Evening star., 1898-10-29
Stock Market Closes for the Week
With Good Tone.
DISCRIMINATION AZ TO SHARES
The lndustriaIs Were the Center
of Attention Today.
GENERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK October oa-The volume ~
commission house business this morning
was somewhat restricted. but apnareprI,
Tor the very natural reason that new bust
ness Of this character rarely arpears at the
close OF the week
The Burlington statement for the month
OF september. showing a decrease of s34G-
oS' IN the surplus after charges. had an ad-
verse influence on the entire railway list.
me recent discrimination in the buying Of
the granger shares has clearly foreshadaN-
ed some such condition as the one reported
above.
Rock Island and St Paul have been fur
Eishing the figures Ipon which the bulk Of
The advance in the grangers during the
last few days depended. The Burlington
system, however, is now doing consider
ably better than il did in the month for
which returns are made. and the decrease
IN surplus is not likely to remain as an
evil influence in the general market
The professional is turning aggreSSiN-eiy
to the long account, and higher prices are
almost certain TO prevail between now ana
the elections. Realizing Will follow A sue
cessful outcome OF the campaign undoubt-
edly. but such a movement Is now believed
10 be scarcely worthy of Considera ton. as
material liquidation is not apparently con-
/ he bulk of today trading conferred IN
AmericaE Tobacco and Federal Steel. The
DIT emand for these shares has been OF a
ciaracter considerably better than the av-
eiage, ard there Is general belief that
the industrial department follows their
leadership.
The large interests in both proper
ties are openly incrt asing their present
holdings and are thoroughly in control of
the market situation.
All things considered the week closes
Under most fortunate circumstances. Many
OF the evils of the situation have been
remedied during the last few DAYS ana
only n surprise can interfere with the pres
ent advancing tendency. The Joint Traffic
decision is happily cut of the way, and the
railroads have once more certainty to
deal with. Rates were not sustained be-
lore and can only be now by business
Ike acceptance of conditions which must
provide against the ordinary influences Of
competition.
Earnings are the real index to values, and
these may once more come to hc recognized
in their true light. Some stocks may move
dp under this standard of measurement,
and some may have already exceeded their
legitimate height, but the decline of one
stock and the advance of another on the
ground Of value is but a natural condition.
The present situation is one rpplate with
optimistic arguments. and advances should
predominate, but without occasional de-
clines the market must be artificial
The coming in Of the public later in the
season Will show in SOM measure, the
exact location Of the better issues.
The bank statement is generally REGARDED
as being entirely satisfactory. IN. hanks
have gained s6,624 $40 in lawful money,
nearly all ir specie, and have increased
their loans over $lO,9oUp0 These changes
are reflected in an advance of more tEaL
$l5, 900 in the deposits. and in an in
crease in the reserve. which briugs TIE
surplus up to 50 Ul1 900.