The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-05

st. PauI Closes Seven and n Half
Points Net Higher Union Pacific
Also Gains-other Advances Scored
NEW YORK, May 4-The stock market
today was less unfavorab!y affected by
the publication of a much more unsatis-
factory bank statement than had been
expected, than it was yesterday in antici-
patton Of a poor showing.
As matter Of fact, all Of the items in
the week against the banks were fully
reflected. A SIS in lawful money was
shown Of S5.199.4o0. chiefly in specie. as
against a loss indicated in the known
movements of cash Of about S,OoOO5'.
This fact, together with an expansion oil
S6.e05,5e5 in. loans and an increase in de-
posts Of S2S21,100. was responsible Tor
decrease in the surplus reserve of $5."9-
Go. reducing the total OF that item to Slo'-
Csc, 100. as compared with a surplus year
ago of Si5,s4S.375
Prominent bankers express the OPINION
that while rates for money viii propaply
continue not far below the legal Inquire
for demand loans, there is not likely TO
be any exceptionable disturbance in the
money market
Re-echoes of Yesterdays sharp reaction
ton of large speculative pools in various
stocks, and. doubtless, We're to an extent
well founded; but the impression prevails
in the street that the leading spirits in the
market are now likely to turn their at
tenticn to securities whose acual merits
and favorable prospects have been OBJ
secured in the wild excitement attending
the contests for control of some of the
larger railway systems. 1t is undeniable
that the public, as a whole, is still very
favorable to the bull side of the account,
and that larger operators believe that in
most cases prices of good securities VIII
eventually work considerably higher.
Close observers of the securities market
are of opinion that the extremely favor
able outlook for both the anthracite and
bituminous coal properties will be signal
ly reflected in the prices of their securl-
ties The declaration this week of a divi-
dend upon Norfolk and Western common
is an index of the favorable conditions
and prospects of largely increased earn
ings by the coal companies.
The latest step taken by capitalists pre-
eminently identified with the organiza-
ton of the United States Steel Corpora
ton in securing a very large amount of
transatlantic vessels is expected TO be
followed by the upbuilding of a great ex-
port trade in our bituminous coal
A reactionary market for American Sc
curities in London. together with the ex-
rectation of an unfavorable bank state
ment. was reflected at the opening of
business on the local exchange by further
declines in prices, many stocks showing
initial losses from Yesterdays closing fig
ures of one to two points and over. Bal
timore and Ohio common and Union Pa
cific common started in two points lower,
while declines of point pr more were
recorded at the outset in Northern Pacific
common, Louisville and Nashville, New
York Central, and other stocks.
On the other hand, gains were made
early. extending TO point or Whereabouts
In ST. Paul, Missouri Pacific, and num-
Der of other shares. The publication Of
the bank statement was Immediately fol-
lowed by many sharp declines, st. Paul,
for instance. reacting nearly two points.
but number of equally sharp rallies fol-
lowed. and the stock mentioned, which
was the leader in the entire market in
point Of activity. rallied to within slight
fraction of the best price and closed seven
and one-half points net higher.
The only other stock that came measur-
ably near St Paul in extent Of trading
was Union Pacific. which after consid-
net gain at the highest price Of the day
Stocks that made noteworthy net gains
included. in the usually active list. Mis-
souri, Pacific. which left of 21z points high
er on transactions Of more than 6O.G01
shares: United States Steel common and
preferred. each of which. gained a point
net. Continental Tobacco common, which
scored a maximum net gain Of 2sa points;
Kock Island. Texas and Pacific, Reading
Issues and Western Union Telegraph,
which last closed point higher.
on moderate transactions, gains extend
ing to a point or whereabouts We're record
ed in Pennsylvania. Northern Pacific COM
mon. Norfolk and Western preferred,
Pacific Land Trust. In the less active is
sues. gains of / to points were scored
in Lackawanna. Delaware and Hudson.
Consolidated Gas, Great Northern prefer
red, Denver and Rio Grande common, ST.
Paul preferred, Wisconsin Central COM
mon Pullman Palace Car Company. and
International Power.
The dealings in stocks in the aggregate
showed little If any falling Of from the
receatly established average volume, ap-
proximately 934. 600 shares for the two
hours Of business. The railway bond mar
ket was fairly active. In the curb mar
ket dealings were fairly active. AmeTt-
can Bridge issues were quiet, but display
ed frmness.
There were dealings in Chicago, Bur-
lington and Quincy bonds TO the extent
of 400 900 at around 1905. Fractional net
gains were scored in Seaboard Air Line
stocks and bonds and Denver and South
western common closed nearly point
higher. Standard Oil was firm at S3i. Bank
shares were in fairly good demand at
concession Of TO points from yester-
days closing figures.
The stock market closed irregular, but
was in the main strong in tone.
In