The times. [volume] (Richmond, Va.) 1890-1903, 1902-06-15
BANK RESERVES
MAKE A GAIN
The Bank Statement Yesterday
Was Favorable.
THE MARKET WAS STRONG
But it Was Dull and There Was Little
Trading-St. Paul and Missouri
Pacific Again in the
Lead.

The stock market, which IS always
whimsical. Is acting In a most curious
way even for 1t. A big strike is on and
very few people seem disposed to buy
stocks. yet it Is tnposslu,o to put the
market down. In spite OF the small COM
mission business that is being done. the
market is very strong, and with every
little buying furry shows disposition
to go up.
The trading yesterday was no excep-
ton to the rule that has prevailed dur
ing the week. The market was dull. but
all stocks were strong and some of them
advanced. This was notably true OF Mis-
souri, Pacific and is. Paul, both OF which
scored new ,triurnphs Yesterday. The
Norfolk ana western made gain Of
nearly a whole point on favorable strike
news from the coal mines along the lines
af fhas 5ead A3lf0k and Western sold
at at A. q. but theseFas very little trading
GOOD BANK STATEMENT.
The market, already strong, was helped
by a bank statement more favorable than
had been looked for. Tho banks gained
in cash sl,25o.s9o. while the loan account
creased So, 800, so that the net increase
IN the surplus reserves was :2.o16.775. The
surplus s,.nI3 resrves now stand at sl1. 10000;
was only little over ss:7oooo9. 80 NN''N
According to the trade reports of yes
terday all conditions are favorable. except
the labor troubles. The railroads are
industries of the country generally are
working to their full capacity. A state
ment just out by the Baltimore and Ohio
Railroad Company shows that its net
earnings for the month of May increased
S13, 722, while from July the net Increase
IS s2.o62. s3l. In spite Of this splendid
declined in price and has been very slug
glst for the past several weeks. If the
strike sS =, should come to a speedy, close
there Is no doubt that there would be a
midsummer bull market.
A NEW YORK VIEW.
The New York correspondent OF the
Philadelphia Press says:
The comon feeling here IN higher bus
mess circles SENS to be that the strike
Will wear itself out, since there is no
doubt about the sincerity and determine
position.
Superficial opinion here Is that 1t is due
to the coal strike that so much lethargy
has prevailed in the Stock Exchange. but
OF the CRATER influence in the financial
and speculative market. They do say
that the strike has to some extent in
tensiied the sleepy influences which
have made the exchange so lifeless Buc
the greater reasons for the stagnation
are to be found in the suspense of pur-
ton Of the courts in the Northern Secur-
tiles litigation. and also the financial sit
uation In England. as It may be developed
after it has ben determined by the Gov
eminent how to adjust the balance of
the unpaid debt occasioned by the Boer
War.
OF these two influences undoubtedly the
suspense duo to the litigation In Mime
sofa over the Northern Securities case is
the more important. II these shall be
during the summer. there may be- q
decision in the Circuit Court of Mime
sofa maintaining the position taken by
the organizers OF the Northern Securi-
ties organization the effect will be In
Simultaneous. 1t will be very stimulat-
Ing. iInpeiling to immediate action those
who. have comprehensive plans similar
to those represented by the Northern Sc
curities organization. The impression
here is that should be the Circuit Court
decide the pending litigation IN favor of
the Securities Corporation the Govern
ment will be content with that decision
and viii not carry the case to the Supreme
Court.