The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-23
BETTER TENDENCY SHOWN.
A Still Further Improvement in
the Stock Market.
London Selling Exerts Temporary
Pressure The Railway List Re-
main. the Centre of Activity
strength in the Anthracite Group.

NEW YORK. Aug PIN a rather ir-
regular way there was still further inn
proveinent H. general stock market condi-
lions today. Interest extended to other
quarters of the market than those which
have recently been prominent in the deal
ings. 1t Wis still rather poorly diversi-
fled, but It was the general rule that al!
appearances of activity were attended by
advancing prices.
The market orened dull and with an un-
certain tone. Its subsequent tendencies
were. broadly speaking, toward higher
levels, although the advances were mark
ed by frequent and occasionally material
reactions. London furnished a material
~ lower range of prices for American
stocks and foreign houses sold more heav-
lily in this market than they have for
someHueeks, disposing of nearly $1,000
shares OF 1he internationally listed stocks.
While this selling was in progress the
securities particularly concerned reflect
ed pressure on this account, was to
be expected in such a narrow market, but
a iirmer tone later developed. The for
eign selling was heaviest in St Paul,
Southern Pacific. Union Pacific, and Erie.
Money continued extremely easy in Lon
don, but change was made in the Bank
standing the extremely strong showing
made in the weekly statement of that in
stitution. The proportion of reserve to
liability rose over l per cent with the
course of the week and is now over 10
per cent higher than 1t was in the cores
ponding week of las; year.
There were no developments in the local
situation. Money market and sterling
exchange conditions were alike virtually
unaltered and only few statements of
railway traffic were submitted, among
them being, however. the notable exhibit
of the Erie Company. 1t was regarded
that the steel strike conditions appeared
rather more favorable for the United
States Steel Corporation. The reopening
of one of the largest tin plate plants of
the concern was an encourag ing develop
ment, it is in that branch of its gen
eral business that the corporation has
been most seriously crippled through the
strike.
Rather vague reports were current
throughout the day that large bodies of
the strikers were wavering at several
points, particularly in the West, and il
was predicted that by Monday morning
there would be stampede of the men to
work again. These reports were not fully
suhstantiated by the days press de-
spatches from the West, but were re-
peatedly set forth in advices received over
The United States Steel issues, at all
events, were notably firm, and their
strength was accepted as partly verifying
the intelligence in question.
number of the other industrials and
specialties were likewise strong. including
International Paper. Pressed Steel Car, |
International Steam Pump, and Anal !
gamated Copper. Reports have been cur |
rent for some time that the next divi- |
dend of Amalgamated Copper would be !
ordered at a higher rate than that last !
declared, ard these rumors were revived !
in connection with todays dealings.
Active interest, however. remained CEN /
tired in the railway list. The best MAIN /
tanned degree of strength in that quarter |
of the market was shown in the anthra- /
cite coal group. with large dealings ap- |
pCarng in Ontario and Western, the Fries l
ticularly rapid advances in the higher |
priced stocks of this class on lighter /
transactions. The revival of interest in !
the anthracite coal stocks appears logical |
enough through the fact that these stocks |
have participated but little in the recent |
advance in prices, whereas the anthracite |
industry is now enjoying and is virtually |
assured of great prosperity for a pro-
tracted period.
The bituniAous coal stocks were like /
wise steady. particularly for Baltimore /
and Ohio and Norfolk and Western. The /
muSements ia the granger and other /
railway issues were more irregu- |
lar and uncertain. The Atchison shares
were comparatively heavy. Union Pacific |
and st. Paul fiuctuated rather widely and
Southern Pacific was but little affected |
by the seni-official statements that no
In the current fiscal year. The Southern
Railway issues We're firm a smaller |
OF business than has been con-
Quoted In them of late.