Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-10-26
Stocks Opened Bearish, but Later
Showed Strength.
TRADING WITHIN MARROW LIMITS
Buying of St. Paul Considered to
Have Significance.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, November 26.-The early
trading In today's stock market reflected a
professional selling movement based upon
the prospects FOR an unfavorsbIe bank
statement The final dealings reflected a
sudden change of front on the part Of the
room because the statement of the associat.
ed banks was less unfavorsble than ex-
pected.
The one conspicuous feature OF the day
was the confirmation of the view that the
larger interests are inactive, that there is
no public participation and that the trad
ing element lacks competent leader.
The element which has been making
prices for a fortnight is emphatically bear
ish in conversation, but lacking I'm aggres-
siveness when once timidly committed to
lower prices
For this reason a weak market gives way
within an hour to a strong one, and under
the influence Of one set Of traders. A mar
ket is called weak when prices recede. but
there have been few days OF weakness late
iy when fraction of per cent would not
cover the net changes for the day. The
advances. with the exception OF a few stocks
each day, are as easily covered, so that the
next swing Of the pendulum would seem to
be as likely to favor one account as the
other.
Liquidation has been in progress during
to offset this selling there has been good
buying OF st. Paul The selling of Union
racine may or may not be significant. The
price Is UP from around 95. and taking
pronts now may mean nothing but profit
taxing by the uptown traders.
If the buying of st. Paul is good as IL
appears to be, then there are developments
In the northwest which should ultimately
help both of the properties. Such move
ments neutra1ize matters for the time be-
ing in any event
The local Traction shares were weak to-
day under a further drive inspired by fears
OF unfavorable tax legislation. Under cover
of this weakness Peoples Gas, which has
already been directly decreed against In
the matter OF franchise taxation, was ad-
Vanced 70 lo5 under covering Of previous
sales Metropolitan Traction after weeks
OF bear talk made some positive strides
downward
The Coal shares were steady, but not uni
iormly strong, some realizing In this group
being conspicuous earlier in the day Not
withstanding this heaviness, there Is some
significant buying in this department, even
AFTER que allowances are made for its spec
ulatfve character.
Trades reports for the week make a most
encouraging showing. and the known book
ing of orders for 16O0. 600 tons of steel and
iron for 1902 indicates a substantial conf
dence In the permanency of Industrial pros
perity. In spite of this showing the St eel
shares are not overly strong because legis-
lation against present methods OF industrial
In all parts OF the market there is some
leaven to discourage belief in Immediately
higher prices. The cause which Influences
the entire situation, however, is the I'M
certainty concerning money. England is
not to send us any gold so much is clear.
and We may be sending gold to France at
no remote date.
The banks are increasing their loans ana
money is not flowing into this center in
quantities sufficient to encourage protract-
ed undertakings. Getting by the end of this
year will probably be accompanied by the
usual concern.
The Increase in loans during the week mas
been s. $50 500, largely due to the Pocahon-
tas coal deal The gain in cash, mostly in
specie, has been 81, 592, 600. and the deposits
are larger by 50 ,3S2 900.
This increase in deposits requires moro
reserve than is supplied by the gain In
lawful money. hence the surplus reserve is
reduced S152.600 to supply the deficiency.
The reduction in the last item being less
than anticipated was the occasion for the
rally at the end of the day.