The evening times., 1899-07-08

The action of the stock market this
morning was extremely unsatisfactory TO
the friends of higher prices. Whether the
heavy realizing of the day Will be followed
next week by further declines and the be-
ginning of general reaction Of Importance
remains to be seen, but it is certain that
the business of today had much the ap-
pearance of a successful bear attack, aid
ed by frightened bulls. 1t seems possible
if not probable that the decline may be
continued for a point or more on Monday,
and perhaps Tuesday. Nothing OF this,
however, should be construed as meaning
that the bull market has reached its cli-
max. Reactions in too rapidly advancing
markets are healthy and even necessary TO
stability. 1t is believed by the best peo-
pie in the market that the present level Of
prices will be far exceeded in the near flu
ture. AS has been pointed out in this COL
umn heretofore many times the entire situ-
alton of the country indicates future pros
perity, greater even than that of the past
year. And prosperity will bring higher
prices without doubt.
The bank statement today was consid-
cred by many a most disturbing one, COM
ing as it did after two others equally bad.
Til legal reserve requirement limit has
been reach if not passed a trifle. But
while the continued shrinkage of the re-
serve cannot be considered as anything
else than a misfortune it is certain that
the banks themselves have it within their
power abundantly to remedy the evil, so
that there is no real reason for fear at the
situation. And more than this, it is very
nearly certain that the condition of the
banks will be better next week, on ac-
count of changes that have already been
made, though their effect was not shown
in this weeks statement The figures of
the statement are as follows: Reserve
decreased s., PIP 075; loans increased S.
96S, 800; deposits decreased s2,94S, 900; spe-
Gle decreased $5,63S,500; legals decreased
81, 80, 500; circulation increased $40, ZOO.
The grangers were again the subject of
the heaviest selling, and the stocks that
declined most during the session. st. Paul
opened at 1872 IA and went off to 131 3-S,
net gain of over point from last nights
close. Burlington and Rock Island each
lost about the same. Atchison preferred
was very strong at the opening and ad-
vanced to 62 1-2. Later, with the remain
der of the market, it declined somewhat,
but the close was a net gain from yes
terday's close, one of the few instances in
the entire list. 1t seems probable that
there will be further realizing in the
group on Monday, but the friends of these
stocks advise buying them all if such
proves to be the case. The grangers have
the most wonderful record of earnings for
the past six months, considering them as
group, that they have ever seen. st.
Paul has earned II per cent during the
year, Rock Island about s, and Atchison
double the dividend now being paid. But,
better than this, the prospect for the COM
ing months is even more promising than
the present
Rock Island for instance during May
earned very nearly as much this year as
last, although last years May earnings were
by far the largest on record on account of
Joe Letters wheat deal. The showing Of
Rock Island for June will be much better
than last year. Atchison's earnings have
been commented on at length in this col
umn. 1t is. interesting, however, to note
| that Vice President Paul Morton says that
the road will haul this year as much wheat
as it did last, which is in every way most