Evening star., 1901-10-18
FINANCE AND TRADE
st. Paul Was the Feature in Stocks
Today.
ADVANCED S Per CENT ON RUMORS
Profit Taking Later in the Day
Caused Reaction.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October Is-Today's stock
market was strong during the first half of
the session under the influence of a belief
that important developments were pending
in the northwest. The later trading was
irregular under professional selling move
ment. based upon fears of an uufavorable
bank statement tomorrow. Viewed from
the standpoint of fluctuations the former
influence was the more effective.
Northern Pacific preferred was the feat
ure or the morning, selling up per cent
under brisk demand in which a purely
speculative clique was conspicuous. Ru-
mors that the stock would not be retired
upon the first of January gave way to
others that it's retirement at 1fO had been
agreed upon. The advance to 10s5s seemed
to be regarded as an OVERRIDING of the dis
counting process and a rather sudden de-
cline TO los followed
Evidence that some plan of unusual sig
niheance is nearing completion accumulates
ana the northwestern territory seems to
have been selected for the next step In the
community of ownership project The free
rem given to the movement in Northern Pa
cine preferred is construed to mean the
reaching or harmonious agreement be-
tween the factions in that property. Such
a desirable change in the relations of the
leading financial interests cannot fan to
find reflection in the general market at a
later date.
Activity in such stocks as Chicago and
Great Western and North American was
attributed to a belief that these properties
would be brought into the plan for solving
the Northwestern rate situation. The in
dependent position of these lines threatens
rates at all times, and the gigantic con-
solidatious of capital cannot afford to be
nenaced by small lines. A plan OF abb
sorption is, therefore, not unlikely out
come of existing conditions
Union Pacific was advanced to par under
large dealings, but reacted 1 per cent un-
der profit-taking sales during the early af-
ternoon. All of the Pacific stocks ad-
Nanced for a time in sympathy with the
special strength shown in the leaders OF
the market, but the buying of them was
only speculative. The short interests in the
Gould shares We're forced 10 cover at enc
time during the day. but the advance had
little of substantial character in It.
The Traction shares, under the lead of
Brooklyn Rapid Transit. advanced under
the covering of a professional short in
terest- In numerous parts of the market
there were indications of a rather free
covering of outstanding contracts. but
once covered new selling was inspired.
The covering in Sugar and Amalgamated
Copper forced steadier undertone in al
parts of the industrial list
Ii was said that the market for Sugar
and Copper had been exaggerated upon the
side of depression, and that the products
We're really in no danger of declining to
an, improbable level
Tomorrows bank statement will require
considerable decrease in the item of loans
if there is to be anything of a favorable
nature reflected.
The currency movement and the pay
ments at the subtreasury have cost the
banks about 100000 in currency In or
der to offset this showing and keep the re-
serves up the loans must decrease. The
loan movement has been irregular during
the week. Some banks have had their loans
to the city paid off, thereby decreasing their
total, while others have made new loans to
pools and stock exchange houses The net
result is in doubt. Yesterdays receipts Of
gold from Nome will appear next week, and
the demands from Cuba and Porto Rico
should end with the present week.