The Washington times., 1901-09-04
STOCK STOCK DECLINES GENERAL
The Monetary Situation Depresses
the Market.
London Still shows Higher Prices
for American Issues - Intcrest in
the Lake Shore Dividend - Deal
inEs Fairly Well Distributed.

NEW YORK, Sept. 3.-Betweon Satur-
days bank statement and today's figures
of the operations between the banks and
and the sub treasury. an efoctual dam
per was placed upon the fairly vuoyant
speculation which has prevailed for the
last fortnight. Since last Friday the
banks appear to have lost in their deal
ings with the sub-treasury a little more
than $3.O90,0Oc. 1t was not surprising that
the money market today should have fur
nshed an imme diate reduction of the stu
alton as disclosed in the figures referred
to- borrowers were carly in filing their
requir, ments today and five per cent
rate for call loans was at once estab-
nshcd The bulk of the borrowing on call
was effected at that figure and there were
no offerings of money on time under D
per cent. There was. to be sure, "A fur
thcr sympathetic decline in sterling ox-
change and the probabilities or engage
ments of gold for import from Europe by
the close of the week were eagerly can
vassed.
There is still wide margin in the rates
for ste Ring to be traversod before i'm
portations of gold from Europe may be
profltably undertaken, but ii is highly
probably that the local money market
within the next week or ten days will at
tain conditions which will render impor-
tations of the metal eXpedient and profit
able. Interest was absorbed in the mon
etary outlook today to such a degree that
little attention was devoted either TO the
strike situation, agricultural conditions,
return of railway traffic, or other or
binary routine matters bearing upon the
general market or particular stocks.
4 = Of r--ai1 Iva
traffic there were few developments, in
deed. affecting particular securities.
The notable exhibit of the Lake Shore
Company, with its showing 1f over II
per cent earned on the stock, naturally
incited some interest in the question as
to when the rate of dividend on Lake
Shore is to be advanced, with the con-
sequent bearing thereof on New York
Central. The fact that Lake Shore stock,
while seldom dealt in, is quoted at over
$50 bid would suggest that the outstand-
ing shareholders have little notion of con-
verting their holdings into the New York
Central collateral trust, and so long as
a single share of the stock is outstanding
ii will, of course, receive the same divi-
dends that are paid to the New York
Central Company, which holds about 80
per cent of The Lake Shore stock. There
were other interesting statements of
earnings submitted today, including those
of Louisville and Nashville.
Since the closing OF business here on
Friday, American stocks advanced quite
steadily in the London market and
today they were quoted at further
Improvement, notably. for St Paul and
the Denver and Rio Grande issues.
London houses also were buyers in
this market, particularly of the lat
ter stocks, but the local trading ig-
nored both the course of American stocks
in London and the disposition of the
dealings here for foreign account As
noted, interest centred almost wholly
upon the monetary outlook and the
views prevalent in that regard led to gen.
erai, although by no means urgent, liqui-
dation.
A few stocks did, indeed, move counter
to the general drift in prices, but the
movements in question did not carry any
weight, as regarded the remainder of the
market The stocks in question were the
Denver and Rio Grande, Chicago Great
Western, and Mexican National ST
Paul was shown in the early quotations
at an advance of over / per cent in the
London market above parity with the To-
cal closing prices, but after opening frac-
tionally higher here the stock dropped
abruptly. Most of the other active rail-
way issues followed the same general
course.
1t seemed to be the common opinion that
the strength OF American stocks in Lon
don was owing to manipulation from this
side of the water.
Apart from the noted exceptions market
were fairly uniform, approxi-
mate declines appearing In the railway
list, the local traction shares. the indus |
trial quarter. and the specialties. Aside |
from the conjectures expressed regarding
there appeared to be little special inter
est in particular stocks. The dealings
were comparatively light in volume, but
were fairly well distributed.