The evening world., 1902-12-27
Erie, St. Paul, Louisville & Nash
vile, Rock Island and Steel
Best Issues in Market that
Was Irregular.
THE CONDITIONS FAVORABLE.
Promise Of Easy Money, Increase Of
Exports and Absence Of War Talk
Tires Leading Faetors-eates
Back a Bull-No Peace In Copper.

To-day's market opening was active
but decidedly irregular. Some of the nc-
tive ssues showed advances. but for she
most part the initial quotations were
near the closing level.
ELIMINATION Of the Venezuela Incident.
the continued inflow of currency from
the interior and the increasing exports
combined to make the speculative feel
Ing bullish. but money rates narrowed
the market.
wall street wants to be bullish. 1t
has the sentiment and the tendency.
All It lacks is the money. That 1t will
have In sufflcieht volume soon. it is said.
when this is made certain, the higher
prices for which the street has been
waiting so long will prevail.
The period OF monetary ~strinsency is
now asserted to be so near IN end that,
when the January disbursements are
completed, there will be no trouble as
10 money rates.
Erie. st. Paul, l.. and N, Norfolk,
Rock Island and the steel shares were
active and firm, although no big ad-
vances were scored. Union Pacific was
advanced ~fractlonally beyond par on
the report of the coming conference be-
tween Edward H. Hartman and the
striking workmen. Reading and d. r. T;
were Slightly lower. Metropolitan Steel
Railway lost l-2 point in n single trans
action. Southern Pacific ruled strong.
while the hard coal roads were also
afE.
Chairman Daniel G.. Reid. of the Board
OF Directors OF the Rock Island. signal
ized his election by announcing that the
ret earnings OF the road for November
were Sl,44l,I 49, and for the last tiVe
months $S,l2I,517. The result wal In
creased strength in the issues and d
continued demand from investment
quarters. Within ten days the commol
stock has advanced II per cent, largely
On investment buying.
Standard OIL representatives. who also
dominate the Copper Trust. caused a
decline in the prices Of the independent
stockA by officially denying the existence
Of a peace pact between the A~malgamat-
ed company and the Heinze interests;
oflcIals directly Identified with the
Rockefeilers announced that the copper
situation was precisely as 1t was six
months ago and that the question OF
arbltrating for a mutual peace agree
ment, has never been considered.
The I OF John w. Gates to the
street was coincldent with the appear
anCo OF q ClTGulhT lSSueI ny IlhEElss
Gates e Co. dIa ting upon the big earn
lngs OF Louisville and Nashville and
predicting an Increase in the dividend
rate at an early date.
Gates and his associates of the Wal
dorf-Aetoria are nov reported to be dis
tanctly bullish and to have reversed
their market position. They are credited
With sodne OF the pool movements OF the
last three dayE.
Fears that the bank statement would
show very large gains in the loan &C
count because OF the maturing OF some
heavy foreign loans led to realizing sales
after the first hour.
Many traders took the view. however,
that the end OF the year was 30 near It
made little difference what the showing
mlght be, as II would show only the
conditions due to the year-end settle
menu.
Banks received from the interior s5.-
4Tg.TO0. OF which $3.50 900 was transferred
through the Sub-Treasury TO San Fran
cisco and S,O25, 900 to New Orleans. The
banks received from the Sub-Treasury
on Government disbursements SIG, 494, 700
and paid to the Sub-Treasury for Gus
toms. &C., $751; 1000.