The Washington times., 1901-10-23


From London-CaH Money Easy.
NEW YORK. Oct 22-The stock mar
lets opening furnished no indication that
any Improvement over yesterdays purely
negative circumstances could be counted
upon. Trading was in extremely light
volume, almost wholly professional, and
resulted in trifing price changes, most of
which We're in the direction Of lower
level. The issues of one property-namely,
the Chicago and Northwestcrn-were
however. notably strong throughout the
carly unsettled stages, and it was appar-
entity largely owing to the strength OF
these shares that with the course of the
morning. the whole market developed an
improving tone. New York Central
which had opened materially lower in re
Spouse to the London quotations, ad-
vanced . points. and the whole Vanderbilt
eroup-notably Cleveland, Cincinnati, Chi
caso and st. Louis-showod aggressive
strength. The especial strength of North
western common and preferred was not
specifically accounted for in the days
gossip, although the aggressiveness Of
both issues suggested that an advance in
the dividend rate might be in contempla-
tion.
Broadly speaking. the strength of the
Vanderbilt stocks was additionally stilnu-
lated by the belief that the early return
TO this country of the dominant PERSONAL
fly in those properties would be followed
by some announcement in respect of the
adjustment OF the capitalization of the
various lines in the system at large. In
view OF the increase in the values within
the past year of the New York. Chicago
and St Louis issues, the Lake Erie and
Western, and Cleveland. Cincinnati Chi
cago and St. Louis, it is obvious that
there is an enormous. even il dormant,
equity accruing TO the holders of these
stocks. 1t may apparently be accepted
as fact that the ultimate beneficiary of
the improved position of all of the minor
Vanderbilt properties will be the New
York Central The same general process
of reasoning might reasonably be ap-
piled to the other great Eastern trunk
line, namely, the Pennsylvania, which
likewise has, q: current market valua-
tions, well nigh incalcu!able values in its
holdings, direct and indirect in such
properties as Norfolk ard Western. Ches-
apeake and Ohio, and Pittsburg, Cincin-
natl, Chicago and st. Louis.
The general market opened weak, be-
ing specifically unfavuraDly Influenced by
the pronounced declines which appeared
in American stocks in The London mar
ket. The latter was heavy in all its
departments, its tone being in the main
a reflex of the strained financial cOndi-
tions of the Continent, and being fur
thcred by the beginning OF the fortnightly
settlement. Foreign houses followed the
lead set UP by the London quotations by
sellIns IN this market upward OF oD,UD
shares Of stock. Private cables set forth
the fact that sentiment toward American
securities was unsettled to a great extent
by reason of the pessimistic tone of the
financial advices furnished from this side
to the London newspapers and to other
interests there. The burden Of most of
these adNiceS appeared to be that serious
friction was apt to grow out OF the meas
ures- now on foot looking to a final settle
ment of Northern Pacific affairs. although
In weil-infcrHlcd local financial circles no
such views are entertained.
twas stated today upon competent au-
thority that the controlling interests in
Northern Pacific preferred had already
expressed their Willingness TO turn over
their holdings Whenever the cali for the
retirement Of tina: issue should be made
II this Is true, it is a further Indication
that basis OF settlement satisfactory to
all concerned has been reached. Little
Of. Significance was done in the railway
list. apart from the Vanderbilt shares.
The fluctuations elsewhere were for the
most part limited and irregular.
The local traction stocks We're neglect
ed, but Brooklyn Rapid Transit continued |
strong. Tbs dealings in the speciality Z
quarter developed no features of interest F,
aside from the sharp recovery in General /
Electric, and the dealings in the Industrial
shares were likewise devoid of feature (
As regarded the fundamental features of |
The situation it might be noted that money I
on call remained extremely easy, and /
that sterling exchange continued firm
There was a particularly active demand
for Paris exchange. There were further /
considerable transfers of currency to the |
interior by New Orleans BY reason Of !
yesterdays Sub-Treasury disbursements,
chieIiy on account of gold transfers from /
the Pacific Slope. the banks have more /
than held their own In their dealings with /
the Sub-Trcasury.