The times., 1899-08-27

The weekly statements of the New York
banks exert less influence on the stock
market recently. Yesterdays statement
was a good illustration. The figures were
such as the street has been in the habit OF
considering unfavorable-a large decrease
in reserve, a decrease in money, and
large Increase N loans. Prices advanced
in quite a spirited way when the state
ment was announced and closed at the top
for the day. Statements considered excel
lent within the past few weeks have been
followed by declines in the market and
poor showing has frequently lot prevented
gains n other weeks. Ii is an excellent
Thing that the street and the speculative
public generally should cease 10 consider
the bank statement fetch, an alI-impor-
tant cabalistic combination Of figures that
can rule the stock market. The truth is
that while at one time something or the
financial conditions in New York could be
Judged from the statement nothing o. the
kind is possible now. The large increase
in the number OF the trust companies and
their heavy encroachment on the Wall
Street business of the banks has changed
the entire situation Many OF the impor-
tant financial people who borrow money 10
speculate with get their accommodation
from the trust companies. This tendency
is growing all the time, and Will continue
10 grow until the banks can offer
borrowers more liberal terms for the same
accommodations. But aside from this fact
IL Is easy 10 see that the important cliques
with money at their disposal are able 10
Iontrol the complexion OF the statement
by transferring funds from the banks 10
the trust companies or vice versa at the
proper time. Il cannot be doubted that
this is done Yesterdays statement was
as follows:
Reserves decreased d..-.......-.......s2 81. .70s s25
Loans increased $685. 600
Deposits increased. 6,ss34 100
specle decreased ,zs5, 100
ls-gSis .iefe~Ssa-- ....-..'..--..-.---- Zossg9
Circulation increased. 5000
These figures indicate. II they indicate
anything. that money has been borro we'd
rather literally during the week for spec
ulatiye purposes.
The market yesterday was an unimpor-
tant one except In the fact that IL made
the good advances al the close. Transac-
tions were not large and the fluctuations
were generally insignificant AT the open
ing prices were OF a trife and during the
first hour the tendency was downward If in
any direction. Many predicted that the
bank statement would be bad and that II
would cause spirited selling movement
The week closed In satisfactory manner
on the whole, though the latter half was
not by any means as active and buoyant
as had been promised by the bulls The
price level for The week showed variations
IN both directions, small in the case of the
railway securities generally, and large in
some OF the industrials, but not important
IN their total significance. The average
level is perhaps trlfe higher now than il
was a week ago
The immediate outlook is much in doubt.
but q majority Of the conservative houses
are advising the purchase OF good low
priced railway securities. The fact that
prices have not declined In general In the
face OF several unpleasant technical mat
ters gives confidence that stocks are held
strongly by people who expect 10 sell them
az much higher level The tumble In the
price OF Brooklyn Rapid Transit many
points early In the week, on statement OF
earnings which the street was disposed al
first TO consider most unfayorabIe might