The evening times., 1902-07-12
IRRBGULhR[IY OF
MARKET Continues
Rumored Combinations Of
Railroad Systems
COPPER At LOWEST FIGURES
Futility of Publishing Weekly -5ank
Statements Upon System Of Aver
ages Clearly Shown-Interesting Fig
ures Are Given Touching the Question.

NEW YORK. July 1z.-The Stoek Mar
ket today showed the same irregyIarity
Of movement which characterized the
dealings on Thursday and Friday-t3at
IS TO say. while Two OF three stocks we're
aggressiveiy strong, the railway list in
general backed and flied within narrow
price limits
The conspicuous features of the rail
way list were Rock Island, Missouri
Pacific. and Atchison. \ further ad-
vance in the first named was unattended
by any definite news. but a rather vague
rumor was current that steps were Cn
foot looking to important combinations
among certain of the Southwestern
railway systems. and that the Rock
Island would be the central company
in the deal Neither Missouri Facifc
nor AtchisoD was mentioned in connec-
tion with these reports. however The
dealings in St. Paul. Union Pacific. IlIi-
8ois Central and the other recently ac-
tive granger stocks were ia eonpara-
lively light volume and produced small
and irregular changes in prices Penn
sylvania and New York Central. while
moderately active, fuctuated within
narrow limits. The anthra cite coal
stocks continued neglected On the alb
sence Of any definite intelligence re
specti1g the strike
Today's weather map showed fine
weather throughout the corn and spring
wheat belts. and this was really the
most substantial feature Of the days
news. In the earlier part Of the day the
trading was chiefly dominated, however,
by expectations that the banks would
show large decrease in surplus re-
serves. as result OF their losses IN
cash this week through the heavy trans
fers Of currency to Chicago The Lon
don market remained virtually stagna ri
and little or. nothing was done here for
foreign account Outside Of the railroad
list the tone was generally heavy Anal
gamated Copper sold at the lowest figure
It has attained since the violent break
in the stock last December; seemingly
en- the rather belated consideration OF
Es2e SlGfF1Ie1S AEftst ~ lt9 ebA49NA~'-Ns-t
companies published yesterday morning
During the greater part Of the day Sugar
Refining ruled fractionaIly below its final
rrices Of yesterday on light transactions.
he United States Steel stocks were
dafI and also slightly lower. The local
traction. shares were again neglected.
The futilitT e publishing weekly bank
statements compiled upon the present
misleading system OF averages has
scarcely ever been more clearly shown
than was the case in today report
AL the preliminary estimates OF the ac-
f41aI loss in ca-e 10 the banks BY reason
of the various developments OF the week
ranged from $500 coo TO Ss,e00,000 yet
tcday's statement showed q decrease OF
only 50 coo GG0 The loan account de-
creased S40C0 ,00G, but. as against the
zhrinkage in that account and the -
ggG .0gO loss In cash, deposits showed
d decrease II excess Of Sl5,-
0n0 coo. Inasmuch IS this rem
derad necessary the holding OF S4
600 G0O less actual cash. surplus re-
serves instead Of showing the expected
decrease actually rose s2.f42. coo. This
restores she banks surplus cash hold
ing to sI2, ,226, ,000 Il Is believed TO be
ffe case that the Earying shifting in
credits incidental 10 the increase in the
Capitalization OF the National Cily Bank
which threw last weeks statement cut
Of proof and was similarly effective in
the discrepancies showing in today =
reaort