The evening times., 1899-10-28
The week in the stock market ended wit

The week in the stock market ended with
a boom after the bank statement today.
There was selling and declining prices dur
ing the earlier part Of the session, but
Immediately bsfore the statement was pub
lished insiders seem TO have gotten wind
If the fact that the statement was not to
be bad one after all. They began TO buy
stocks and as soon as the figures OF the
statement appeared the public began TO
help them. AS result of the days busl-
ness there has been a large net advance
all over the list during theFveeh, one or
two stocks only having failed to respond
to the generally better Feeling. 1t is the
sentiment Of a large part OF the street
now and of an increasing part OF the public
that a boom has bsgunith that may Hast dur
ing the remainder of the year at least. with
temporary recessions from time TO time. All
the elements of the situation favor this
theory. The immediate outlook is also
good. The condition of the New York banks
is much better than was suspected. large
increase having occurred in the surplus re-
serve during the week and almost no loss
of cash This seems to show that the flow
of gold to the interior is over and that
from this time the counter movement may
be looked for. In the expectation OF this
and because of the fine closing at the top
prices today 1t seems very probable that
the opening on Monday will be at an ad-
vance and that the day will see bull
market.
The statement of the banks for the week
is as follows: Reserves increased $685.
$50; loans decreased S4,766, 800; deposits
decreased Sc, 7i0, 200; specie increased s622,-
900; legals decreased s75O,200; circulation
increased $SS, 600. 1t will be seen that the
decrease in legal tenders was trif1e great
er than the increase in specie. The de-
crease in loans was the surprise to the
Street in the statement. Speculation has
been more active during the week and
prices have been advancing and many be-
lieved that the result of this would be that
the loan item In the statement would show
an increase. 1t is said that the Standard
Oil people have called in loans somewhat
heavily during the week for the purpose
of obtaining cash for their Leather deal.
American Steel and Wire was again the
disappointing feature of the market dur
ing the entire first hour Of the session.
1t went off to the lowest price for some
time, IS ga, and at the bottom the Street
was full Of advices to sell the stock short.
As usual this proved to be the moment
when people should have bought 1t. After
the bank statement appeared the stock had
a quick rally. and 1t closed around AZ 1-2
with good net gain for the day. Careful
observers of the market and of the Wire
securities in particular are very firm In
the opinion that the break in the common
is over, for this movement at least. Else
why should all the fakirs be advising peo-
pie to sell it? Federal Steel, common and
preferred, were very strong in the face
of the declines in the Wires.
Southern Railway, preferred and COM
mon. Louisville and Nashville, the Pacific
securities generally, and the grangers were
the features of the railway list. They all
made good gains for the day and hence all
closed the week with good advances
Southern Railway, common. was bought In
thousand share lots very evidently for a
clique. Gossip comparing this stock with
Atchison, common, much TO its advantage,
was circulated in the Street this morning |
and it seems to have been put out by the
clique. One suggestion heard in usually |
well-informed quarters was that Mr.. Keene |
is likely to take up some Of the low-priced |
issues such an Southern, common, to get |
back some of the money that he has un-
lost on the short side. The Pa |
ciic securities are the subject Of much bull |
lish gossip and it is apparently based on |