The Washington times., 1902-02-01
THE MARKETS TONE
FAR FROM SETTLED
Underlying TendencyToWard
Higher Prices.
WAITING ON SUPREME COURT
Uncertainty TO Action in the
Northern Securities Case De
pressing InGucncc-StrcnSth of
Copper and Sugar.


perfcial irregularity of today's price
movements in the stock market, there was
evident an underlying tendency toward n
higher level. The market, however. had
a very uncertain tone. and advances and
declines again followed upon one another
throughout the business session, aud with
out any other apparent causes than tech
nical trading conditions.
The uncertainty As 10 the decision OF
the supreme Court on Monday In the
Northeru Securities case WAS plainly
enough the reprcssius influence in the
trading, The preliminary estimates Of the
weeks money movement toreShadowed
another sircrg rsaS statement tomorrow
IS the banks arrear u have gained over
SS.tOQ .elc S,scv h4>, Friday,
pae te te,erier Receipts.
The weeks gan ~ tse banks III their
operatjcr$ wtls TX sab Treasury have
been vcry $sasa. a=3 ySe excess Of re
ceip.s : G-e estlsvy 70 the return OF
currency srsa The interior. Tomorrow
large Treasury disbursements for interest
on the Government .bt will not, OF
course. figure in the bank statement.
There was no material change in money
market conditions notwi hstanding the
coincidence of the end of the week and
the month, and the rates for foreign eX-
change were not essentially altered.
Only a few statements of railway traffic
were submitted, but included in the latter
was the noteworthy showing of the North
ern Pacific Company for December and
the first half of the fiscal year. The
companys figures for the latter period
showed a net increase of 90 per cent
London More of an Influence.
London was more of an influence in ;he
local market thin ii has been for mum
ber of days. The American quarter OF
the London market showed greater ami
nation and strength than have been pres
ent there for long time, and foreign
houses followed up this lead by purchases
in this market, which were in excess of
20GG0 shares of stocks. There was still
further improvement in the price of con-
soils in London, and the general market
there continued strong.
While Amalgamated Copper and Sugar
Refining retained the conspicuous posi-
tions they have occupied Of late. there
was marked increase in the dealings in
the railway list.
Copper Again Strong.
Amalgamated Copper was again strong,
both because of a still further rise in
the selling price for the metal and also
on account Of the conferences held today
between leading interests in the COM
pany and q representative of the Rio
Tinto Company. 1t was not unreasonably
assumed that discussion CT international
trade arrangements was the object OF
the meeting.
Tie apparent check TO the prospects OF
q speedy revision by Congress OF the
Tariff on Cuban products was the ostensi-
bic cause OF the reactiouary course of
Sugar Refining stock. The United States
steel issues were dull. but steady, and
American Locomotive was strong.
The dealings and fluctuations in the
local traction stocks were alike limited.
In the railway list the active features
of the market were, Unicn Pacific, South
ern Pacific, St. Paul. the Atchisons. and
Rock Island There was very smart ad-
vance noted in Delaware, LackaWanna,
and Western, and Chicago and Northwest:
fTn was firm.
Rock Island Bid Up.
Rock Island was bid up rapidly on COM
paratively light dealings, and the fact
that the price OF the stock crossed that
of st. Paul was feature OF the days
market that attracted no little attention
and comment
1t was the general and reasonable opin-
ion that the quotations for the two stocks
could not be regarded as measure of
the comparative intrinsic value. Definite
explanations of the apparently urgent de-
mand for Rock Island stock were not
forthcoming, but rumors of rearrange-
ment OF the company's capital continued
in circulation. ST. Paul was particularly
active with no special gossip attending
the dealings in that instance.
Stimulated by Reports.
The speculation in Southern Pacific was
stimulated by reports that the company
had in contemplation the refunding of a
number OF bond issues. now bearing high
rates Of interest, and yesterdays sug-
Gestions OF a closer arrangement with the
Mexican National Company were again
current. The stock of the latter con-
tinued strong. and active.
Among the usual stagnant issues, ad-
vances were scored in Terre Haute and
the Colorado Southern issues, and Min
neapolis and st. Louis advanced on small
transactions.