The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-07

NEW YORK, Sept 6.-In the absence
OF London quotations the local market
was without a cue from any particular
quarter; Nevertheless the opening was
decidedly firm. with much strength of
undertone. The excellent showing made
by Norfolk & Western in its annual report
impaired strength to that stock, as well
as to others in the soft coal group, but
the upward movement in Ontario e. West
ern following hard upon reports showing
heavy strike losses: was not altogether
clear. Readings displayed heaviness at
the outset, presumably as a result of a
decline in July earnings, but showed evil
dence of support closing with net loss
st. Paul and Missouri Pacific leaders
while the Atchisons were strong, much
of the buying being. attributed to Rock
Island interests. The move in Peoples
Gas and Brooklyn Rapid Transit appear
ed to have its origin in the operations Of
a prominent commission house.
Several Advances.
During the first hour advances were
scored by Republic Steel preferred, Vir-
GINA Carolina Chemical, Cast Iron Pipe,
St. sfs aIl ps sagt Ste Marie
clede Gas and the Cotton Oil stocks
The publication of the bank statement
was awaited with almost painful interest,
the list hating somewhat in anticipation
of very unfayorable showing. In point
of fact, the statement as a whole was a.
faithful reflection of the weeks opera
IL,
ing to $S,S00,0 600, was somewhat in ex-
cess of expert calculations. The de-
crease of almost $5,650,000 in reserves
reduced the surplus to $4,O97,O $50, the low
ed very generally under the influence of
the bank statement, st. Paul and Peo-
pies Gas making the greatest losses, with
declines fs of a point or so elsewhere than
was effected by some of these stocks
named, but the closing as whole was
weak and heavy.
Summary of the Week.
Barring a temporary halt the market
for the week was generally strong and
very active, so much so as to suggest
at times return of the boom periods of
the last few years. With the resumption
OF business on Tuesday the entire list ex-
ceptlng few issues which seldom if ever
exert any influence, moved to a higher
level with Reading common in the lead
The advance was well maintained on the
second day, resulting in a large number
OF OF new high records. The United States
very strong on London buying and gee
eral belief of steady determination Of
the pending litigation.
In the middle Of the week the market
received its first douche, the primary
causes being sharp rise in call money.
when advanced to per cent. fears of
serious injuries to the president, bear
runlors regarding the cotton crop and
repressfVe measures applied by the CON
SENTATIVE element.
Reading the Chief Feature.
The chief feature of the week was
Reading common, which in the first. two
days was dealt in on an enormous scale,
with attendant rumorS Of competitive
buying; Later. this stock lost the greater
part of it's gain on heavy selling by the
speculative element no less than to the
belief that its control Is now lodged with
one OF the main trunk lines. Pennsylva-
ma received considerable attention on the
second day, making sharp gains, largely
because OF it's excellent traffic returns, as
We'll as to rumors crediting it with con-
troll of Reading. 49,
market leadership the first named selling;
higher than ever before and reviving eru-
mors OF a. close alliance with Missouri
Pacific The practical collapse of the.
assistance to the stocks in that group,
which gained on the week with the hard
coalers Except for generally prosperous
conditions, such as Increased railroad
earnings, many of which were noteworthy
for their gains, excellent crop reports and
an aIl-around feeling of optimism, there
was little to account for the strength of
the market. London was factor through
out the week, although on only one oc-
caslon did she buy on balance.
Losses of Banks.
The local banks have lost, according to
careful estimates, something like $6,000,-
600 during the week, $4,000, 900 to the
subtreasury, the balance to the interior.
AS a result of the system of averages
employed by the Associated Banks, it is
quite unlikely that this loss will show to
the full extent in the weekly bank state
ment, though a further decrease of sur
plus reserves is regarded as inevitable
The second furry in call money was not
OF long duration, and the closing quota
ton for money on demand was really the
lowest of the week. Time money, while
in moderate demand was not loaned in
any great volume because of the higher
rates for call loans. There were no de-
velopments in foreign exchange but ru-
mors of approaching gold imports were
held.
There were large dealings in semi
speculative issues of bonds, which fol-
lowed sympathetically the course of the
stock market. Dealings were rather ir-
regular, and there was a good undertone
for the bond market throughout. United
States Is and IS, coupon, and new As, reg
istered, advanced Il per cent, and the old
As u per cent, as compared with last
weeks close call.
Stocks.