The Washington times., 1902-02-09
Market for Securities Makes
Quick Response to
Ruling Condition.
MOTIVE POWER TO Be CHANGED
Some Heavy Trading in
Southern Pacific.
LOANS SHOW INCREASE
After a Decline in Early Dealings
AmalEamated Copper Rallied
bond Market Fairly Active and in
the Main Strong-Tone for the Day
Firm.


NEW YORK, Feb. S.-The market for
securities has apparently begun TO re-
spond to conditions and developments af-
fecting values that were described in this
column a week ago.
The volume of trading both in stocks
and in bonds, during the last six days
was greater than during the previous
week, and prices generally have advanced
The most pronounced Improvement has
been in various issues oi the less active
class, and this is natural since they are
as a rule more closely held than stocks
that figure as leaders in the market.
Investment Issues Strong.
II is significant that the stocks that
have enjoyed the greatest advances are
generally held tc be investment issues,
notably Chicago and Northwestern COM
mon and preferred, the Omaha stocks, IL
1incis Central, Lackawanna, General EIec-
trio, Third Avenue, and American and
United States Express
The last named, in response TO persist
ent buying, has advanced over fifteen
III llt week. mere Is reason
believing that important developments as
to the relations of the express companies
to each other and to the railroads over
which they operate will take place during
the coming week
New Motive Power.
More tangible evidence is at hand re-
garding the local traction situation 1t
&c ..lv ,i,, Il
new company is to be formed. primarily
to finance the further changing CT the
motive power a the Metropolitan Com
pany, and it is not denied that the scope
of this new corporation includes not only
the acquisition Of the control of the Met
ropolitan Company, but also other enter
prises of similar. character operating
ia-Greats1i-York.
The ode acquisition of the smaller
transportation lines by larger systems
has been reflected in better market
for Colorado Southern issues, Mexican
National issues, the Iowa Central stocks,
St. Joseph and Grand Island and Toledo
st. Louis and Western issues. Still
another feature OF the market has been
the sharp advances in the prices of stocks
of companies already controlled by larger
corporations.
Southern Pacific Trading Heavy.
The heaviest trading in the railway list
has been in Southern Pacific at net ad-
vance of 3h points. According to ac-
counts pool has been organized in that
stock and its management is in the hands
of the foremost manipulator of tie mar
ket
Other features in the railway list were
St. Paul, Pennsylvania, and Reading is
sues. Without doubt the underlying rea-
son for the demand for railway stocks is
the extraordinary records as to earnings
constantly being made.
Copper Holds It's own
In the industrial list Amaiganated Cop
per continued TO hold the first place.
Now that the enthusiasm beeotten OF a
sharp turn for the better in the copper
market has spent its force, there has
been extensive profit taking in Amalga-
mated. which has enabled insiders to meet
with some success in their efforts TO de-
press the price Of the stock.
The general market. however, has cut
loose from the speculation in this blind
pool, and, as there are plain indications
OF broadening interest in securities
generally, ii seems safe TO assume that
the fluctuations in Amalgamated will
prctically be ignored by the remainder OF
the list for some time to come.
Loans Show Increase.
The increase of nearly s29, 600, 900 in
the item of loans. shown by the clear
ing house banks today, was hardly sur
prise 10 Wall Street, since, according to
precedent. the accommodations granted
by the banks are increased at this season |
of the year.
4 part of this weeks increase is said |
TO result from the shifting of loans from /
the trust companies 10 the banks The /
increase in the deposits OF the banks is |
not as large as called for. by two primary ,
changes, by about s.. geo coo The net re
suit brings The surplus down TO sl7.Sg6
22J.
Market Ruled Quirt.
and irregular. The tone was .ory firm !
uatil the publication OF the bank state /
ment. Thereafter there was "A spasm OF |
ceiling hut it was short lived. and fna. |
prices were fractionally above the Tow
est
There was effective selling OF Manhat
tan Railway on the decision of the Ap-
pellate Division, that suit to restrain
-.