The evening times., 1899-08-12

The stock market this morning was the
broadest and strongest for many weeks,
with activity during the entire session and
a rapid advance in prices all over the list
and a close at the highest level OF the day
an average OF a point or more above the
opening. The entire business of the ses-
sion turned on the bank statement. Early
intimations were that this showing would
be good one and there was buying OF the
Changers and other standard issues on the
one hand and OF the industrials and spe
cialties on the other after the first ten
minutes OF the day. The actual figures OF
the statement were even better than were
expected by the most confident, showing
the best increase in reserve in several
months and generally favorable items.
When the announcement of The statement
was made heavy buying orders were sent
in by commission houses and the cliQues
that made the last haif hour OF the day
boom in many stocks. There was some
realizing in few issues, but for the most
part the general opinion seemed to be
confidently bullish. The tone at the close
was OF the best and it was freely predicted
that the opening on Monday will be at
higher figures. What is to come after the
high opening is question about which
there is room for much more doubt. The
statement, however, shows very conclu-
sively that the money situation is far from
being as appalling as many have suggested.
The gains in cash indicate that very little
If any gold has been shipped west, al
though il has been one of the assertions
that such shipments were certain to come.
The figures of the statement are as fol-
lows: Reserves increased, s6,2S4, IT'S; loans
decreased, $685., 200; legals decreased,
800, 200; specie increased, S6,3SS, 500; de-
posits increased, SIS, 300; circulation in
cerased, S146, 500.
The grangers all made advances OF
point or more from the low prices OF the
day which were reached a few minutes
after the opening st. Paul went to 1872
from 131 Burlington from 1876 1-2 to
1877 1-2, Rock Island from 11S to 119, and
Atchison from 63 to GA. The buying of all
these issues was confident after the bank
statement and although their advances
were not as large as those Of some of the
specialties il was easily discernable that
many friends of the group had been wait
ing for reinsurance as to the bank state
ment only to buy the stocks on the crop
report. Bradstreet's estimate as to the
wheat crop this year is 555, ,000, 600 bushels
and his estimate of the corn crop 2200,-
000,000 bushels. 1t will be seen that al
though the wheat crop shows large fall
ing off from last year ii is still the largest
ever made with the two exceptions of last
year and 1891. There can be no doutb
either that with the very large surplus left
over from last year there will be as much
wheat as the country can use. The corn
crop is the largest on record with per-
haps one exception in bulk and with no
exception in value if present indications
as to price are worth anything. This
| showing cannot be construed in any other
| way than as most favorable for an i'm
| mense business for the grangers this year.
Chicago and Great Western, the little
granger, made great record for itself to-
day in the advance in the price Of the deb
| enture 4 per cent stock. Much has been
said in this column regarding securities
| of this company. 1t will be remembered
| that in The Times this morning particular
| mention was made of the confident predic-
| tions of the friends Of the debenture stock,
| that 1t would have large advance. The
stock opened two points or so below par.
and went up four or more points. The
| other issues of the line were also buoyant
American Steel and Wire was one of the
buoyant issues, with an advance to 62.
| The buying came from insiders, but the
tact that Mr.. Gates is in New York with
his statement Of the company's affairs in
duced public buying.
American Tobacco went to lit this morn
| ing and was very strong all day.
Tennessee Coal and Iron was. next to
| Great Western debentures, the stock that
made the most rapid advance. 1t went to
8 from a close at 81 3-4 last night. The
advance Of this stock during the past week
| has been one of the notable features of the
market. 1t is believed that. some outside
buying has been attracted by the advance,
but SO far the upward movement is un-
doubtedly caused largely by the insiders.
The annual statement of the company will