Evening star., 1901-09-20
FINANCE AND TRADE
Stocks Opened Strong in Most Of
the Lines.
ANOTHER DRIVE AT COPPER
Southern Common Was Bought
in Big Round Lots.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, September 2O.-American
railway shares in the London stock mar
ket this morning were quiet and from u
to n per cent lower than our closing fig
ures of Wednesday.
The local stock market opened strong
and active. notwithstanding the lower Lon
don quotations. Initial figures on st. Paul,
Union Pacific. Atchson common and pre-
ferred. New York Central, Sugar Refining.
Amalgamated Copper and other active is
sues showed advances of from " to 1 per
cent over Wednesdays closing prices.
This strength was due in a great meas
ure to the growing conviction that the
monetary situation is fully assured by the
recent action Of the government. which has
greatly replenished the New York city bank
reserves. Then, again, the Importation Of
$oOO,OOO gold. announced late on Wednes-
day, is regarded as the beginning of larger
imports. The strength in the Vanderbilt
stocks, too, carry bull conviction that the
large financial interests have fresh devel-
opments in regard to new deals as motive
Tor advancing these securities.
In the early trading the trunk line issues
were features of strength, New York Cen
tral advancing per cent, Pennsylvania
moving up over l per cent and st. Paul
gained point.
and Western showed the most strength,
gaining per cent.
Denver improved nearly per cent on
talk Of it's progress toward a dividend
basis.
Local traction stocks were fairly firm.
The steel shares were slightly better;
sugar refining, after an opening advance Of
~ per cent, quickly lost l per cent on
realizing sales. In the other industrials
Amalgamated Copper, after opening up "
per cent, quickly lost points on a re-
newal Of the attack which characterized
the dealings in the stock earlier in the
week.
This loss, however, was recovered and
an advance Of per cent over the opening
hSures was scored on a report sent out
that there was no certainty of a reduced
dividend distribution at today's meeting
of the directors of the company.
Speculation after the first hours trading
was somewhat quieter. but the tone of
the market continued to show strength.
Around the noon hour another display Of
activity occurred on the good buying of
Southern railway common in round lots
and further recovery of over point in
Amalgamated Copper stock. A good deal
OF realizing was noticeable in this rally,
especially in Union Pacific and st. Paul,
and London was said to have sold in all
about 900 shares of stock during the
forenoon, these sales being we'll distributed
over the internationally listed securities.
The known movements of money in the
four business days of the week. ending last
night. indicate a gain in cash by the local
banks Of $S,927 400, which leads to the ex-
peetation Of a good bank statement tomor-
row. and which. seemingly, is being dis
counted in the higher market prices of to-
day.
Time money was quoted nominally at 5
per cent for all periods on good mixed
stock exchange collateral. Business was
only moderate.
The weakness in American Ice stock was
attributed to a prospective defeat of Tam
many at the coming mayoralty election.
In the late trading the market eaSed off
little on realizing sales and an uncer-
tainty as to the dividend on Amalgamated
Copper. which will probably not be de-
clared until after the close of the market
today. Very little pressure to sell. how
ever. was noticeable. and the general mar
ket showed a tendency toward inactivity
on all reactions.