The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-14
A FAVORABLE STATEMENT
Forecasts of the Associated Banks
Proved Accurate.

The HaIf-HoIiday Market Buoynnt
and the Dealings BHTge-RociS ISL
and Leads i'm the Railway List
sharp Rises in Many Quarters.
NEW YORK. April lS.-For once the
general forecasts made of the showing of
averages Of the associated banks proved
accurate. The majority Of the traders
were disposed TO play for further adj
vance in the market on the theory that
a gain in the surplus reserves would re-
suit from further contraction Of bank
loans and deposits in connection with
large syndicate operations for which the
banks have been preparing this and last
week
The principal transaction Of the charac-
ter described was the second installment
call for the payment OF si0,o)00oo on last
Wednesday by the Union Pacific syndi-
cate The more favorable sentiment re-
garding the immediate future Of the mon
ey market was due to the theory that the
condition and prospective changes in the
cash resources of the banks are more en-
Couraging than the technical position
would Indicate
The bank statement is less favorable,
so far as the cash item is concerned, than
the actual condition because it does not
reflect late disbursements by the Sub
Treasury for pensions for army expendi-
lures in the Philippines. which were re-
mitted to a local institution yesterday,
and the payment OF $1,000 600 or more for
Government bonds purchased. The bank
statement today disclosed a decrease in
loans of $13. as. 500 and a decrease in de-
pOsits of Sl6.4 100.
The loss In lawful money, amounting to
s., 002. 500. was reasonably close to the pre-
liminary estimates. but the result of the
two first mentioned changes was TO show
an increase in the surplus reserve of 81
l20, 225. bringing the total of that item up
10 S7.95S209. as compared with surplus
a year ago of s10.950,275.
The volume of dealings was excep-
tionally large for a half holiday. exceed
ing 10000 shares, and the market was
strong. practically. throughout the ses-
sion. At the opening, which was char
acterized by a condition of buoyancy the
first figures recorded showed in many
cases gains as compared with Friday 5
closing figures. ranging from / TO points.
The more prominent initial advances
We're in the Chicago terminal issues, Rock
Island, Consolidated Gas. Peoples Gas,
Chicago, Burlington and Quincy. Des
Moines and Fort Dodge, and Louisville
and Nashville. Less marked but note
worthy Improvement was shown in many
other issues.
The buying of Chicago Terminal issues
was attributed to persons, who are in a
position TO secure information regarding
important plans that are being consider
ed by the capitalists who now control
the property. to secure for it large addi-
tional business Both the preferred and
common stocks We're active and closed at
gains Of to %. respectively, at the high
est prices OF the day.
Rock Island was the leader in the rail-
road list on transactions of about 5000
shares, and at a decline Of a point from
the highest price. the stock closed per
cent high. Attending the movement there
were the usual predictions of impending
important railroad combinations. in which
the property would figure and probably
under The control OF the Atchison com
panY.
The other granger stocks were active
at gains extending to nearly q point in
Chicago, Burlington and Quincy. and the
Improvement in these shares was partly
explained due TO the unprecedented
tries in the week. The most extreme ad-
vance recorded was in Colorado Fuel and
Iron, over 5 points. about half Of which
was retained at the close.
an extreme advance Of nearly three points
IN IL was considered largely due to COW
erIng of short contracts. stimulated by
the reported large earnings Of the COM
pany and the favorable outlook for its
business. independent of the coffee roast
ing branch. Amalgamated Copper, on
lighter dealings than OF late, closed near
y a point higher.
Other stocks that were active at ad-
vsncing prices included Atchison com
mon. American Tobacco, st. Paul, Colo
RADIO and Southern, Erie common, the 10
cal traction shares. Union Pacific, and the
United States Steel stocks.
On light dealings St. Paul preferred.
Missouri Pacific Missouri, Kansas and
Texas issues. Northern Pacific. North
American News stock. and Louisville and
Nashville and Nashville and Northwest
eVn common made progress toward a
higher level The last mentioned stock
showed material falling off in activity.
but finished ~ per cent higher. The rail
way bond market was fairly active for
the two hours session and the tone was in
the main strong.
In the curb market American Bridge is
sues closed a shade higher and firmuess
was displayed by Tennessee Copper. Dis
filling preferred. and Havana CONNER
ciai preferred. The favorable character
OF the bank statement stimulated consid-
cradle covering by the shorts and also in
vited Drofit-taking, but the strength Of
the market was not appreciably impaired
and the closing figures in a majority OF
cases showed net improvements.