The times., 1899-12-24

III Urt ~ CIltLLs All nave DCCh G-StDuuJ-
ed by the immense Iiquidadons of all
classes Of securities. and the short selling
OF the bear coterie-
The financial situation is adjust ing itself
rapidly. Boston and other cities outside Of
New York are in better shape Money is
flowing 10 New York from the Wost and
the outgO 10 the South has nearly if not
quite ceased. The new policy OF The Serre-
taTy Of the Treasury viii prevent any fur
ther piling up OF gold in the Treasury and
put it in the New York banks. whore 1T viii
do most good. As has been pointed out re-
peatedly, the export of gold no London
must be considered an evidence of strength,
and hence in very short time big bull
argument. The statement Of the banks
yesterday. the best showing in several
months. and the continued ease Of money
during the entire past week are evidences
Of these better conditions Such being the
outlook, The investment buyers OF securI-
ties were busy all the week .aking
large blocks OF stocks on every break and
putting hem away for the higher prices Of
1890. This investment buying was The
cause Of the ending Of the break on Monday
and again on Friday. The people who could
not hold their stocks sold them out To 9TH
ers that can hold them and know that they
are worth much more than present prices.
AA2 same hAs iAE Sidl tt'4 'AliE tftiN slllA'
in prices yesterday. II is the lime for op-
timism. The small people are now all sell
ing who ten months ago were all buying a
top prices. This is an excellent sign that il
is good time 10 cover shorts. The market
viii be feveFish, il is said. and before the
middle Of January there viii be no certain
u OF q steady upward movement perhaps
even no probability of it, but on all de-
Clines there viii be good buying and the
mill F,, A. III.
case many times before in the stock mar
ket, spectators on the long side of the
market Will have a bad Christmas. Their
New Year, however, is likely to be more
cheerful
The bank sta ement was excellent, as has
been said. The gain in money and in re-
serves are both large. The figures are as
follows:
Reserves increased .',S2 80
Loans decreased. .-..-................. a.ags go
Deposits increased. d..-................... S55 400
Specie increased .......... 80. 500
Legais increased. .................. $50. 90
NtEtu4allOL decreased be.4uO
The immensity OF the liquidation during
the past two weeks may be inferred from
the fact that the loan account is smaller
despite the o.C00 GOO put out by the
banks TO ease he situation on Monday and
"
or three weeks are sure 70 be good for the
same reasons that yesterday S was. The in
ternal revenue TeCsipts are 10 be deposited
with the banks 20 the extent Of nearly if
not quite 81 COO COO a day. Money is also
to be received from interior cities These
sums VIII much more than offs; any prob
able export Of gold.
As was pointed out in this column yes
H-.. II a
are an excellent index Of the entire break
in the market. Boston has suffered more
than any other city from he adverse ffnan-
cial situation, on account of its immense
speculation in copper Millions have been
lost in the gamble. and more legitimate
investments have had 10 pay for the amuse-
ment. Boston has been selling its great
blocks Of Burlington at any price offered to
pay up its losses in copper The price has
tumbled rapidly, and this stock hat has
paid i Per cent dividends and rights this
year, and that IS likely 10 fare quite as
well next year, sold on Friday ar fl4 All
the stock that Boston has sold mas been
taken by people that have not been specu-
lating in copper, hut DO believe in Burling-
ton al IA Yesterday morning The last Of
the Boston people were squeezed out, the
stock being the weakest on The railway list.
with a decline overnight while nearly ey-
eTything else showed an advance OF from
. 10 points Al j o'clock. when no more
sJocE Was forthcoming, the price advanced
quickly and caught UP with the remainder
Of the market, showing q let gain at the
close OF nearly points. il is believed by
many Of the bsst people lH the market that
Burlington viii sell % points higher during
the coming TWO months. II is said that
there VIII be more rights IN February.
Rock Island, ST. Paul, and Atchison pre-
5erred are also considered excellent invest
ments al present prices. s, Paul officers
are understood 70 have made the positive
statement recently thar an increased divi-
dend for the stock is now assured
The following anonymous circular was
Z received IN the mail by many brokerage
and banking houses during me week:
Chesapeake and Ohio stock is being
bought up for control by the New York
Central and Pennsylvania roads acting in
+ unison. Already large blocks of the iock
have been secured privately al 30. The
f price viii cross 30 shortly.
! The circular agrees TO 9 certain extent
: with information received from other
/ sources, and its prediction IS much more
/ nearly IN harmony with the opinions of
f! conservative people nan mosg such anony-
Z nous contributions 10 Wall Street li,era-
I ture are. The exact nature % the Chesa-
( peake and Ohio deal is siIl IN doubt bat
that there VIII be important developments
/ regarding the company and the stock in the
I near future there seems TO be no question
The system is an important part OF the
great Nanderbiit-Ca Cassatt Eastern railway
I syndicate.
The Vanderbilt securities in general have
suffered with the remainder Of me railway
list though their break has nor been sC
violent as thai in other directions The