The Washington times., 1902-08-14
Dwindling Bank Reserves
Fail to Affect Spec
ulation.
MISSOURI PACIFIC MOVES UP
Net Advance of Nearly One and One
half Points in This Stock--Less Ac-
tive Shares Enjoy Modera.s Rises
Amalgamated Loses Almost One Point

NEW YORK, Aug 13.-In the face OF
dwindling bank reserves and steadily
increasing loans and in spite of the near
approach to the time when the interior
is certain to draw upon this center for
funds to move unusually heavy crops to
market, the principal speculative inter-
ests in the stock market continue their
efforts to stimulate it and TO advance
prices. Their apparent temerity suggests
the inquiry whether they have knowledge
of some large supply of money avaiia-
Bile for speculative purposes of the ex-
istence of which the financial communi-
ty has obtained no inkling.
European Money Drawn On.
As matter of fact the only supply in
sight is in Europe, and for some reason
that is not patent bankers here were
permitted to draw upon it today 10
considerable extent This was shown by
fairly free offerings of loan bills in the
foreign exchange market for several
days. 1t impaired an easier tone to the
factor was fair supply of commercial
bills drawn against prospective ship
ments of grain and cotton. AS the season
is near at hand when the exchange
market usually Declines. some of the
offerings of bills today reflected a be-
lief on the part of the bankers that
they will repurchase them during the
fall at profitable concessions from cur
rent rates.
The development noted was the only
new one distinctly favorable to the ma
nipulatcrs. In those operations Mis-
souri Pacific was most conspicuous at
a net advance of nearly IL per cent
Next in order came Texas Pacific al q
fractional net advance and Norfolk and
Western, which closed a point higher
than yesterday. Nine or ten other
stocks were dealt in TO the extent of
about 1900 shares apiece. OF the active
list included IN this number Southern
Pacific and Manhattan Railway were
most conspicuous for the strength they
displayed
Shares That Advanced.
Usually less active shares that closed
materially higher were Chicago. Great
Western. Toledo, St. Louis and Western
preferred and Wabash preferred. On
sales of 1000 or 5000 shares each Des
Moines and Fort Dodge preferred, Ka-
nawha and Michigan, Keokuk and Des
Moines. Metropolitan Securities I'D
Wheeling and Lake Erie first preferred
made noteworthy progress toward a
higher level.
There was no news affecting any of
these issues. All of them are closely
held, hence demand for them that
would be considered moderate in othe.
stocks finds prompt response in the
market.
The mos: prominent feature in the in
6ustr:al list was an increase in the
dealings in United States Steel issues
at advancing prices. This may have re-
suited TO an extent from the distribu-
tion O! the third installment of the
Profits accruing TO the members of the
syndicate that underworld the Steel Cor
roration plan. - is also reported that
some Of the original large holders of
the stocks. who took advantage of the
market for them were reacquiring a
part Of their former holdings.
Drop in Amalgamated.
Amalgamated Copper was a conspicu-
Gus exception to the prevailing tendency
of the market, showing at one time a
maximum loss of IL per cent Half of
this was received at the close. The
movement in it was based ostensibly
upon less satisfactory condition of the
copper market International Paper
common rose more than points, Ma
tional Lead nearly point. and Sloss-
Sheffield Iron 2 points. The express
stocks again received noteworthy atten-
tion, scoring net advances as follows:
American, sl4 United States, 6A, and
Wells-Fargo points.
large proportion of the dealings in
bonds were supplied by Wabash deben-
ture BIS. The activity in them resulted
in a net gain of more than a point.
Other issues that were fairly active were
Georgia Central incomes and Colorado
Fuel convertible SIS.
In the outside market there was an
aggressive demand for Seaboard Air
Line stocks that carried the common to
34A and the preferred to 55A. The spec
ulation in them was stimulated by a
growing belief that the company Will,
in common with the Atlantic Coast Line
take over the Louisville and Nashville
Railroad.
The closing was strong, with prices
as a rule we'll up to the best figures.