The Washington times., 1902-01-06

&C
shares. Here are the most active stocks
Net
Shares. change
Reading ..................... 57s. 80 Adv. 3
| United States Steel. sI5 .l55 Adv %
Erie NEUTRALITY-SUSPICIOUS.. 1850 Adv. "a
! Union Pacifc................. a0l $50 Dec.
! United States steel pf........ 1929 ADV. 2B
Reading ID pf.-.............. 1860 ADV. .
| Amalgamated Copper. 15G SIS Dec. :
Missouri Pacific. c............... lSa,12j Dec, Il
/ St. Observation-Disclosures. I22 725 Adv. u
Ponnsy ylyania ................. los Sgi ADV /
Sugar NEUTRALITY-SUSPICIOUS.. $3.50 Dec. l.
Atchison Observation-Disclosures. 9l,6lo ADV. q
a new lot OF securities has come inc
prominence, the anthracite coalers. and
, especially The Readings, and the Steel
stocks. 1t will be noted that Reading
! common leads the list in activity and
that, including Pennsylvania, there are
four coal stocks in the twelve most active
securities. United States Steel common
was secopi in volume of business during
| the weep only 10 Reading common.
The Statement Misleading.
Regarding the figures of Saturdays
| bank statement. it should DE said, first
of all that the very annoying ''avera Sc
! system last week did some of its most
effective work Since January J, return
of interior currency has been extremely
| rapid; but it cuts relatively little figure
! in the average. This is undoubtedly why
increase of only S3.457 eco cash is shown,
| when it is known that the gain amounted
really to at least s6,000,G G00. The reported
| gain in cash is. as ii happens. below the
usual increase for the first week of the
year, and the weeks increase In loans
| far exceeds that OF any recent year.
The outcome is the disappointing
Lob tt-hi iTh -aC
| slightly in a week when it has almost
I Invariably increased heavily. and when a
substantial increase was expected. This
ought TO be set right next Saturday, how
ever.
Foreign Exchange Firm.
The foreign exchange market is firm.
and some bankers and dealers in exchange
look for moderate outward movement of
specie ten days hence. It Is not expected
that shipments viii he made next week,
because the facilities for making them are
not satisfactory; that is. the steamers
sailing next week are not of the first class
in respect TO speed.
OF course the situation may change ma
terially within the period mentioned above
should Europe resume purchases of Sc
curities in this market. Since the first of
the year foreign arbitrage houses have
sold more stocks than they have bought;
still the balance Is not large. On the
other hand there have been moderate pur-
chases by bankers chiefly for Continental
account.
The Status in south Africa.
A most important factor at the present
juncture is the status of affairs in South
Africa. A cessation OF hostilities there,
which is constantly being foreshadowed in
London advices. and the reopening OF the
gold mines in that section would unques-
tionably radically change the outlook
Should exports OF sDccie, however, become
necessary. this country is amply prepared
to make them The demand upon this
centre for funds to move the crops is
practically over. The South is still TAX
ing little money TO handle the belated
cotton crop, but on the other hand the
West is beginning to pour its surplus
funds into the vaults of the New York
banks There is just enough uncer ainty
in the monetary situation 10 preven the
security markets from RUNNING away
from conservative lines.
Locomotive and Car Foundry Stocks
The activity i'll the Locomotive and the
Car and Foundry securities was notice.
able lOst week. The largest buying of
American Locomotive stocks is said to
have been for Chicago and St Louis in
vestors, some of whom are already inter-
ested III other equipment building com
panies. Undoubtedly the original sub |
Scribers to the syndicate which noated |
the company have liquidsted their hold |
lngs TO certain extent This, however, |
IS not true Of the principal banking /
house which was identified with its or |
sanization. IL is stated on excellent au- |
-hority thai The company has contracted !
.or the full capacity of it's plants until 1
February. 1903, and the volume OF this |
business already booked aggregates up |
yard OF SOS, coo 600.
Concerning the American Car and
Foundry Company. il is stated that its
,arnings afe keeping upon parity with
he last quarter, which was the best on
ecord. During the calendar year of 1901
he company built in its various depart
nents about $4,000 cars, Of which about
90 were passenger coaches. Orders now
m hand viii keep all Of its plants busy
lntil next September. The orders re
eived during the past three months were
ully 80 per cent larger than in any pre-
'ious similar period
81. Paurs Earnings
Gross earnings of the Chicago, Milwau-
zee and St. Paul Road for the fourth
week Of December were 81 ,353. .377, an in
rease of slO6.07S For the month the
ross was 1881 ,252, an Increase of seOS,-
20, and from July !. S2i i.3S6.24S, an in
rease Of 81 ,992, ,99+. With this statement
# weekly gross receipts, it is under
TODD that the management of she 81
'aul viii cease the publication OF weekly
eports, which has been the custom nf IN,
ompany Tor many years.
The officials claim that the weekly gross
tatements convey 40 correct iugorma-
ion concerning the business Of the com
amy, as too frequently periods OF bad
Weather or exceptionally good weather
'ill swell the earnings for such short
eriod, ana be rather misleading to specu-
ators who ACT upon such statements.
here is, in addition, a large amount OF
etail work necessary in preparing the
Teekiy statements. which is not compen-
ated for by the interest taken in them