Evening star., 1902-08-16
FINANCE AND TRADE
Stocks Were Dull and Irreg-
ular Today.
PUBLIC HOLDS ALOOF
]. P. MoRGAN'S RETURN EXPECT.
ED TO CAUSE ACTIVITY.
Louisville, Southern and Illinois Cen.
tral All Expected to Develop
Strength Soon.
Special Dispatch to The Evening Star.

Special Dspatch to The Evening Star
NEW YORK. August I6-Today's stock
market was duh and irregular under
mixed volume OF professional deal
ings. London again sent over higher
prices. but there was little or no
business from that center Traders sold
stocks because OF their belief in an unfavor-
able bank statement, but the manipuiative
interests. while OF the same opinion as to
the showing TO be made, were Indifferent.
The money market is not satisfactory.
but in spite of that fact the leaders OF the
market show no coscern. The public is
not in the market. and has not been for
some months, yet a splendid market has
prevailed. If the public continues to hold
aIoof it is not conclusive that the market
will recede
Money is necessary for present undertake
ings and not public participation. The
question of the moment is as to how much
longer the banks are going to be able to
supply the sums necessary to carry on the
ambitious enterprises of the western spec
ulative element and few promoting bank
ing institutions. With surplus reserves
down to S.le6,6DD, as Indicated by today's
bank statement, IL is high time that i'm
mediate attention he given TO the problem
of increasing banking resources.
The advance in prices may well be de-
layed in order that the banks may prepare
for the unexpected. Loans are larger by
s.. 653 200 and this item has been for weeks
an unsatisfactory feature OF the bank
hibit. The surprising feature of the show
ing is loss of 81. 753. $40 in lawful money
whereas an increase of half that sum had
been indicated by the known movements
of money.
An active money market can scarcely be
avoided, and certain schemes must surely
be forced to wait, while the available re-
sources Of the banks are centered upon the
most deserving. The manipulatlve interest
Of
public to buy, and the effort to stay I'm Is
likely to be the dominant factor during the
next few weeks. There is almost no pres
sure upon any part Of the market, and
prices mold remarkably we'll in consequence.
While the pressure is withheld bank state
ments will continue to be disregarded.
Mr. Morgans return may make some ac-
tivity in certain directions. The street is
| looking for developments in Nashville,
Southern railway and Illinois Central. and
the western party is said to be preparing
to resume vigorous campaign In all three
| issues. Delays and reactions are to be eN-
| pected, and Mr.. Morgan's return last year
| fell very fiat immediate incentive.
Southern Pacific is considering a bond is
sue of $1o00oo.oo0. and the pool in the
| stock begins to work up the price in the
! hope of contributing to the success OF the
enterprise. The company is earning money,
| but it needs its earnings and the proceeds
OF bond issue. The stock can scarcely be
put upon an immediate dividend basis un-
der the circumstances. yet Mr.. Keene is on
his way home to make another Missouri
Pacific of the speculative end of the prop
erty.
| Union Pacific has its movements ham,
| pered by its convertible bonds. but inside
| interests may overcome this handicap to
/ some extent by a profitable campaign In
| the minority holdings of Southern Pacific.
| Toledo issues were advanced sharply
/ again today, the common gaining per cent
| and the preferred 3 per cent under rumOrs
! of a contest for control Chicago Union
! Traction was supported on the announce
| ment of a two-years' contract with its men
| and the consequent averting Of labor trou-
| bes.
The coal strike has made little progress
| in either direction during the week. and the
| soft-coal roads are earning money on a
! large scale i'm consequence. The buying OF
! Baltimore and Ohio is especially good in
| this connection. The steel stocks are steaoy
! at the end of the week, and there would
| seem to be no doubt as to their ability 20
keep up earnings for another year The
Colorado Fuel contest promises INTEREST,". <
| developments during the coming week.