Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-02
Stocks We're Strong and Weak BY
Turns Today.
UNFAVORABLE BANK STATEMENT
Boom in the Northwest Group at
the Close.
GENERAL MARKET REPORTS
Special Dispatch 70 The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, November 2.-In spite of a
disappointing bank statement and rurnors
OF further geld shipments next week, to-
days stock market maintained a firm un-
dertone. London sent over an Irregular
range OF prices and was not disposed TO buy
in this market; in fact. the meager dealings
from that side were mostly sales OF low
priced issues
Prices halted after the first hour under
mixed selling in anticipation OF a realizing
movement to follow the publication OF the
bank statement. The market was safe
guarded against attack. however. and final
prices were in many instances the best for
the day. or course the strength was ar
tinciai in degree, but the ability to hold
the market has demonstrated again the
vigilance OF the larger interests.
This is equivalent to saying that the pres
ent owners OF stocks are fully equal TO
protecting them. Upon the latter view is
based all of the confidence in higher prices
that now exists in Wall street Earnings
are good and business conditions inspire
hope. but the high prices for securities at
test that this condition of prosperity was
depended upon to materialize at this time
The discounting process has already made
increased earnings and trade activity Lee
essary to the success of that process
But supposing that conditions do meet
expectations and that enormous profits are
reflected by the books OF the various pools
ana syndicates, how can this bookkeeping
success be converted into money? To do
SO means change OF securities from strong
to weak hands. The banks would have 10
help the small but ambitious men who
are willing to buy what pools have for sale
Are the banks In position to do this? is a
a 1faSr ra1 l.xvs l
the bank statement.
An increase I'm loans of 1898 800 is re-
ported, making the total loans Of the clear
ing house banks, in round numbers, $780,
100000.
This expanded condition might be more
satisfactory IL IL were certain that these
loans were as well secured as was custom
airy before the days OF Industrial expan-
sion The banks have lost in lawful money
during the week s., 33s, 800 all in specie
and the deposits are larger by So. $50, 300
Inc net result of all changes Is a reduc-
ton of 81. 30. 375 in the reserve reducing
the total reserve holdings to $40. 49, 800. The
Item last named is double the reserve held
at this time last year. The increase in loans
Is due partly TO temporary accommodations
Incident to November interest payments and
should not be maintained Money from the
west is expected in some volume during the
coming week, but thus far this inflow has
been offset by local conditions.
The government bond purchases NAV
help next week but any increase in snec-
uiatlon would easily consume the new sup
ply of bonds.
Inc money situation will repay careful
study and is now the dominant factor in
the market. A suggestion that the North
ern Pacific settlement might be announced
over Sunday caused sharp rally in ali the
shares interested right at the close OF BUSH
ness.
chicago was free seller of Peoples Gas
ana a prominent Broad street trader was
said to have sold on the theory that the
olNluend declared yesterday was not
earned Southern Railway shares were
bought by some of the best houses I'm fine
street and the 800" issues which came
INTO prominence earlier in the week were
gwen excellent support. The market q
nkeiy TO run into specialties for a time in
winch the coal stocks may be prominent