Evening star., 1901-09-17
st. Paul and Union Pacific Shares
Were Strong.
WEAKNESS In OTHER STOCKS
There Was Considerable Ten4
dency Toward Realization.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. September 17.-In the Lon,
don stock market this morning American
shares were firm and prices on bid wera
fully UP to New York parity.
Erie first preferred. Union Pacific and
Southern Pacific were a shade higher than
our closing prices. The disposition among
traders there was to wait for US to lead
The local stock market opened a shade
lower. with prices fairly steady but the
general tendency at the start seemed to be
to take profits on stocks bought early yes
terday. A fair amount OF commission
mouse buying was noticeable. but foreign
houses were credited with a little selling
Manhattan Railroad stock opened at
about yesterdays closing price. but quickly
showed tendency TO advance, the stock
selling up ~ points from the opening on
renewed buying Of the shorts. This led tn
advances of over point In Brooklyn Rapid
Transit and Metropolitan, the other local
traction stocks, and gave strength to the
general list
On the theory that there was a consider.
able short interest In the market traders
oegan manipulating the active grangers.
st. Paul being bid up points above the
opening price. while Union Pacific, Atchi-
son and Southern Pacific were advanced
over point, In the latter stock it was
said a new pool had been formed whose
intention was to put the price of this spe-
ciafty well above current figures
Some weakness was shown In Amalga.
mated Copper. where bear pool was said
to be actively at work. based on the theory
that there was an overproduction In the
copper market. and consequently a de-
creasing demand was looked for
After the first hour Of trading Manhattan
eased on q point, but the general market
remained strong. under the leadership Of
ST. Paul and Union Pacific
Good buying in the Vanderbilt group and
the sustained strength In the Granger eLd
Pacfnc shares gave a firm tone to the
early afternoon dealings
The continued strength In sugar refining
and the sharp advance in the price OF the
stock was due. 1t was stated. to the discovA
cry OF large short interest in this spe-
cialty.
The subtreasury continued fairly large
disbursements of money on account of In.
terest on and purchases Of governments
Donds some payments, 1t was understood.
were also made for pensions and for de-
posttS of gold at Seattle. 1t was stated
that payments for pensions alone were av.
eraging $500.OoO a day. These payments
together with those mentioned above are
reflected in the net gain by the banks since
Tuesday and up to the close of business
yesterday Of $9.525 600.
This gratifying change In the monetary
situation has had a great deal to do with
the strong tone that has dominated the
market since the opening yesterday, am
other helpful factor being the statement Of
President Roosevelt that the late Presi-
dents policies would be adhered to.
Around the delivery hour. 2:15, the mar
ket began to show signs Of weakening. a
reaction In the general list occurring. This
recession In prices was looked for by good
judges OF the market: after the strong re.
covery of yesterday and the bidding up OF
prices In the early trading Of today. At
that the market has about recovered its
losses last week. which would seem to IS
about all that general conditions justify at
present. -