The Washington times., 1901-08-31
STOCK PRICES RULE FIRM.
Expected Liquidation by Longs Ab-
sent From the Market.
No influence Excrted by the Coming
Suspension of gusiness - London
Opens with American Issues
Higher Shading at the Closing.

NEW YORK, Aug. 3o.-Somewhat un-
eNpectcdly. so far as the average observ-
er of the stock market was concerned, to-
days dealings showed none of the pres
sure OF liquidation that had been counted
on as the result of the coming three days
suspension OF business, coupled with the
fears that the money market would devCl-
op some strInscncy today. The market
opened strong and fairly active. and re
tanned those tendencies during the great
er part of the business session. The
early cable advces showed the London
market Quoted at substantial advances
above parity with the local final prices
OF yesterday. and on the opening of busi-
ness here, moderate buying for foreign
account appeared and continued through
out the forenoon. on balance. however.
the total tal1ngs for foreign account,
which were heaviest in the Erie issues.
were not much in excess of y. 600 shares.
There was no special explanation of the
tendency of the London market, which
was, however. firm in all of its quarters
Encouraged by these circumstances
prices ruled firm in the local trading 1t
was apparently the case that the profes-
sional element elected to cover short con-
tracts over the protracted suspension of
business. owing to the prospect that the
steel strike might be settled before the
opening on Tuesday. AS already noted,
also, the liquidation of long speculative
accounts, that had been looked for fail
ed to appear.
The trading seemed to be but little in
fiuencsd by the strong probabilities that
tomorrow's bank statement will show a
very material reduction in surplus re-
serves. The preliminary estimates of the
money movement of the week indicated a
loss in actual cash by the banks of an
amount ranging from a601,O00 to over
5000. 60. and il is by no means likely that
the loan account will show reduction
OF sufficient proportions as to offset such
: S.."tnkage in actual cash.
The buIK o: the borrowing on call to-
day was effected at and under 3 per cent
and most lenders advanced their rates on
standing loans to the latter figure. Ster-
ling exchange opened firm. but with the
course of the day reacted materially
There were few interesting statements of
railway traffic submitted The trading
was most active in the railway list and in
terest in that quarter of the market was
well diversified, although there was little
activity noted elsewhere.
a number of the usually inactive rail-
way stocks were conspicuously strong
notable examples being Lake Erie and
Western, the Nickel Plate issues, the Chi
cago Terminals. Wisconsin Central and
st. Louis and San Francisco. Substantial
L
Union Pacific. the Erie issues. and the
Wabashes. ST. Paul. on comparatively
light dealings. was in somewhat better
request than for some time, but the stock
still retained some of the uncertainty of
movement that characterized the trading
in it for number of DAYS. There were
no Developments of importance and very
little gossip of interest to be cited in re-
gard TO the stocks named.
There was not much activity outside of
the railway list. The fluctuations in the ,
Steel issues and the trading therein We're I
alike limited. The early dealings in .
Amalgamated Copper and American
Smelling were both weak, the first named !
declining on the unfavorable judicial de-
cision in the litigation over the Minnie !
Healy mine, but both stocks later recoV- ,
cred the greater part of their loss. The !
Standard Rope and TRine issues contin- 4
ued heavy on unfavorable reports respect I
ing the business of the company.
With the course of the business session ]
there was quite material contraction in {
activity and some shading from the days
best prices. but the undertone of the mar l
ket remained extremely steady.