The Washington times., 1902-07-13
SPECULATION FAR FROL BRISK
Heaviest Trading in Missouri
Pacific, Which Closes
Strong.
MONETARY OUTLOOK GOOD
Weekly Statement of Associated Banks
Surprise - Decrease in Deposits
Enormous - Closing Strong With
Prices High.

Enormous - Closing Strong With
Prices High
NEW YORK, July 12.-Although there
have been no developments this week OF
q sufficiently important character to
stimulate speculation in securities. the
market for both stocks and bonds has
been moderately active, and the great
majority Of issues are quoted at higher
prices than at the close of business on
July g
The nre-eminent feature of the deal
ings has been the activity and advance
in the high-priced stocks. notably those
based upon several of the more impor-
tant railway systems of the country
St. Paul Gains.
st. Paul common, on transactions ag-
gregating over quarter of i million
shares, has made net gain of nearly
points for the week. New York Central
has been unusually active at a net gain
of 3iA points, while Pennsylvania. on
larger transactions than for some time
past, closes points higher than on the
evening before the national holiday.
The heaviest trading has been in Mis-
souri Pacific, which clpsed this noon
at the highest price recorded for it in
the present movement. showing net
gain of points for the week
The movement In this stock is based
upon the excellent crop prospects in the
territory trayersed by the company's
lines. which are already beginning to
be reflected in the earnings.
Movement hot Uniform.
The movement of prices this week
has not been uniform, for the reason
that diverse views are held by the spec
ulative community as to the effect of
certain causes that may affect results.
The monetary situation has been Pc
garded as far from satisfactory. owing
to the high level of foreign exchange
and the possibility which is suggested
every now and then of exports of specie
to Europe. Besides. the heavy with
drawals OF currency by the interior have
naturally suggested a irmer money mar
ket OF this center.
The crop situation has also been
somewhat confusing. chiefly because Of
the advance in cereals. notably in corn
in the Chicago markets. Some persons
have allowed that circumstance to in
terfere with a correct view of actual |
crop conditions.
Corn Outlook Good.
They have failed to realize that the |
corner IN corn is based entirely upon |
the remnant of last years crop. The |
outlook for the corn crop this year is
practically all that can be desired. L
will, apparently, be more than made up |
by the larger yield Of corn
One underlying influence affecting |
security values which possibly has not
been accorded the Importance it dc
serves is the steady increase in the pro
dUction Of gold throughout the world
The most important factor is the steady
increase in the output Of the South
African mines since the start OF the
year.
The dealings In stocks today were on
moderate scale and the tone Of the mar
ket was in the main strong. There was
Z renewal Of aggressive buying of Mis-
souri, Pacific and 81. Paul and a revival
in the Atchison common that made II
second cnly in respect to activity and
resulted in q net advance Of ~ per cent
whereas the other two stocks closed only
a point higher than yesterday
Rock Island Goes Up.
RocE Island on the purchase of less
than 5000 shares enjoyed maximum
advance Of four points and lost less than
half OF it in the late dealings. The
greater part Of the list moved in sym
pathy with the three leaders +
On comparatively light transactions {
A.ualgamated Copper declined traction
ally on unfavorable reports regarding I
the output Of the copper mines In Mon !
tana
The weekly statement ot averages Of {
the associated banks was a surprise in !
that it showed a loss in lawful money +
OF less than s2,000,000 as against com
putation OF the known movements OF ?
currency yesterday ranging as high IS .
Sc, 500. eco. r
The decrease in the deposits is fully i
SIC, coo, eco larger than is called for by
the loss in lawful money and decrease =
In the loans rms IS pTOD&Dly the out I
come tardily shown. OF the transfer Of +
deposits 10 capital account caused by y
the increase OF the capital Of the ma
tional banks.
Booms the Market. )
The net result OF the statement is an u
Increase in the surplus reserve Of 81
0c00o0. which WIS entirely unexpected $,
The statement was followed by d sharp D
and well sustained advance in the stock
market :,
The dealings in bonds we're moderate. D
and the tone OF the market was strong.
On the curb the noteworthy transactions -
were in Manhattan Transit at an ad-
vance to G, in Green Consolidated Cop :,
per at en- advance to 27la Otis Eleva- (.
tor, Seaboard Air Line issues. Storage
Power, and United Copper. n
The closing was strong. and final Sc