The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-29
WALL STREET
IS SURPRISED
Favorable Bank Statement Caught
Bears Mapping,
SOUTHERN R'Y STOCKS STRONG.
Legal Surplus More Than Doubled by
Loan Contractions-Ihe Closing
Feyerish, with Prices on
a Higher Level.
SOUTHERN R'Y STOCKS STRONG

NDW YORK. oct. 2S-The favorable
showing made 10y the bank statement
was "a compete surprise 40 an aueee'
anu venture eulue pears were 1t"7l.t a-i~- y,
The result was seen ln some NloleAl price
cnauLe5. The expectation or am uAiaN-
oraD4o statement was $50 UNIVERSAL thdt
the bears were very active IN tHc mo-
hour, and the bulls were niue dlspo7eu 10
mo early advance on buying Dog Lon
don and a light demand from outsiders
through commission houses W"a pu'-.-
ulctciy wipeQ out, and the INDUSTRIAL SPEC
Ci4lues yielded easily ID sympathy M4.H
tho weakness manifest n steer ana WLe
which cropped 10 415a on continued IlQul-
gafIou and uucOVcrlub OF SipQ-loe5 olutl''
Pretty much AN the STOCK OF companies il
the metal Industries were spec-ahy Fui-
rsranle The Leather stocks were sup
ported by the recently active pool, ana
rriees D.d mp Sharply. Ihls WVHp.,4
some covering by tne bears in o,het tl-
drstrial STOCKS. But tine scramble Tor
stocks Immediately Oh the puDlcatlou OF
the statement showed mat large pear
contracts were uncovered heals helptu
ON the advance. and bid prices up easily
and by wide jumps IN the euoit 10 tahe
the market away from the bears. Inc
closing was fey6rish but strong ana
showed ID higher level of prices on the
day The southern and southwestern
railway stocks made the best showing, as
on preNiOus days of the week.
T6e bank statement D. completely Wys-
tfI11r The loss in cash Boy the banks
was taken for granted Nohe OF Nhe pre-
umuary estimates placed 10 under E-.uV,-
O0O and most of them put IL al over
10000. Instead, IL is $4,000 The
inc.ea.-ed activity in the STOCK market
Indicated that the process of loan con-
tract.1u had ueeu stopped. Instead, there
is loan decrease Of Sl1t3NO. Bear
trol crs were confident that cash I'm the
banks would fan below the legal reserve
r.luircmenfs Instead the surplus IS
%
duct0u ln requirements by loan cQntrac-
ton no satisfactory explanation is
available of The surprising recuperauon
effected hv the banks during the week
The market for railway bonds during
the week has been acuNe anu DiOdu
throughout and prices are higher united
States new AS and old AS coupon ad-
yauccI 3 and do. regis tered, the 8 ana
5s coupon D, I'm tho bid price. The 5s
registered declined Is.
The total sales OF stocks to-day were
1850 shares, including Atchison pre-
ferrc1. ESQ. Chicago. burlington anu
Omucv 5C-0. Louisville and Nashville,
1925. Manhattan. CLIO, Missouri Pacific,
SOS: Northern Pacific. G3D'' ST. Paul,
ONO. Southern tdcluc b.J,Dt southern
railway. 1900: DO preferred. 1sl'. Union
1-rfsc 6Ig0. American Steel and Wire,
1900. Brooklyn Rapid Transit llUV'
SMEAR 1GSsI. United states Leather, 49,
49,. do. preferred. l2.1'2
MONEY AND EXCHANGE-Money on
oai easier az 3 per cent; prime mercan-
fnc paper JQ5il per cent. sterling eX-
,hanre firm. with actual business IN
banElre' bills at SfS10AS7H for demand
trI af S4Sn1,rl S3is for sixty days post
rI rates. 81 Sf0tSrs and SiSsp4SSl4;
commercial bills. $fs2QAs2i,. silver GER
tfcstos ISL G6D: bar silver, 5ES; McNl-
oan dollars. 4Tt. state bonds inactive,
railroad bonds irfe"nari governments
irm.
BANK STAT'EMENT-The weekly bank
statement is as follows; $500 49,.
Surplus reserve. increase .......Sl ~ 100
Specie increase .-..--.......... $500
Legal tenders decrease ......-. tJp-'V
reDosIte darro4ee ............ 6,T302OO
1,-r.l.i.f.rr i.rrosee ... IS 600
THE banks now hold S303S.925 IN excess