Show SS AND FINANCIAL NEWS Good Bank Statement Causes I I Rally in Market STRENGTH IN SOME STOCKS 4 BIG JUG INCREASE INC tEAS IN THE TE MOLD HOLD HOLDINGS MOLDINGS INGS OP TILE THE BANKS New York Oct OcL 26 l There was a hesi heL hesitating tating irregular stock market today until the appearance of ot o the bank state ste statement steS S ment on the tape The unexpected ted In rea it i the cash of ot the bantu bank or of prompted the bears beare to I over their short abort lines Itne and rally the market generally to above last laM nights I although the net changes g geM n raly will be seen Been to t be insignificant There was positive po independent in Missouri Pacific ad advanced it 2 points above last night Tl Jk re was no news to explain the movement and the sympathetic effect upon allied stocks tock Was slight alight Peo Pee Peoples plea ples Gas Gag made a good recovery from Crom J recent weakness we kne St Paul was active and fluctuating and received the full benefit of ot the late Inte covering Amalga Amalgamated Amalgamated mated Copper wall vas heavy throughout with news of ot the shutting down of the compans mines and In th thi late Iste dell dea Ings the He stock broke 2 1 under last night interrupting the recovery else elsewhere el elsewhere where find and nd making the closing irregular fur lar larThe The source of or the receipt of ot 6 cash cach by toy bythe the t e banks banka is Ia a mystery as known Jr t f money indicated a loss lose lo e of ot upward of or for the week The loan item iten reflected the continuance continuanceS S of ot by d debtors who are paying oft off foreign C foans toRtis t The weekly statement of ot the Think Dank of ot Germany shows o a recuperation tI in i cash a resources c of over n th a reduction r of loans and of vt note issues Js ue of o about equa but sterling ex ax exchange change chan declined d tir B Berlin Un again today tody indicating pressure ro of o gold old there thero There remains JI J require requirements re ments to b 1 at New Nev eY York for re remittances remittances to London on account of ot sub aub si to the issue of or cao in installments on which is due Nov 7 The Thep p question of ot gold exports from New NewYork Ne NewYork York next n WC wee K is therefore an open one After falling Into a lethargic condi condl condition f I tion early In the week the stock mar market ket developed a degree of activity and strength later The buying w urIch was wis responsible for tor this advance was large concentrated lOn In its source and con congested in a few fes stocks tock shifting from day to day dR front from one group to another The movement was initiated in Chi Chicago Chicago ChiCago cago storks shifting thence into the generally genera y then Into St Paul Pul P ul Union and Southern ern Pacific Paci c and the industrials and rud then into the The specialties have moved independently Ind as la III usual in periods of ot irregularity in the general genral market markeL marketA markeLA A notable feature of the market was the Ute evident predominating professional prot character of or the operations Commis Commission Commission sion houses house which usually operate on orders from the general public have been b conspicuously in the 4 background l during rn the week The houses usually employed by bythe byth VS the tite th great grett financial interests II in the street have executed eX cited large orders rs on both oth sides of the market leaving the uninformed public confused contused as to toh whether h those interests are committed to the long ong or short side of or the mar market market market ket Doubt and uncertainty in fact tact are I still the prevailing sentiment In speculative speculative speculative circles Some of the buying has been attributed to progress towards a I settlement of or the Northern No Pacific I controversy Tf rt f Insiders have bought stocks stacks S for that reason rea on it is on information I mation of or which the public Is kept in ignorance The actual developments show a 8 condition of ot that controversy so far from Crom settlement as 88 to promise a prolonged period of negotiation even with the best intentions for final peace of or the parties par l s In interest That negotiations are in actual pro grees Is la dear clear but It r is also clear that these the e negotiations are now first under undertaken undertaken undertaken taken on a subject which Wall Wail street assumed ws definitely settled when Mr Ir Morgan announced the members he I had chosen to balance the Northern i I Pacific board of or dire tors The various I statements given out on authority of or President Hill of ot the Great Northern I and of ot the Ip in interests clearly show divergent views and the holding to them with deter determination determination determination As contrasted with air Mr Morgans ex ox I pr f a conviction that the Northern North rn Pacific board bofIrd contains within itself all an anth th the elements to assure a settlement fair fairand I aad and satisfactory n tl t all Interests Int comes Omes I President Hills HUts suggestive assertions a that Great Northern as us a joint grantor I of at the Burlington purchase bonds Is Isto isto I III to be a factor in the settlement as well wen II as II the contending interests among the i actual itself I stockholders In Northern Pacific I I The Hill Hil interests 8 have insisted upon uvon their contention that Northern Pacific I preferred Is to be retired in accordance with the power vested in the company the reorganization plan The effect of this would be to oust the interests from Crom their th lr control which h is through pre preferred preferred stock st k holdings and leave the majority of or the Common stock in control of ot the company The Union Pacific party is ie equally insistent that their control of or the dis disputed disputed disputed property Is not to be relin relt relinquished qui shed The recent rece tt buying of ot North Northern Northern ern em Pacific d is 18 supposed to be beby beby beby by this party It Is admitted that nu numerous numerous numerous legal and technical te l 1 obstacles exist to the adjustment of ot ownership of a railroad company by competing on parallel lines On its bare outlines it seems clear therefore that many difficulties still exist in this puzzling problem Until they are definitely cleared up a depressing factor will overhang the stock market markeL Importance is attached to the money mone disturbance in foreign markets as bearing on the large Jarge foreign credits which h have been used to tarry Carry the I large holdings of or Northern Pacific ever since the lockup In May Repayments Repa ments of o these th e credits have continued to sue sus sustain SU tain tam the foreign exchange market this week as for tor some Bome time past The course of or the loan account of ot the New NewYork NewYork NewYork York banks shows that this burden Is shifted UP n fl domestic credit institutions institutions thins waiting upon the Northern Pa Pacific Pacific a adde settlement for tor relief reHee The usual fall tall inflow of or gold into this country is thereby interrupted ex except except except as the Australian remittances can be substituted The calling home of French credits seems to be for the purpose purpose of meeting heavy losses in incurred Incurred incurred by French capital by over Investment In Russian Rus lan industrials The estimates ates that the shrinkage in valuation of oC Russian enterprises in two years Is not less than 60 per cent which would represent sent Tosses to French investors and speculators of ot The long process pro of at liquidation in Germany also continues following the collapse from speculative Inflation The maturity of obligations at the years yeara end In those thos two countries and Great continued necessities for the conduct c of military affairs in South Africa indicate a strained period at that time which Is likely to be re reflected reflected over the whole financial world As to immediate money mOne conditions in New York the government surplus Is Ism making m renewed demands upon the market now that government governments bond re redemptions redemptions have ceased the receipt of or over Australian gold this week having railed failed to offset this drain Railroad o bonds d have h been in h im improved Improved I proved pr demand m at lt advancing d R i prices rl United States refunding ts s declined i and old 48 l 4 per cent The 35 advanced above last weeks closing call Bond Quotations U S ref 25 S H J Vat VaL Do coup L N u s Is 35 Max Cent 48 U S coup lii 1st Inc 30 U S n a 48 M St 81 L U 13 S 8 n 4 s M at K T U S 8 o 0 48 M lL K T SO ro roU SOU U s o N Y Cent 1816 is General 3 ISO Se coup 1015 N J C gen Atch Ken gen 45 Nor Pac lOIi I 45 OT Nor Pac 71 B 13 O 0 41 lM N W V con B 0 id Read yen 9 BC vJ at ferro Cony l St Can So consol Os C ot of C a St t L S F 95 J 1st inc Ino 71 St L S W V Is C 0 1 St L S W is 9 8 2 C A 3 D i Are AreC c B Q n Pass Pas ST gr c M Id St SL P So Pac 48 91 general So fly Y Es EsC I C N W con Tex Tax Pac is 1 T St 81 Ii C it I P West t y g C C IC c 1 st u Union Pac l L 1 gen 10 Cons Com I Chic Term 48 40 94 Wabash Is 18 lO Cob So Wabash is 4 Debenture t e B 1 ErIe p lien 9 Shore 45 1 General 46 07 V L E 15 4 Fort W V Den Dpn Wis Cent 45 8 City Is 11 S Sock ock Qu Quotations tati ns I o 0 60 t l Atchison Pacific I Preferred ti B Preferred 57 Preferred 54 Tex Tea Pac a aCan aCan Can Pacific T St L W V u Can Southern 8 82 Preferred H 34 C 0 45 Union Pacific I IC IJ m CS C A Preferred SO 4 I p 11 Preferred 77 17 Wabash 20 o oC C I L 40 Pre Preferred erred 36 b 11 7 75 V L I E 16 Ff 11 C E d preferred C G V Wis ns Central 21 l E Preferred A Preferred Preferred B r Adams AdamI C N Express C R 11 I 1 8 1141 P t T S Express 90 00 C r T I F red rell r Amal Copper 50 h hC C St L 98 8 C F 25 c Cob Colo 1 15 Preferred 2 let 1st preferred 54 Anin IAn Oil 18 Zd d Preferred 47 41 Del S R 42 D L V Preferred 9 97 D It G 41 h Ann Mm l Di i Preferred f r Rap p T 80 Erie Cob Colo F I 1 94 1 1st t preferred IC n Gas 15 i 36 d preferred Cant Tob pfd lk 1 Gt GL Nor Gon Electric Hocking Vat Val 95 Glucose Sugar Preferred 71 0 Hocking Hockin Coal 14 Ills Central inter Paper 1 1914 la is 41 Preferred s 75 if Preferred 78 75 Inter POwer 80 Lake E VT 07 Laclede Gee 92 Lap l f Preferred 1 Nat Biscuit lt 41 Louis INaL Lead 1914 Manhattan L NL Salt 31 11 Met St Preferred 61 Mex Central nr i eZ 95 National Pacific Const Coast 61 Minn St I Pacific Mall Mail 4 Mo Pacific I Gas Ga M 58 K T fA 36 Pressed ed S Car I Preferred DO Preferred N J 3 Central Pull Pal N Y Central Rec Steel 1514 Nor West Vest 55 s Preferred 50 Preferred SO ro Ru Sugar ar Nor pac pfd Ienn C C I 1 60 Ont Won V irlon n B I c I 1 HI 1334 Pennsylvania Hi Pr Preferred 70 I IRIe Reading dl 42 g U S Loather he hed 12 RIe ff let preferred Preferred d preferred il i U r S Rubber 16 15 St L San F P 4 1 Preferred 49 1st t preferred S Steel 42 ir m d preferred p ferret Preferred f St SL L S W V To 27 West Union 91 S1 Preferred 56 St SL Paul Pa l 1 Total sales Preferred |