Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-17
FINANCE AND TRADE
Stocks Were Firm at the
Opening.
SOME GAINS SHOWN
REALIZING SET IN AFTER THE
BANK STATEMENT.
Chicago and Great Western Was Again
the Bull Feature Of the
Market.
SOME GAINS SHOWN

Special Dispatch to The Evening Star.
NEW YORK. January II. = Americans
were fractfonally stronger In the London
market today. but business there was dull
and uninteresting.
In the local stock market there was a lit
tie more activity at the start. and the
higher London quotations stimulated a lit
tie buying by the traders. Missouri Pacific.
as was the case yesterday. gained nearly a
full point after the first few minutes of
trading. the pool still appearing to be at
work on the long side of that stock.
Not much following, however. was dis
cernible. and the only news on the stock
was that of a holding company of the Gould
issues. This story, however, has grown so
threadbare that it was not surprising that
outsiders did not jump in and purchase the
stock on the reiteration OF the rumor Of it's
early announcement. Louisville and Nash
VILE gained Is; Erie second preferred adj
vanced II. but the common and first pre-
ferred were only nominally higher. ST.
Paul. pennsylvania, Chesapeake and Ohio
Reading. Sugar and Copper averaged y per
cent higher. The Steel stocks were duh
and unchanged in price.
There was a continuation. Of activity and
strength In Chicago and Great Western
B's' that gave Indication OF pool buyine
The stock gained nearly per cent above
yesterdays closing figures. After the first
half hour OF trading the market hardened
SC mewhat, but the rallies lacked snap and
the supply of stocks was pretty generous
on tie fractional advances occurring. and
there seemed to be a disposition to await the
publication Of the bank statement before
making any new ventures on either side
The bond list was firm the feature being
IN American Tobacco As. Government bonds
were unchanged
Great Northern preferred and Rutland
preferred both gained per cent during the
second hour OF trading, but there was no
special news to account for the advance in
either OF them. 4Fi
The volume of business today was not
large, but the character of the market con-
tfnued to show some firmness. notwith-
standing some disappointment over the
large increase OF loans IN the bank state
ment, the publication of which was fol-
lowed by few slight reactionary move
ments, but the stocks sold seemed to be
well taken. and the market generally closed
strong. though quiet. The sales OF stocks
To-Day amounted to 0,10O shares and of
bonds to 81 .SS4, 600.
The weekly bank statement follows: Re
serVe/o on all deposits increased, So 4O6 So !:
reserve on otherthan United States deposits
increased. 81. 415.350; loans increased. Sl4 Az
w; specie increased. Sill COS, 400; legal ten
ders increased. $50, COO; deposits increased
$21 JO2,3OO; circulation decreased $13S 500
The statement. as above, shows an increase
In cash Of Sc. 2s2. 400. This with the IN
crease In the loan item. Is very nearly con-
siStent with the large gain in the deposits
and the net result leaves the surplus re-
serve at $20,217 12J.
While the increase in the last item was
about expected, the large Increase in
loans was somewhat OF an unfaxorable sur
prise to the street, large decrease had
been looked for on account of the contract
ed speculation that has recently taken
place. The great gain in deposits how
ever. has offset in a large measure the in
crease in loans, and the latter is put down
to larger demand for money for corporate
l IN, -.,.l.
vania-Reading deal. Money con-
tinues to return to this center from the in
terror in large volume and this Is good
indication to expect the easy money rates
to continue.