The Washington times., 1902-07-20
Shrewd Operators Dis
counting a Season of
Prosperity,
MONEY CONDITIONS FAVORABLE
Usual Saturday Liquidation
on Exchange, But List
Moves Up.
MUCH SELLING OF SOUTHERN
Chesapeake and Chic Closes at Ma
terial Net Loss-Heavy Buying of
Pennsylvania Followed by Two-Pcint
Rise in Western Union.

NEW YORK, July 19.-The only plaus-
rupted advance in prices for securities
since the beginning of the month is
that the stock market is discounting at
a rapid pace the general prosperity that
will prevail If present prospects of an
unusually successful crop year are full
flied.
Shrewd operators in stocks. particu-
larly those who a. in close touch with
the agricultural situation because OF
their interest in the grain markets. have
and by doing so have stimulated specu-
lation in railway shares to a degree that
has brought the public into the market.
Money Conditions Figure.
They are, of course, influenced in their
operations by the conditions and pres
poets of the money market, and as long
as those two circumstances continue fav-
orable they Will doubtless trade exten-
sively on the long side of the market.
For this reason, as we'll as because of
more substantial considerations. today S
statement OF averages of the associated
banks is of especial interest. A sur
prising feature of the statement. in view
of the greater speculative activity On the
stock exchange this week, is the decrease
of nearly 50, 500 600 in loans.
The decrease in deposits is more than
$1,000, eco larger and the increase in sur
plus reserve is somewhat larger than
the increase in lawful money and brings
that item up to s15, ,709,275. The state
ment as whole must be regarded as
favorable, particularly as it foreshadows
& continuance of present rates for money
at Last during the coming week.
Developments of the Week.
The most important developments this
week other than those in the agricrl-
tural and financial situation is the de-
cision of the national convention OF
United Mine Workers not to order gen.
eral strike. Another important event
was the publication of the answer of
the United States Steel Corporation IN
the suit brought against it by profes-
sionaI directors to any and every cor
porate plan which they apparently think
may include a profit for them, if de-
mands for it are automatically or fore
ibly presented.
The pre- eminent movement in the
stock market today was in Pennsylvania.
which On transactions aggresating about
10000 shares OF stock scored a net gain
OF points. The buying of this stock
was, so far as the speculative element
is concerned. based upon a report that
whatever differences may have existed
between the company and the Gould in
terests or account of the successful!
policy of t!.e last named n extending
their railway system to the Atlantic sea-
board have been adjusted.
Western Union Up.
Incidental corroboration of this report
was furnished by an advance OF nearly
points in Western Union. There we're
also moderate advances in Wabash is
sues, and the market for Missouri Pa
cifc was decidedly flrmer than on any
Gay this week. A further advance in St.
Louis Southwestern common resulted not
only from the considerations Just stated
h5,t also from prospects that long CON
templated alliance between that com
pany ard the Chicago and Eastern I'LL
nois Railroad is likely to be consum-
he
there was extensive proflt-taking, partic-
uarly by that portion OF the professional
element which is always reluctant to
leave its ventures open over Sunday.
The selling WIS most effective in
Southern Railway common. which led
the list in respect to activity. There
was a further decided failing off in the
dealings in Chesapeake and Ohio, which
was the only active stock that closed
materially lower than yesterday.
Upward Cause Resumed.
After the publication of the bank
statement the market resumed It's up
ward course and the close was active
and gtrong at about the best prices for
the majority of the list. The late buy
ing was most effective in Atchson.
Missouri Pacific, Baltimore and Ohio.
Brooklyn Rapid Transit. and Manhat-
tan, and in the less active railway
stocks, in Mexican Central Hooking
valley, and Chicago AID st. Louis com
nson.
III the industriais the most conspicu-
GUS feature was Peoples Gas, at net
advance OF nearly ~ points.
The bond market wss comparatively
quiet, except for the activity in Penn
syiyania convertible warrants at ac-
vancing prices.
In the Curb Market.
In the outside market the noteworthy
transactions we're in Distilling new fves
et 50 and interest. Oreecn Short Linz