atehison helped 90 con
firm this view. Should this theory prove
to be correct. then further efforts to get
st. Paul into a deal may be expected
The property cannot afford to be left
out entirely and purchasers are not want
ing, IL the recent action OF the stock is not
misleading.
The Steel stocks were active at advanc-
ing prices and some indications of an ef-
fort to make them features were reflected.
The buying late In the day was especially
aggressive. A covering movement in Colo
RADIO Fuel. which forced an advance OF III
per cent. about one-half OF which was lost
at the close, was conspicuous incident to
the publication of the bank statement.
The Traction stocks were strong at times
under a demand which seemed to lack the
approval OF the larger interests For sew
eral days accumulation has been In prog
ress and every advance is purposely checked
In American Sugar conditions are different
hn otN &c
forced at times. and the opinion prevails
that inside interests are preparing for an
oid-time movement.
The activity of brokers I'm charge of the
steel deal and other extraordinary enter
prlses was generally commented upon as
being an indication that money was to be
Kept easy. no matter to what extent arti-
hciaI devices might be employed Should
the next fortnight be safely passed without
monetary disturbance it is likely that ths
interest rate would disappear as a factor
The bank statement had a sentimental.
influence Tor good, because OF a reduction
of S13,4S4,6O0 In loans and a decrease of
SIG, 49,. 100 in the deposits. These changes
requiring smaller reserve, permitted a
bookkeeping increase in the surplus hold
ings of s., 120.225 The banks lost as a
matter of fact, about 100000 In cash
during the week, all in specie. The trust
companies were called upon to assist I'm
making the statement expanding their
loans In order that the banks might re-
fleet corresponding reduction.
The closer relationship between the banks
and the trust companies and the growing
influence of the latter have destroyed the
one-tfme value of the weekly bank state
ments. Such a showing as was made to-
DAY Indicates that a few men and a few
institutions are in absolute control of the
money market This latter tendency VIII
increase in all probability and financial OBJ
erations can be adjusted without reference
to the bank statement. On Thursday the
chances were In favor of a bad statement
and that day preventive methods were for
mulated.
Unless money becomes positively scarce
in supply the money market Will be kept
reasonably easy. The success of a billion
dollar deal demands It. Many out-of-town
centers, particularly In the west, are said
to have plenty of money at per cent,
and further purchases of government bonds
may be added to the relief measures All
things considered Wall street ends the
week in moderately comfortable frame
OF mind