The age-herald., 1901-11-10
STOCK MARKET IS ! BROAD AND ACTIVE IsO Highly Irregular Especial ] Iy Toward the End LARGE RAILROAD EARNINGS 1
 disposition to Take Profits Increased After the Appearance of the Bank
 Statement and the Market
 Closed in Confusion.
'ARGE RAILROAD EARNINGS

New York, November 9.-Iooay stooA market was broad and comprehensive In It's scope and very active all day. It was also highly irregular throughout, but Increasingly so toward the last, when the unexpected decrease in the cash re- serves of the banks reported in the week. ly statement was offset by buoyant upward spurt in the New York public utilities led by Metropolitan Street Rail- way, which rose some GA points over last night. Brooklyn Rapid Transit gained Sss Consolidated Gas 2A and Manhattan ?. At he same time there were enormous transa ctions in Third avenue per cent bonds at an extreme decline of about points. The only news bearing on the movement was the reported dissolution of the syndicate which financed the pur- chase of the Third avenue street rail- road. Peoples Gas came into the move ment apparentl, in sympathy and there was a sudden jump of 2A in pressed steel car at the last. During the first hour of the market there were widely distrib- uted dealings based on general consldera- tions such as the uniformly large increase in railroad earnings for the fourth week in October and the belief in early i'm provement in the money conditions. At the same time there was heavy realizing going on in stocks which have had con siderable advance lately, the realizing, howes CT, being well absorbed. The dispo- .siton to take profits increased after the eppearanc. of the b; nk statement, and the market closed in some confusion and ,stry active. It is evident that bank loans have not furnished material for the weeks speculation, as lofns have de- creased $4,927, COG. The known movements of money indicated a gain i'll cash by the hanks of over S2,00o00O, while the bank statement shows a loss of 8, 3,703,0O0. The hest plausible explanation is that the local trust companies have been lending money in the stock market and with lrawing cash deposits from the banks.
 Following the holiday interval on elec- lion day this week there was an outburst If acti 5ity and buoyancy on the stock exchange which rushed the volume of dealings ove- the million shares day evel.
 The election results themselves had lit- lie apparent connection with the move nent except in the case of some of the New York municipal stocks, supposed to be directly interested in the personnel of the New York city governm ent. Stock exchange brokers were very large win hers of election wagers on the New York contest, which may have been an incen- live to speculation. But the important underlying motive of the outburst was he confident statements current that a definite agreement has been reached for he harmonization of the Northwestern railroad quarrel. The stocks concerned in hat dispute have made up the largest part of the speculation. and the whole of he trans-continental group has shown sympathy.
 The actual news on the subject of spec Cia.!on has been confined to successful sisrrniss based on the price movement of lnclyidual stocks and on the general fact that the leading capitalists involved are agreed In their admissions that the nego- t!atons are proceeding satisfactorily and that the promise of an agreement to in sare the interests of ali parties. No of ncial information of details has been Forthcoming and current surmises have varied from day to day, giving oppor- tunity to professional operators in stocks 10 make skillful use of the mystery for effective manipulation.
 The opinion has been gaining force in the financial district that sentiments which were supposed to bear directly on the control of the Northern Pacific deal have worked back to the direct control of Burlington, and it is easy to see how The problem of financing the project would be simplified and the object fur
 
 napitai which was locked up in the strug- gle for control last spring. The Union Pacific holdings of Northern Pacific would In fact not be necessary for control of Burlington. The marketing of these hold lngs would indeed be a. formidable un- dertaking. The current rumors of an in- tended increase in the dividend rate on the Northern Pacific stocks would run with this explanation of the terms of the settlemilt t. The stimulating effect of this development has given room for the play of a number of other favoring forces on the stock exchange.
 Reports of a phenominal railroad traf- hc have come from all sources and an urgency of demand for freight room which has led to freight car famine in many lines. In some industries. notably the iron and steel, the production of or uers has only been limited by the ability pf railroads to deliver materials. Pending Imports of iron are reported to be in con- templating to supply the deficiencies of the domestic supply. The coal traffic Is said to be of unprecedented amount and at a record level of prices. Reports of general domestic trade conditions are also favorable. The gross earnings of railroads for the fourth week of October show some very large percentage in- creases over those for the corresponding week last year.
 snort interest in some of the stocks re- rentiy under pressure has been technical hd 10 the rising tendency. These con alterations have tended to obscure some what the money question and the contin- ned exports of gold without relaxing the stlHness or the foreign exchange market have been ignored This was nartIv d,Ie to the hope that the largest part of the foreign demand has been satisfied and That currency would soon begin to ret,,rn 10 New York from the interior channels of circulation. Railroad bonds have been in active de- mand. United States bonds were a,, unchanged on the call price of last week We make cuts. Age-Herald Engrav.