The times., 1901-05-05

Dealings Continue I'm Heavy Volume
st. Paul Closes Seven and Hal
Points Net Higher - Union Pacific
Also Gains-other Advances Scored
NEW YORK. May 4-The stock market
today was less unfavorably affected by
the publication of a much more unsatis
factory bank statement than had beer
expected than it was yesterday in autici
patton Of poor showing.
As a matter Of fact. ali Of the items in
the week against the banks were fully
reelected. A loss in lawful money was
shown Of S5.l99. 400 chiefly in specie, as
against a loss indicated in the known
movements Of cash Of about 100000
This fact together with an expansion OF
s6.e05,5e5 in. loans and an increase in de
posts Of S2.a2l,100. was responsible for a
decrease in the surplus reserve of $5.779,
Go. reducing the total OF that item to So
9S0I00 rs compared with a surplus year
ago OF $l5.9sS.875.
Prominent bankers express the opinion
that while rates for money Will probably
continue not far below the legal figure
for demand loans, there is not likely to
be any eXceptionable disturbance in the
money market.
Re-echoes of yesterdays sharp reaction
in prices included reports Of the Hquida-
tion Of large speculative pools in various
stocks. and, doubtless, We're to an extent
well founded; but the impression prevails
in the street that the leading spirits in the
market are now likely TO turn their at
tention to securities whose acual merits
and favorable prospects have been OBJ
scured in the wild excitement attending
the contests for control of some of the
larger railway systems. 1t is undeniable
that the public as a whole, is still very
favorable to the bull side Of the account,
and that larger operators believe that in
most cases prices Of good securities will
eventually work considerably higher.
Close observers Of the securities market
are of opinion that the extremely favor
able outlook for both the anthracite and
bitUminoUs coal properties will be signal
Iy reflected in the prices Of their securi-
ties. The declaration this week Of n divi-
dcnd upon Norfolk and Western common
is an index Of the favorable conditions
and prospects Of largely increased earn
ings by the coal companies.
The latest step taken by capitalists pre-
eminently identified with the organiza-
tion of the United States Steel Corpora
ton in securing a very large amount Of
transatlantic vessels IS expected 10 be
followed by the upbuilding of a great eX-
port trade in our biturlinous coal
A Fea dictionary market for American Sc
curities in London. together with the ex-
pectation Of an unfavorable bank state
ment. was reflected at the opening of
business on the local exchange by further
declines in prices, many stocks showing
initial losses from yesterdays closing fig
ures of one TO two points and over. Bal
timore and Ohio common and Union Pa
ciic common started in two points lower
while declines Of q point or more were
recorded al the outset in Northern Pacific
common Louisville and Nashville, New
York Central, and other stocks
On the other hand, gains were made
early, extending to a point or Whereabouts
in st. Paul, Missouri Pacific, and num-
ber Of other shares. The publication OF
the bank statement was Immediately fol-
lowed by many sharp declines, St Paul.
for instance, reacting nearly two points
but number of equally sharp rallies fol-
lowed, and the stock mentioned, which
was the leader in the entire market in /
POINT OF activity. rallied TO within slight /
traction OF the best price and closed seven !
and one-han points net higher
1 ne only other stock tnai came measur-
abiy near IT. Paul in extent OF trading I
was Union Pacific, which. after consld- /
cradle irregularity, closed with a slight /
net gain al the highest price Of the day
Stocks that made noteworthy net gains
included, in the usually active list. Mis-
soufi Pacific, which left of 21z points high /
er on transactions Of more than so 600
shares, United States Steel common and
preferred, each Of which, gained a point
let; Continental Tobacco common which (
;cored maximum net gain Of pa points: |
1ock Island, Texas and Pacific Reading
ssues, and Western Union Telegraph ]
which last closed point higher.
On moderate transactions. gains extend /
ng to point or therea bouts We're record
q in Pennsylvania. Northern Pacific com /
non, Norfolk and Western preferred. |
Wisconsin Central common. and Texas /
Pacific Land Trust. In the less active is
2 Lackawanna. Delaware and Hudson, |
Consolidated Gas, Great Northern prefer !
ed, Denver and Rio Graude common, ST /
Paul preferred, Wisconsin Central com
non. Pullman Palace Car Company, and
International Power.
The dealings in stocks IN the aggregate
howed little If any falling Of from the !
ecently established average volume ap-
lroXimately y34. 600 shares for the two |
ours OF business. The railway bond mar /
,et was fairly active In the curb mar
-ef dealings were fairly active. Ame-f-
an Bridge issues were quiet, but display
G irmness.
There were dealings in Chicago. Bur
ington and Quincy bonds 70 the extent !
Z 900 009 at around 1905. Fractional net
aims were scored in Seaboard Air Line |
tocks and bonds and Denver and South
.estern common closed nearly a point |
igher. Standard oil was firm a S34 Bank |
harcs were in fairly good demand at
0ncessiOn Of 2 to points from yester-
ays closing figures.
The stock market closed irregular. but |
ras in the main strong in tone.