Evening star., 1902-01-17
Stocks Were Stronger Over Expected
Favorable Bank Statement
LONDON EXPECTS GOVERNMENT LOAN
Prospect That 1t May Cause Drain
on American Gold.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 1.-THE easier
rates for money cad predictions OF q favor
able bank statement tomorrow helped to
Improve the speculative undertone this
morning and to encourage good buying In a
few specialties. The known movements of
money indicate that the banks have gained
over $o.0Oo.0Oo from the interior and the
subtreasury. This gain. In addition TO the
local movement of cash, should result In
strengthening the currency holdings OF the
clearing house banks
There has been some shifting of loans
also during the week. but II is impossible
to determine the extent of the net reduc-
tion. IL any. owing to the Atchison bond
issue. and other special transactions
Money over until Monday loaned as low as
y per cent during the day and was In lib-
erai supply fraction under 4 per cent.
While there is encouragement In this con-
dition, there Is still a most conservative at
titude noted among the leading financial
interests. Rumors of another issue of Brit
ish consols amounting to f22. .0O0. coo caused
London houses to keep out of our market
and even cut down the trading In South
African and Kaffir securities. American
gold would be threatened again should this
cS SaHSliouSu Recent DonQ issue rlimOrs
nave been, for the most part, pure inven-
tions, and this government transaction may
prove to be premature. although the early
need of money by England has long been
recognized on this side
st. Louis and San Francisco issues were
again active under renewed activity by the
pool and the usual rumors relative to the
retiring OF the preferred stock. The prop
erty has good earnings and good prospects
to assist its advance In a favorable mar
ket. Good judges of the market were In
clined to attach some Significance to the
buying of Colorado Southern issues and the
evidence Of pool buying In the southwest.
The latter territory must begin to reflect
crop damage shortly and public interest Is
more remote from the roads of that section
than from the general market. The bid
ding up of st. Paul during the afternoon
was considered to be a movement against
the short account designed for the senti-
mental effect on the market in general
Yesterdays rumor of an issue of bonds to
retire this stock failed to hold attention
over night.
The best buying OF the day was that re-
corded In the anthracite coal stocks, brok-
ers usually acting for Mr.. Morgan and the
First National Bank being most active in
the demand. Lackawana advanced z per
cent during the morning, under rumors OF
q scrip dividend and all the high-priced
issues followed under a fair demand.
Reading was in good demand and the short
interest In Erie covered as the result OF
positive denials OF any intention to issue
bonds.
At the advance the stock sc---,oaa .o he
supplied In fair volume a meeting OF Al.
recaors mas peSs. called for Wednesday next
at which time the question OF the dividend
on the first preferred will probably be con-
sidered. American Tobacco was bid up "a
new high level. and the company's bonds
were also unusually active. The steel
stocks were strong under syndicate buying
and there was a pool demand in Sugar and
numerous smaller industrials.
The market was most active during the
last hour, but unless a public following s.
created the movement can only endure for
q few days,