The Washington times., 1901-10-27
THE CLOSING IRREGULAR.
Advance in st. Paul and a Break
in Amalgamated Copper.
Showing Made by the Bank state
ment Not in Keeping With the
Forecasts-Thc Monetary Situation
stfII n Cause of Much Uncertainty.

Showing Made by the Bank sthte-
ment Not in Keeping with the
Forecasts-Thc Monetary Situation
stiII n Cnuse of Much Uncertainty.
NEW YORK, Oct. 26.-The security
markets have made an exceedingly good
showing this week. 1t is very gratifying
in view of the apprehension that still ex-
lists regarding the monetary situation ana
the entire absence of leadership Inc
street generally describes the market as
chiefly professional apparently isnorln;
the fact that there is a steady demand (
for investment stocks. and especially
those of the highest grade. and also for
bonds, including many issues that are
not considered strictly first class.
The heaviest dealings in stocks, namely
in Union Pacific and St. Paul. indicate
that a transaction of more than usual
Importance is under consideration affect
ing the two companies named. The sales
of Union Pacific common this week aggre-
gate nearly 100000 shares while those in
st. Paul are in excess of 10000 shares.
The last named closed nearly 81 points
higher than last Saturday and nearly one
fifth of this improvement took place In
the two hours trading this morning
Other stocks in which there has been
exceptionally heavy trading are Anal
gamated Copper, which was conspicuous
ly weak today and sustained net loss
Of 81 points on reports that the price
of copper is to be reduced early next
month; Chicago Great Western common,
which advanced on reports from the
West that the company is to be taken
over by two or three of the larger ram
way systems and its lines partitoned
among them; Peoples Gas, the market
for which has been adversely affected d!
the franchise tax decision of the Su-
preme Court of Illinois; Reading common,
which, with the other anthracite stocks
has been bought on the improvement IN
-ba hard coal industry, and Southern Pa
cific.
The total dealings have averaged about
Geo zoe shares a day and they have been
exceedingly well distributed. AS a rule, |
higher prices have been made throughout |
the list. with net advarces ranging from
10 to 20 points in such issues as North-
western, Omaha, Nashville, etc. Ihe
dealings in bonds averaged over SS,0uoeo
mar value a day and the advance IN them
has been more general and more uniform
than in stocks Notwithstanding the
fears Of uncomfortable activity in money,
which fears. to an extent. have restrict
ed operStions on the stock exchange DUR
ing the last two or three months, the
supply of funds at all important com
mercial centres has been ample for the
requirements of steadily increasing busi-
ness.
Within a few weeks money Will begin
to return to this centre from the grain
producing regions of the West and from
the cotton fields of the South. In the
II cd iG ?
reducing its Indebtedness abroad by pay
ing off accommodations secured in the
foreign exchange market. and by purchas-
ing securities sold for European account |
1t is believed the obligations first men
toned have been nearly paid of, and at
the same time provisions have been
made for making the final remittance
to London on account of the portion of
the last British war loan taken here.
The strength of foreign exchange at the
end of the week, resulting from the
causes set forth above, and which is most
unusual at this season of the year, may
be the continuation of the upward move
ment in that market; for from this time
forth cotton bills are likely to come to
hand In larger volume than heretofore,
because Of the freer outward movement
OF the Southern staple. London would un-
questicnably like to transfer to this CEN
tire a part Of the demands that France is
making upon il for specie, but little
pstience on the part of the remitters
whose needs are not urgent, together
with the increasing exports of cotton.
may prevent English bankers from real
izins their desires
Today's statement of averages of the 1
associated banks shows that con lectures
regarding It based upon the known move.
ments of money for the week were futile
The figures showed an actual loss in cash l
of upward OF s.. 90 co. The bank state
ment on the contrary shows an increase
in lawful money Of 81 $50 G91- The large in |
crease In ioans was expected, and Is due |
in part to the financing OF the Pocahontas |
coal purchase. and also to the transfer Of |
accommodations from the foreign eX !
change market TO the banks. The change |
in the deposits is inconsistent with the !
increase in cash and loans, the increase in |
that tI,m B=lng too S---.' nv nearly E. 900 |
099. The decrease Of S752.0s) in the surplus |
reserve can hardly be regarded as impor- |
tant In view Of the magnitude of the |
changes in loans and deposits.
Today s stock market was fairly active, |
hour fluctuations were narrow. and the
tone variable. Toward the close st. Paul
was bought aggresSiycly and rallied 2
points from the lowest. Missouri Pacific
was taken in hand apparently for the
purpose of crowding the short interest
in it. and at the same time the Chicago
operators began TO close part Of their
extensive contracts for short account in
Peoples Gas.
SlrnuIta reously with these advances a
fresh selling movement started in Anal
gamated Copper and broke the price 2
points This development was ignored. in
the main by the remainder OF the list;
still. II contributed to an irregular closing.
In the outside market there was a fur
IS on fairly large transactions.