Omaha daily bee., 1899-10-29
MOVEMENTS OF STOCKS AND BONDS.
Favorable Showing of Bank State
ment Takes Hears by Snrprise.

NEW YORK, Oct. S.-The favorable
showing made by the bank statement was
a complete surprise to Wall street and yen-
turesome bears were caught short. The re-
suit was seen in some violent price changes.
The expectation of an unfavorable state
ment was SO universal that the bears were
very active in the first hour and the bulls
were little disposed to push their ventutes.
The c9rIy advance on buying by London
and light demand from outsiders Til oush
comm!i ion houses was completely wiped
eas easily S"q In 'sy sympathy with the Weakness
| manifest in Steel and Wire, which dropped
10 45s4 on continued LIQUIDATION and uncov.
| ering of stoploss orders. Pretty much all
! the stocks Of companies in the metal in
dustry were especially vulnerable and there
was profit taking in the leather stocks; The
latter were supported by the recently ac-
tive pool and prices bid up sharply. This
prompted some covering by, the bears in
other industrals before the appearance
of the bank statement. But the scramble
! for stocks Immediately upon the publication
helped on the advance and bid prices up
easily, and by wide jumps in the elforr
| The closing was feverish, but strong, and
showed a higher level of prices on the day;
stocks made the % best SHOWING as ES on pre
vious days of the week.
The bank statement is completely mysJi-
taken for granted None OF the prclim-
nary estimates placed il under % 9O0,e9O and
sasss Of them b ss i h a. fTs s. s In
in the stock market indicated that the proc
eas of loan contraction had been stopped.
Instead there is loan decrease Of 81 1856 :
800, Bear traders We're confident tha: ca sh
in the banks would fall below, the legal
re9qrsmHIs SnhIsd stead the @ Surplus
ducton in requirements Of loan contrac-
tona. No satisfactory explanation is avail,
able of the surprising recuperation effected
by the banks during the week,
Dealings IN SOCKS have been on a greatly
ruanns asf near aqF Ss shSss wses on the
days, against prevailing daily average for
some time past Of less than 10000, The
market has broadened the active list be-
ing more than doubled in length and many
obscure sto, ks coming forward into activity
at adUanSSing prices The disposition . has
the stiffness II IN" n"ney I'.arket and the
weakness Of some of the green" ndustrlals
growth of a new demand for stocks during
the week has been ayaied OF to take profits
BY those who sau have been picking up stocks
stringency. The advance in prices since the
first week IN October, when. the loves
prices were, made by, the liquidation forced
BY the wholesale calling OF loans has beer
from fve to ten points in the majority OF
prominent railroad stocks. The profit is
extensive realizing. The effect of this grew
more marked as the week progressed ant
undermined the confidence of buyers. Tn,
most influential factor In the weeks ad
vance was the announced determination OF
the railroads to advance their rates fol
transportation This action promises very
aubsi antisl benefits directly to stockholder. r.
in railroads, as the traffic has grown (
such proportions that slight change II
tho rate per ton would make a vast differ
e. ence IN M me ,t tasEreG5ate return to The ral
In it's wider bearings. Competition for raj
road business has been so keen in the las
few years that there is no effort required
10 secure business. The advance in railroaC
rates is evidence that the traffic has reached