The Washington times., 1901-10-26
WEAKNESS ON THBSURFACE
The UndertOne of the Market. How
ever, Continues Strong.
American Stocks share In the De-
cIfncs in London-NortiIern Pacific
Situation Unchanged - Effects of
the Franchise Tax Decision.


NEW YORK. Oct 25.-The stock mar
ket today retained the specifically un-
certain course it has displayed during the
week. Beneath the surface decidedly
strong tendency was evident. Nothing
new or definite was presented for con-
sideration in this mornings news The
London market was generally weak and
American stocks participated in the de
clines appearing there. Foreign houses
followed up this lead in fairly heavy
sales in this market disposing of upward
of 5,003 shares of stocks on balance.
1t may have been owing to the last
named transactions that sterling ex-
change advanced rapidly and approx
mated a figure which, at the prevailing
European rates for discount. fore
shadowed expectations of gold. Aside
from returns of railway traffic sub
mitted there was little that was definite
bearing upon particular stocks. No new
light was thrown upon the Northern
Pacific situation and IT is likely there
will be none until the return to this city
of one OF the leading figures in the con-
troversy in question. The stocks directly
concerned We're comparatively sluggish
soday, although nOtwithstandi ng its
varying movements St. Paul showed an
pndertone of great strength. Nothing
new in the situation i'll the Copper in
dustry came to light.
The local traction stocks and Consoli-
dated Gas Were notably weak, and in the
absence of any more definite explanation,
it was assumed that their tendency for
shadowed an adverse decision in the
franchise litigation now before referee.
The recent decision OF the Supreme Court
of Illinois, affirming the right of the State
TO determine the valuation Of franchises
was commonly assumed to foreshadow
similar decision in the New York State
courts, and this probably added TO the
pessimistic feeling upon local securities.
Peoples Gas continued exceedingly weak
on account of the Illinois Supreme Court
decision. and the Chicago stock market
was exceedingly heavy under the same
influence.
The strong features of the railway list
were the anthracite coal stocks although
even there the movements la price were
characterized by no little irregularity.
The movement in this direction, while
probably induced by manipuiative orders,
was reasonably based upon the eXctp-
tional prosperity in the anthracite coal
industry MOI only is thu production Of
anthracite coal at its maximum figures.
but the product is being mark ted at eX-
cccdingiy profitable rates. The heaviest
trading in these issues today YVES in the
Reading shares but Erie and Ontario
ana Western were likewise eNceo dinghy
sirong
Thcre were no important movements in
the Vanderbilt stocks although sugges-
tions of important developments in that
direction could again b. heard 1t was
said that carly adjustment of Lake
Shore affairs was likely and that it would
take the shape Of a very large scrip divi-
dend upon that stock. Notwithstanding
fhese- reports, Ncw York Central. which
world be obviously the chief in benefit
vas not especially strong The general
Iioyei.ieat in the railway list does not re-
quire further details
IN the specisities the aggressive
strength of Tennessee Coal and Iron
might be cited as he feature and il was
plainly owing 10 the favorable week
ly reports in the iron trade. al
Though II is not expected mat divi-
dend payments on Tennessee Coal and
lion will be -esuned Tor another year
Nothing Of significance took pace among (
The industrial stocks. although III, United |
States steel lsSGcs asaia rCn, IT j Ger
tain amount OF pressure whith u WAS un- /
explained 10y any real DEVELOPMENTS. The /
trading was to some extent rC stfiCted by !
the common expectations that tomorrow I
bank state IHont would si.uw quit, q h. ayy /.
reduction III surplus r. serves as the re
suit both of the known loss in cash by (.
The banks and also of the transfer OF f.
funds to Philadelphia in conn, ctiol. viii
recent operations in the bitumirOus coal /
industry.