The times. [volume] (Washington [D.C.]) 1897-1901, 1899-11-25

ana the surplus reserved IN the banks.
An increase of 81, 600 600 or 100000 in
the reserve is estimated by conservative
houses.
The present market is to a certain ex-
tent what might be called a "Speyer mar
keet, the term 10 signify that the impor-
iant foreign and American interests with
which these gentlemen are allied are not
only believers in higher prices for rail-
way securities, but active buyers Of stocks,
the leading buyers in fact. In general
terms 1t is perhaps accurate to say that
the Vanderbilts, the Morgans the largest
international houses. and the ROCkefellers
are acting together at the present line in
a remarkable way, buying a group of Sc
CGrities including the Pacifics Baltimore
and Ohio common and preferred the Van
deTbilts. ana one or two others. These
interests have been buying stocks for
many weeks and even many months past
laying a foundation for fine advance in
prices. They have been deferred longer
than was at first intended by the mex
pected tightness OF money but meanwhile
they have accumulated heavier and heavier
lines Of stocks. They have prevented any
boom in prices, because they did not con
slider a boom safe when the money situa-
ton was uncertain and likely to be worse
rather than better at any time. The tao
Jics OF the past week however. have been
OF a different kind. Especially was this
true yesterday. An active and open buy
ing OF securities was TO be seen and quick
advances in prices. The conclusion drawn
from this by careful observers is that the
money market is now in such a condition
that il is considered safe to begin the up
ward movement. The help of the public
VIII be called in next week while the en-
thuslasm over the bank statement is fresh
and in the course of a day or two it is
not unreasonable to suppose that the vol
ume OF business viii be as large and as
important as was that Of a year ago The
effect of the Presidents message is per
haps also relied on by these gentlemen
10 produce confidence and general optim-
ism. as il Is the general opinion that the
document viii be full OF prosperity. %
Another matter of importance is the fact
that several plans Of large import 10 the
railway world are soon to be made public
plans Of which the public has heard hints
from time 10 time recently, but of which
there have been no definite official an
uouncements. The large financial interests
Of the country work together at times 10
an extent OF which the average dabbler
In stocks is not perhaps aware. They
choose the right time for their operations.
They make the news to suit their views.
And thus they are irresistible. Al present
the important financial interests are ar
rsyed on The bull side OF the market.
Two Of the chief OF the Speyer securities
are Baltimore ana Ohio common and pre-
ferred A week OF more ago it was stated
ia this column that the superb monthly
report of this company would be taken ad-
vantage OF by its stock market friends
10 advance the prices OF its securities The
movement has continued almost without in
terruption since hat time. II eliminated
yesterday in one OF the most important adj
vances made by any railway security OF
importance this year week ago BaIti-
more and Ohio preferred was selling 10
points below the price reached by il yes
terday. 81 IA The common stock in the
same time has advanced points. Opinions
differ regarding the present prices OF these
securities. but IL is probable that they will