Evening star., 1901-10-12
F'NttNiE AND TRADE
Stocks Ope@d Strong, but Weak
ened Uader Heavy Selling.
RUMo8 OIL IMPORTANT CHANGES
Disposition Was to Realize on
.Reesnt Advances.
GENERAL. MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK October 12.-Opening prices
this morning were generally steady around
the closing .leYel of last night. The better
prices attracted proflt-taking in consider
able volume and gave way to concessions
at the end Of the first hour While the
volume OF the selling was large, the mar
ket showed an ability to absorb round
amounts OF stock. The selling Of one block
OF 1900 shares Of Union Pacific curtailed
the price Fraction only. Realizing In st.
Paul forced a sharp concession from the
top price, denials of an impending consoli-
dation in the Northwest discouraging new
business fora time
Later in the day 1t was evident that
some interest was willing to buy the stock
on scale down. Inside interests were
said to have. disapproved of the premature
disclosure Of their plans and talked less
encouragingly in consequence.
Erie sold off under proft-takfng and
revival of reports that the Hill faction had
reduced its holdings in the property. How
ever this may be-. there has been good buy
ing of the various issues on the theory
that inside developments of unusual sig
nificance were pending. The Morgan inter-
est In the property insures the customary
guardianship and protection, no matter
what other interest wishes to retire. -,
The Pacific stocks were easily advanced,
but the movement seemed to be wholly
speculative. The plan to retire Northern
Pacific preferredz stock in January is said
to have been abandoned, but it is a little
early to state such intentions positively.
1t Is conceded that the retirement Of this
stock is an essential part of the plan to
reorganize the Northern Pacific property
and 1t is safe to say that once other con-
ditions are satisfactory this transaction
will be made,
Rumors of a sale Of the Hartman inter-
est in Northern Pacific to the Morgan
party were circulated, but were lacking
in convincing detail.
The industrial department was given ex
cellent support, and a considerable short
interest has been eliminated during the last
half of the week. The market has had an
advance which may encourage new selling
by the room, since 1t has been clearly DEM
onstrated that the leading interests are not
willing to encourage big advance. The
extreme pessimism of the street has given
way to a more rational view of the situa-
ton, and prices should swing more nat
urally within the narrow radius of a pro-
fessional market.
That there was a large professional IN
terest on the long side of the market and
that the leading interests showed no in
cllnation to force a further advance were
facts clearly disclosed by the decline which
followed the bank statement. An increase
OF 81, 100000 in lawful money, all in specie
was reported and the loans showed a de-
crease Of s2.657, 800. Deposits are smaller
by 1864 200, and the net result of all
changes adds 81 923 $50 to the surplus re-
serve holdings: This showing was encour-
aging, but the market had already dis
counted it and recent buyers took profits
on a large scale.
The selling became general toward the
end of the day, and unsettling rumors were
again circulated. Amalgamated copper
was heavy under selling based on reports
that the company was in doubt as to it's
ability to maintain prices for the product
The Standard Oil purposes are manifestly
not accomplished, or else this. difficulty
would not be announced.
Some good selling of the fractions, nota-
bly, Metropolitan street railway, was
ascrfbed to complications growing out Of
the franchise tax discussion. The sudden
return Of these attempts to discourage ad-
vancing prices unsettled the market and
left traders skeptical of their new position
on the long side of the market