The evening times., 1899-10-09

Inc tulS WAS luuCH Det-
ter than had been expected by the average
trader. The figures OF the bank statement
Saturday caused many to believe that real
izing which did not occur on Sat
urday would take place in good vol
ume this morning. Instead of this
there was fairly good buying md
an advance in many parts of the list
from the opening of the day. Lout,ville
was particularly strong and buoyant md in
the steel and iron securities many o. them
advanced well. There has been for several
days, as has been noted in this column,
growing bullish feeling owing to the
way that the attacks of the bears recently
have failed 10 cause any realizing. 1t SEEM
ed this morning that this sentiment was
strong enough 10 outweigh the dsappoint-
ment over the bank statement The fact
that the statement is known 10 have accu-
rately represented the conditions of the
banks probably had much to do with this.
Several bankers Eere quoted this morning
to the effect raat while the statement
seemed TO show very little surplus over the
required reserve in the banks, there was
actually a surplus of at least S., ,000, 900 on
I Saturday. The system of averages used by
the clearing house in computing the con-
dition of the banks worked in more than
usually unfair manner last week, because
the larger part of the money received by
the banks came in late in the week. In
addition to this large sums received on
Saturday were not included in any way.
Among these latter amounts were the ship
ments of gold received by Europe on Fri
day and Saturday. The belief now is that
this weeks call money rates will be very
much easier, and that the bank statement
at the close of the week will be an ex
celient one. Basing their calculations on
this outlook, many market people will buy
stocks for a turn. The investors are con-
tinuing to buy for a good advance during
the autumn and winter. AS for the imme-
diate market nothing more than a profess
sional affair should be looked for, perhaps.
Louisville advanced in mcst attractive
manner, gaining a point over SATURDAY, S
price before the end of the first hour. 1t
seemed particularly strong and the expec-
tation of further advance was expressed
by many. The clique behind the stock
seems determined and the commission buy
ing is also fine. The earnings OF the con-
pany for the past three months have been
SO big that all the optimism expressed,
even by the professional optimists, does
not seem much too vivid. Southern Rail-
way, preferred, and the Norfolk and West
ern securities are also being accumulated
though in the case of the latter there is
little If any professionalism to be discov-
ered,
The activity and strength of American
Steel and Wire, common, and OF Federal
Steel, in lesser way, was noticeable dur
ing the morning hours. Wire advanced
two points to above So and seemed likely
to go higher. Federal Steel advanced to
56, but during the later, morning lost
something of it's gain. 1t is said that Mr..
Gates, the head of the Wire Trust, is again
buying the stock, having sold out his hold
ings many weeks ago when the price was
higher. He is talking in very bullish
way also, and it would not surprise the
Street if good advance should come. AS
to the steel and iron securities generally,
there is better feeling noticeable during
the past few days, due in part perhaps to
the better aspect of the general market.
Pennsylvania is likely to have good
advance in the near future. Talk Of the
immense surplus OF the company and of
| the present very large earnings is heard
| in the Street, and it is supposed to have
| been put out by clique that intends to
| push up the price of the stock shortly II
the general market Is favorable. As a
| matter of fact the company Is, now earn-
ing at the rate of about 10 per cent on the
stock, or something like 3dper, cent better
than last years showing which was near
per cent. In addition to this there is
enough money In the treasqrX.Of the COM
pany to pay the present dividend rate to
the stockholders for over two years If
| nothing whatever were earned This is
said to be the best showing made by any
railway in the country. The next meeting
of the Pennsylvania directors will take
place in short time. and tits whispered
that an extra dividend Of 4 per cent may
be declared by them, 80
-.sssss sf..7s. 81 ~ vs7sss