Evening star., 1902-04-26
Good Buying of the Wander
bilt Stocks.
CHANGERS NEGLECTED
ATcHIsoN, HOWEVER, HAD GOOD
MONTHLY REPORT.
Western Trading Element in Control Of
the Market-Good Bank
Statement.
Special Dispatch to The Evening Star.

SpeViai pispatCu 10 luz ENeufiiS otat-
NEW YORK, Apru 26.-Today's stock
market reflected the hopeful tone which has
prevailed all week. but was less active tina
on previous days. Similar conditions pre-
vailed in the London market. prices being
higher than the local closing parity. but
the volume OF the demand was less signlfi-
cant. The evening-up contracts produced
the customary irregularity. but commission
houses generally reported an encouraging
growth in confidence among conservative
clients
Prices have been dominated during the
week by the western trading element but
stocks with which they have nothing to do
have been in demand by banking houses of
Acknowledged standing. Readings. for ex-
ample, have been bought in a manner sug-
gestiye or accumulation rather than a mere
parade or manipulative cunning and "A
quick turn. 1t is limited that Lackawanna
mas been liberal buyer of Reading issues
ana that the purpose OF the buying has to
DO with certain benefits promised from Mr.
Morgan's new steamship consolidation as
well as from a better handling of the an
thracfte coal situation.
Both preferred issues are growing scarce
In the street, and the legitimate absorp-
ton of the common Is made more effective
by the opera tions OF well-organized pool
New York Central was advanced over 3
per cent during the morning and rumors
culation at the close OF the market. There
are good judges of the present railroad
situation who incline to the belief that the
vanderbilt plan for organizing a securities
company. which Will bring all of the de-
teched properties into a profitable relation
ship. has avoided many, IL not all the de-
fects OF the Northern Securities Company
and that an early announcement of the
plan Is not improbable. In any event, the
week has disclosed a growing demand Tor
Vanderbilt shares. and the group as a.
whole. has acted well.
Pennsylvania was bought IN round
amounts by houses with PHILADELPHIA con-
| nections, and again New Haven was ad-
ranced over per cent in connection with
the rumored working agreement between
the two companies. The movements In
such representative properties had an en-
couraging effect upon sentiment
The granger shares failed to respond ma
terially to the improved weather condi-
tions in the grain belt. Atchison reported
an increase In net earnings for March Of
SSos.OoO, but the showing failed to inspire
any new business There are Indications
that some or the lower priced western
roads will be given the preference In any
new business
The traction issues were without special
feature. The delay in disclosing the uses
to which S5.O00,O00 OF the new Brooklyn
Rapid Transit bond issue will be put kept
that stock dull and only steady. Early in
the coming week this announcement is re-
lied upon to bring the property into new
prominence. Tho steel stocks held well
but the buying was very largely speculative
and part Of the bond issue program.
The bank statement reflects gain OF
S3,32o.Joo In lawful money. and the loans
| have decreased over ST 900, 900 in spite of
| the increased trading in the stock market
! The continued decrease in the latter item
| has been the most gratifying of all the
changes recorded during the last few weeks.
The deposits are larger by S1,772. 400. and
the net result is shown by an increase Of
$3.50, 400 in the surplus reserve bringing
that item up to SO, ,461 .0J0 The ease Of the
exchange market, coupled with satisfactory
borrowing facilities. leaves the stock mar
ket In position to make the best OF all good
news and to fortify itself against the radi-
cal effects OF accidents or other adverse
developments.