Evening star., 1901-09-28
Strength Developed in the Wander
bilt Issues Again Today.
COPPER STOCKS WERE WEAK
Bank Statement Caused Some
Selling at the Close.
GENERAL MARKET REPORTS


Special Dispatch to The Evening star
NEW YORK, September 2S-The trading
In today's stock market was largely profess
sional and void of positive developments
London sent over a higher range Of prices
and some buying was said to have orig
mated at that center. The market as
whole showed little snap. and the commits
sion house following displayed little conf
dence in the immediate outlook.
Assurances that the copper trade would
be protected against the customary evils
of overproduction were numerous, but
Amalgamated Copper was distinctly weak
at the end of the day and closed at the
low point.
Recent liquidation In the copper stocks
generally is said to have run Its course, but
as yet the several properties show no in
clination to rally beyond the limits of a
covering movement.
The best buying in the market goes into
the Vanderbilt shares and Increasing con-
fidence in the success of the concentration
scheme Is visible. In spite of the general
Inertia all the stocks included in the group
named made substantial gains during the
day and held well during the late weakness
The buying at the close was called good in
numerous high-grade issues
The semi-official announcement that the
steel corporation would show earnings
equal to surplus of 81 800, 600 of the divi-
dendS on both classes OF stock resulted In
higher prices for such securities under
good demand. When 1t is considered that
this showing covers the strike period the
wonderful earning capacity of the property
cannot be questioned. The strike was un-
doubtedly drain upon the company's re-
sources but at no time were dividends In
Jeopardy. The fact that earnings are. to
be disclosed either offlcially or otherwise
Is in favor of these issues since indus
trials have avoided frankness Of this char
acter heretofore.
Union Pacific was held up above yester-
days level for time under the influence
or rumorss indicating the admission of an
other Standard Oil director at the next
meeting. These changes have been hinted
at before, but some question Of policy has
always fntervened to cause a postponement.
The street hopes for good news from Cop
per, the Steel stocks and Union Pacific dur
ing the coming week. but IL remains to be
seen to what extent the public shows inter-
est.
The bank statement was followed by
mixed selling around the room, due to dis
appointment over an increase Of 81 $50 500
In loans, whereas a decrease bad been
predicted. In other respects the statement
Is satisfactory. The banks have gained
over $4,O0O,0OO in lawful money, the bulk OF
1t In specie. The deposits have increased
$1,000, 400 and the surplus reserve is larger
by 81, 63S. 500, making the total over legal
requirements SIG, 293, ,025.
The fact that the banks are doing every
thing that can be done to strengthen their
resources, without unduly disturbing the
money market, Is an encouraging feature
of the monetary situation. There can be no
doubt that the demands on the local banks
will be as liberal as last year, and 1t will
require careful handling to avoid dear
money. As an evidence of this some of
the largest borrowers are already making
time loans to avoid possible fiurries in the
call rate.
Active money this year may delay an
upward movement, but should not force any
hasty or pronounced decline. The main
situation Is sound and Wall street must
simply be prepared to have money go into
other natural channels for a time. When
the next inflow sets In activity in specula-
tion may set in, but it would be unwise to
force material advance under present con-
dttions