The Washington times., 1901-09-22
EARLY ADVANCES SHADED.
Many Net Gains, However, Shown
at the Markets Close.
Amslgamnted Copper and the Trnc-
tion Issues Centres of Activity
Great IrreEuInrity in Many Quar-
tesr-Thc Weekly Bank Statement.

NEW YORK, Sept 21-The statement
of averages of the associated banks today
showed gain in cash Of SC, "a, 800, entirely
in specie, or about s., ,50o. 900 less than had
been indicated by the known movements
of money. The actual condition of the
banks is estimated to be between 100000
and s., ,000,0 600 stronger than that shown in
the averages The discrepancies are va
riously due to the short business week,
the peculiar workings of the average sys-
tem and larger outgo to the interior than
had been realized The net result brings
the item of surplus reserve up to SlS,6oi,-
225, as compared with a surplus a year
ago of SIC. .559, ,325. Payments of subscrip-
tions for large blocks of municipal bonds
last week were only to very slight eX-
tent reflected in today's statement
1t is believed that the indirect imports
of gold to this country by way of Austria
liza will continue and also that the flow
direct from Europe, which has just be-
gun, will reach fairly considerable pro-
portions Last year the local banks con-
tinued TO lose money to the interior un-
til the week ending Friday, November 2,
when they made a gain of about S500,OO0.
Two weeks later the return flow TO this
centre from domestic interior points had
become heavy.
The features of today's stock market
were Amalgamated Copper and local trac-
ton shares. The dealings in the first
mentioned counted for about one-third OF
the entire transactions, which were about
up to yesterdays record, allowing for the
half holiday. In view of the unfounded
assumption regarding the dividend action
just before the close of trade YESTERDAY
the stock at the opening today over
shadowed all others in interest. The ini
tai price was 1US, as compared with l015z,
yesterdays final figure, and on heavy
transactions it sustained further loss.
touching 100. From that figure rally of
less than point occurred and the close
showed a net decline of 6$4 points.
Leadership in point of activity was en-
joyed in the railway list by Manhattan
and the stock, at not far from the highest
price, left off 22s per cent above yester-
days closing figures On dealings lighter
by one-third than those in Manhattan,
Metropolitan Street Railway recorded
net improvement of three points. Brook
lyn Rapid Transit was also active and
finished 25s per cent higher. There was no
special explanation of the upward move
ment In this group attempted.
The only other issues that were active
Were Union Pacific common, Southern
Railway common. which was consider
ably less prominent in this respect than
in the two previous business days of the
week. Erie common, and Southern Pacific.
Notwithstanding the depression in Anal
gamated Copper in the early dealings the
general marke: displayed strength, but
subsequently irregularity developed, for
which London selling partly accounted,
until - the publication OF the bank
statement, when renewed firmness result
ed. On less active trading Louisville and
Nashville rose a point net.
In the Industrial list, Sugar Refining
was exceptionally dull, and left off over
a point below Fridays final figure Ana
conda Mining closed nearly points low
er in sympathy with Amalgamated Cop
per. The United States Steel shares Were
Inactive and We're heavy in tone, closing
at fractionally net declines.
The railway bond market was fairly ac>
tive and the tone. in the main, firm. The
greatest interest was shown in Wabash
debenture BIS. The outside market was
quiet without special changes in prices.
The stock market closed irregular, but
with the majority of the list retaining a
part OF the earlier improvements and
showing net gains.