The Washington times., 1902-09-18
Uncertainty Prevents an
Appreciable Increase
in Dealings.
HIGHEST RATE 10 PER CENT
London Operates Only to Moderate
Extent-Railway Bond Market Firm
in Sympathy With Rest of Stock
List-Close Rather Nervous.

NEW 1Ohh, Sept III uc lueeieo'
of the financial community at large
again converged upon the monetary sit
uat;on and the outlook, to the exclusion
of almost all other considerations.
The uncertainties of the situation pre-
vented any arpreciable increase in the
volume of dealings, but prices reflected
favorable sentimental impression on
account of the various gold import ar
rangements, and the fact that the rates
for call money, while high, averaged be-
low yesterdays extreme quotations and
ruling figure.
The highest rate was 10 per cent, as
against IA per cent yesterday, and the
ruling rate was per cent, as against
10 per cent yesterday.
The greater part of the large sum of
money that was collected early in the
z week for subscriptions and dividends
. has been redeposited in the banks and
other financial institutions, whence II
was drawn, but the attention of bank
ers is still fixed upon the problem pre-
sented by the continued heavy absorp-
tions of the local subtreasury on its
own account, and the movement of
money to the interior. which is now
reaching fairly considerable proportions.
Lower Range in Money.
The lower range in money today and
operations in connection with the gold
engagements caused an extreme advance
of about u on sterling exchange.
London operated in this market to
only moderate extent, chiefly as
seller. The news regarding the anthra-
cite coal strike was inconclusive.c
The preliminary estimates placed the
net earnings of the United States Steel
Corporation for August at $12, 500. 600,
as against an estimate of something
less than s12,0oo,OOO for July The de-
crease for the latter month is attribut-
ed to the fact that the two or three
holidays occurred, which reduced the
tonnage. Officials estimate that at the
present ratio The net earnings for the
third quarter Of this year will approx
mate s3S,0G0.000
After a slight hesitancy at the out
set the stock market developed general
strength and practically the entire list
showed net gains at the close. A feat
ure of the dealings was extremely light
trading in number of railway issues
at substantial improvements.
Some Activity Shown.
In the railway list St! Louis South
western issues led both in point OF
activity and advance. The common fin
ished at a net gain of "a per cent,
while the preferred retained ! point
of its rise.
Manhattan Railway was taken hold of
at the start and advanced an extreme
1as per cent, but closed with only a net
gain of fraction. Missouri Pacific was
fairly active but finished slightly be-
low Tuesdays closing figure. Southern
Pacific, Pennsylvania. Norfolk and
Western, Atchison. Brooklyn Rapid
Transit. Canadian Pacific, St. Paul. and
Erie established net gains ranging from
" per cent to full figure.
Baltimore and Ohio and Union Pa
cific left off unchanged. On lighter
dealings Detroit Southern issues dis
played strength, and Improvement
showed in Illinois. Chicago Union Trac-
tion, Northwest preferred, st. Paul pre-
ferred, Kansas City Southern common
and Toledo. st. Louis and Western COM
mon.
In the Industrial list Sugar Refining
retained about half of an extreme ad
vance OF point, and Colorado Fuel and
Iron. Consolidated Gas, Railway Steel
Spring common National Lead Rubber
Goods common. Tennessee Coal and Iron
and Cast Iron Pipe issues recorded ad- |
vances of point or thereabouts.
In the miscellaneous stocks Western |
Union was fairly active. and North |
American OF light sales rose ~ per |
cent. /
Firm in Sympathy.
The railway bond market was firm, in |
sympathy with the tendency of the stock !
list. but dealings were on a moderate
scale.
The curb market was in the main in
active. The strong features were Vir-
ginia Coal and Coke stock and bonds,
which rose sharply on what was con-
sidered inside buying, and Rock Island
new issues.
The stock market closed rather ner-
vous. partly owing to the strength of
the exchange market and a late rise in
call money above the extreme low fig
ure of the day.
New York Stock Exchange, Sept. II.