Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-02-16
Stocks We're Irregular, With a Ten
denoy to Strengthen,
GOOD BUYING at THE CLOSE
UnfavorabIe Bank Statement
Caused Temporary Depression.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

| Special Dispatch TO The Evening Star.
NEW YORK. February 16-The course OF
| prices In today's stock market was decided
| ly irregular and sentiment was noticeably
divided on the immediate outlook In an
tcipatfon Of an unfavorable bank state
ment, traders sold the market for both ac-
| counts. but excellent support came In from
the banking interests and the several pools.
Specialties were easily influenced and a few
| of them made decided gains. Delaware and
Hudson sold up over III under the In
| fiuence of consolidation rumors, and a gen.
orally accepted belief that higher dividends
| are assured In the transaction.
The buying of Burlington was attributed
| to strong interests and the usual intima-
| lions of deal accompanied the advance.
Predictions were plentiful that the relative
| relations between the selling price Of this
property and st. Paul would again be re-
stored with the advantage in favor of the
former. However this may be, Burlington
is valuable property and cannot be ig-
nored in the Encouragement of the western
railroad map.
In some quarters the buying of the high
priced shares is giving rise to predictions
that the cheaper issues will again be made
conspicuous. This view is not wholly log
ical and, unless surface indications are mis-
leading. stocks of known value, paying divi-
ket will cause the least concern during the
coming season.
tight or stringent money market Is now
regarded as thing Of the past-an incident
to the mistaken financing Of a previous
generation. To suggest q return to such
conditions is regarded as a confession OF
ignorance or mistrust OF the big men who
promise to carry out all the consultations.
float all the bonds and spend some 0,O00,-
600 In cash without disturbance to the
money market" However this may be, and
setting aside the Idea of mysterious re-
sources. the bank statement today would
scarcely serve to encourage the acceptance
of such assurances.
The banks have lost In lawful money dur
Ing the week 400 or about double
the estimated amount. This loss Is ex-
planned by transfer from the banks to
the subtreasury of nearly 100000 in part
payment of the Central Pacific debt. The
interior movement did not curtail the loss
at all. The loans are larger by $40 333. 600
than last week. total increase in this
item since the community Of ownership
Idea began to operate Of nearly s1O0000.0o0.
The deposits are SIG 1875 100 larger than
| last week, and this. with the loss in cash.
reduces the surplus reserve $7,51O1I5 or to
total Of $12.S524j0. The latter item Is
about one-half the amount held by the
banks one year ago. Under the crcum-
stances firmer money market should not
be regarded as an unreasonable expectation
but In some quarters the adjective is given
great emphasis.
There will be a strong effort made to pre-
vent any significance attaching to a firmer
| rate, and it may be successful, but there
was undoubtedly some involuntary iquida-
ton today.
| The market declined for few minutes
upon the publication of the bank statement
and then rallied sharply at the close I'm
portant interests were buyers, and encour-
aging news from consolidation syndicates
| is predicted during the coming week
The confusion arises between what the
| banking interest can do by might and what
the actual situation warrants. It must be
remembered that the bonds growing out
of the consolidation are still unsold-this
fnsures support for time.
London's finances are in better shape the
private discount rate 10 receding and the
bank rate may follow Thursday.
A temporary injunction against the smet-
ing company restraining the new stock
issue was late development, and suggests
a determined opposition.