Evening star., 1902-08-13
Stocks Were Irregular With
Reviving Tendency.
ACTIVE MONEY MARKET
POOLS FORCED SOME ADVANCES
IN sPEcIALTIEs.
Western Bull Clique Continues ta
Boom the Stocks It is In
tereste6 In.

Special Dispatch TO The Evening Star.
NEW YORK. August 1S-Today's stock
market showed some indications OF re-
viving tendency and manipulation was r.
sumed upon a considerable scale in few
of the specialtios.
London's early prices reflected a steady
undertone In the American department.
but there was only an Insignificant volume
of business from that center.
The prospect for large earnings are ad-
mittedly most encouraging. but the imme-
diate concern is the local money market.
Time loans are desirable in commission
house circles. and 5 per cent for six-months
money is gladly paid. With call funds
firm at per cent, the extra l per cent is
small enough compensation for tiding over
the first of the year.
Active money is not in itself an unfavor-
able factor, especially when it results from
commercial and agricultural prosperity.
The fear is that the banks Will have to
curtail accommodations TO brokers in order
to meet the increasing demands of other
customers not directly Interested in Wall
street. AS the loan account is already eN-
panded to proportions suggesting caution,
and with reserves down to less than ten
millions in excess of the minimum legal re-
quirements, the only way to meet an IN
creasing demand is through the liquidation
of collateral loans.
on the other hand 1t is To be remarl,l
that the summers market has been made by
a clique of shrewd western spectators
closely in touch with the financial cOndi-
tions of the entire country There are
members Of that coterie who express the
belief that less money will be required for
moving the crops than is predicted in the
east.
In the first place the farmer is prosper
our. and rather than sell his corn imme-
diately. in view OF the bumper crop, and
force low prices, he is likely 10 crib a con-
siderable proportion OF the yield I'm the hope
of higher prices later on. Should this view
prove to be well founded western banks
may supply funds TO their clients without
making serious inroads into New York re-
serves.
The financial community Is divided on
the prospect, however, and commission
hoySes are not anxious to increase their
lines of stock and make near loans under
conditions tritle too uncertain TO be con-
Sidered conservative.
The market is drifting back into profess
sional hands. and the pools are protecting
their specialties because of the belief that
ultimate results will be satisfactory.
There are few interests willing to predict
that the market has reached fits best level;
the most that is urged is that II is prudent
to assume no further risks Until more def
mite conditions prevail.
The pool in Missouri Pacific was active in
that stock, getting the price across u.s. and
bidding up Texas Pacific as a part OF the
n.
two Gould spacialties are generously pre-
dicted.
Wabash issues came in for some new
business, the purchase of upward OF one
million of the Debenture bonds by a sin
gle firm attracting general attention. St.
Louis and Southwestern was firm in spite of
some neglect on the part OF the pool TOle-
do shares were active and strong under a
mixed demand, accompanied by rumors OF
impending favorable developments.
Louisville and Nashville was quietly
taken and rumors Of developments, shortly
after Mr.. Morgan's return. were received.
Seaboard Air Line issues made further sub
stantlal gains because OF that company's
interest in the proposed Southern railroad
readjustment.
National Lead was active and higher un-
der an inside demand and was well taken
at the new level. The express stocks made
further substantial gains, small floating
supply making sharp advances possible
The net result Of the days trading was
decidedly irregular, but professional senti-
ment was moderately hopeful