Evening star., 1902-01-18
Better Tone in Stocks Due to the
Bank Statement.
IMPROVEMENT IN THE IEDUSTRIALS
Effort to Buy Up Minority interest
in Tobacco Trust.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January ls-Prices were
generally steady during the opening hour
this morning under a fair volume OF mixed
business. Traders were inclined to assist
the advance in the hope OF realizing later
on the bank statement. An undertone OF
confidence was reflected in nearly all parts
of the railroad list. but the best demand
went into the anthracite coal group Nor
gan brokers were liberal buyers of ali the
Reading issues and prices responded easily
TO the demand. Developments OF import
ance are said to be pending IN this property
and the long-delayed coal combination is
approaching the announcement stage
The high-priced coal shares were firm,
while Erie issues reflected a better demand
than at any time since the disquIetang bond
issue announcement
In conservative circles II is said the COM
pany will be earning per cent on all three
classes Of stock within a year As Erse's
market development IL In the hands of
those now most active in Reading II is
likely that the former will have to await
its turn in the plan for higher prices. ST.
Paul held yesterdays advance in spite OF
the fact that profit-taking was in progress
at the top prices. The promise made last
spring Dy lne directors OF this company
that stockholders would have no occasion
to regret the refusal OF the offer later made
to and accepted by Burlington. encourages
the belief that an increased dividend may
be among the early probabilities.
Union Pacific and Southern Pacific con-
unue TO act In a manner most confusing to
the street the buying being extremely good
at times. but the supply OF stock on the
rallies fails to decrease materially. Atchi-
son issues are firm at the end of the week
In spite Of the unpopularity of the bond is
sue from the stockholders standpoint. The
directors offer splendid explanations for
their action, but the suddenness of the an
nouncement seems to have been unwar-
ranted.
During the coming week the market may
feel the uncertainties of the Northern Sc
curities litigation TO be opened in the SUI
preme court on the 7th instant. The pres
ent feeling among the leading interests 10
that no violation Of law will be found.
since every effort was made, under the
guardianship of competent counsel, to
avoid friction of this character. The mag
nitude of the transa and the unknown
consequences of its undoing are sufficient
to inspire caution of the most pronounced
type
In the Industrial list the results OF an
easier money market are shown by a re-
vival of manipulation and the bringing for
ward OF certain plans which have been long
kept In the background The weeks effort
to buy UP the minority stock of the Ameri-
can Tobacco Company is thought TO be pre-
llminary to some important announcement.
The bonds of the Continental company, into
which the old tobacco shares are converted
have advanced during the week under a
big demand from inside sources Today's
high prices carried them nearly 2 per cent
beyond last years best figures, but the sup
port was excellent. Steel issues were well
bought the weekly trade summaries show
ing the iron and steel industry to be in
first-class condition.
The bank statement reflects a gain Of
9.3I,9oo in lawful money, the bulk of IL in
specie. Loans are larger by S, 30 30o and
the deposits increase S11, 739 900. The net
result of all changes Is reflected in an in
crease of S. 1G3 900 in the surplus reserve
bringing the total holdings up to $19.06l, ,4J0
The market sold OF upon the publication
of this statement, and the closing was. I'm
the main. under the best level OF the pre-
viouS hour.