Evening star., 1901-11-09
Strong Opening in Stocks on Bank
Statement Forecast.
FURRY In METROPOLITAN TRACTION
Short Interest Successfully Forced
to Cover by the Bulls
GENERAL MARKET REPORTS
Special Dispateh to The Evening Star.

Special dispatch TO The Evening Star.
NEW YORK. November s.--The OPEN
ing of the market this morning dis
closed an increased volume of commits
sion business and an extension Of the pro-
fessionai confidence in higher prices. There
was no London market to influence prices
and the prospects for gold shipments were
not allowed to intrude as a disturbing influ-
ence.
The bank statement was awaited with
unusual interest, and rumors of a prob
able favorable showing were numerous.
The Item of loans was, of course. the chief
concern, and in this respect alone the
showing made indicated Improvement. a
decrease Of s4a27.900 in the loan account
is shown. in spite OF the increased specula-
ton.
II is to be remembered that the business
week is one day shorter than usual taking
Tuesdays election holiday into account
The average dealings on three of the four
and one-half days at the stock exchange
was one million shares each. An increased
loan account would have been natural, no
matter how undesirable, under such cir
cumstanceS. As loans have been made To
finance the weeks business, it is evident
that the trust companies have been relied
upon to a greater extent than usual
In lawful money the banks have lost So
fu3,lo0 and deposits have fallen off 81
643.3Oo. This latter decrease is nearly 81
ooO.Vo less than the amount necessary TO
reconcile the two first items. The net re-
suit OF all changes is a reduction of ST.
d52sI5 In the. reserve. bringing the total
surplus down to IS CSC 925.
In banking circles there is the same con-
hdence In the money market as was noted
SIX weeks ago. Bank statements are not
wholly reassuring, and neither is the ex-
port movement of gold at a time when the
tide should be flowing in, but bankers scorf
at the idea of stringency. Banks are get
tlng INTO the hands OF few cliques. con-
solldatlons, absorptions and gentlemen's
agreements to control money, to fix it's rates
ana to dictate the policy of the clearing
mouse are being made on all sides.
AT the head of these movements there
are the same men who represent the vari-
Gus interests or classifications I'm the rail
road and industrial world. The Standard
OH party is 10 have it's chain of tanks, the
Morgan party will have its chain and so on
through the entire list. Such preparations
would seem to be precautionary
protective measures are maturing on all
Sides, and so long they serve their pur-
pose prices Will be maintained and disaster
averted.
As TO the immediate market. an ATTEMPT
10 force in considerable short interest in
Metropolitan Traction met with decided
success. The stock advanced - of l per
cent between sales and caught many stop
orders.
All of the Traction group was strong In
sympathy with this movement. There was
good buying in Atchison and a further ac-
emulation of stocks in all of the soft coal
properties A revival of interest in he
southwestern roads was noted, Missouri
Pacific leading In the activity Vanderbilt
shares We're strong, and II is expected
that the approval of the consolidation
plans will be announced shortly North
ern Pacific directors are to meet in this
city on Wednesday, and the next day the
1Gns .afs .
ton board is expected. The Northwestern
settlement can easily be surmised from the
actions taken on the dates named even
though the official plan be withheld.