Evening star., 1901-10-25
30TH SIDES VERY CAUTIOUS
Good Deal of Liquidation Under
Cover of Bull Efforts.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 25-Today's
stock market reflected the same confusion
of purpose and the same nervous distrust
Of both accounts as have characterized the
trading Of the last fortnight. The profes-
sional element shifted it's position fire.
quently and failed to make any positive
impression on the general market.
AS a result of this vacillating policy rail-
lies and reactions succeeded each other
rather rapidly and it was difficult to deter
mine which movement had the greater
force. The best opinion. however after
making proper allowances for the steady
undertone at the decline is that liquidation
in significant volume has been in progress.
Today, for example, London sold in all
about 49, 900 shares of various stocks and
was said to be apprehensive of the money
situation in both Europe and America.
The courts sweeping decision in the Chi
cago tax cases was the cause of disturbed
and lower market for the local traction and
gas stocks. The Ford franchise bill, If af-
firmed, will add materially to the fixed
charges of the companies named, and new
burdens will make serious inroads upon
their none too generous surplus holdings.
Manhattan, Brooklyn Rapid, Metropolitan
Traction and Consolidated Gas were forced
down from to 2k per cent, under selling
ing disturbed prices in all parts of the list,
with the one exception of the coal stocks
1t Is estimated that the anthracite coal
roads will increase their output about TO-
100000 tons, and will get almost record
prices both for the product and for trans
portation.
Brokers usually acting for the experienced
First National Bank party were large bly,
ers of Reading, one order for %, 600 shares
of the common-stock being executed before
noon The demand was centered upon
Reading because that property is said to
be in excellent position to benefit by
the prevailing conditions. There Is also a
chance for an alliance with other coal
roads which adds to the speculative value
of this. property.
Erie issues were strong and the demand
for them was called good, but they Jagged
behind Reading. Pennsylvania, Baltimore
and Ohio, Delaware and Hudson and On
tario and Western all found a ready mar
ket.
During the afternoon a new demand for
st. Paul forced that stock to the front and
revived interest in the northwestern sftu-
alton.
Mr. Morgan's return to business next
week may be followed by some announce
ment as to the program to be followed in
eliminating the Northern Pacific episode
from the deterrent influences of the street.
Rumors of closer relations between Iowa
Central and Rock Island resulted in an ad-
vance in the former. In the current gos-
sip rumors of this character are increasing
in volume. but the unprejudiced observer
of conditions finds little In the financial
outlook to warrant the immediate under
taking Of such enterprises
The weeks currency movement, including
both subtreasury operations and the interior
currency movement, reflects loss of ST.
353 600 to the local banks. The only possi-
bic means left for strengthening the reserve
Is centered In the items Of loans and de-
posits. Neither Of these items suggest any
encouragement The financing of the Poca-
hontas coal purchase and the fact that q