The evening times., 1900-10-20

The week in the Stock Market ended as
1t began with advancing prices and a
broadening speculation. Despite a bank
statement that was not as good as ex-
pected, and despite the big gains already.
which might have induced profit taking
for Sunday. there were advances varying
from fraction TO three or four points in
the active list generally. The interna-
tional securities were particularly active
in the first hour on the theory held by
many that London and Berlin are short
Of the stocks and viii soon begin to cover
In the last hour the Steel and Iron securi-
ties were the features, Federal Steel,
common, and National Steel, common,
both bulging in most attractive fashion
The close was in most cases at or near
the top price for the day, and thus for
the week and the present movement. In
one or two instances this price was the
best on record. The boom begun by the
pools as a venture tive weeks ago has
been much more successful than even the
pool expected. The public have come into
the market nicely and yesterday and to-
day were buying in increasing numbers
every hour The outlook for the next
week is interesting but it would not be
well for anyone to be particularly posi-
tive in his predictions regarding il. The
public may continue their buying and may
induce the cIiques to- buy back again the
stocks they have sold this week. On the
other hand there may be an end to the
advance suddenly on Monday or any later
day.
The bank statement figures were as fol-
lows: Reserves decreased s1,516, ,225;
loans decreased $10,005, 500; legals de-
creased 81 zoe 200; specie decrea sed So
Cos ,000; deposits decreased SO Isl, 900;
circulation increased $157, 700. i will be
seen that the decrease in loans is much
larger than was expected in view of the
steady advance in prices. The banks
apparently have called in other than stock
market loans largely. One story is that
this has been done to secure cash to lend
10 big bull clique that will begin or
rather continue operations next week.
This story at least has the merit of inter
est. The losses of cash and the increase
In surplus reserve are somewhat heavier
than were expected. Apparently they
come over from the previous week on ac-
count of the system of averages used in
making up the statement and Go not really
reflect losses during the present week.
The outlook is very good for the coming
week, as there will be large receipts of
gold from the other side TO hep the banks.
The surplus reserve is still a plus guam
tity and all fear of its disappearing this
winter may now be given up.
Inc STOCK tldt ndQ the SDdrpeSI ADVANCE
was Federal Steel, common. 1t went to SO
and fraction just before the close, al
though II had been strong all the morning
The buying was said to be for inside in
terests, but it is certain that some of it
was public buying, induced by the bull
market and the new boom apparently Just
started in this group Of stocks. National
Steel common, advanced to 80 from 27 and
a fraction. Steel and Wire, common, ad-
vanccd to a point or more Steel Hoop
went up to a and fraction. 1t is evident
that a little persistent clique support for
these stocks would cause them 10 advance
rapidly TO a much higher level despite the
fact that there are many that wish to get
out of the stocks bought at prices all the
way up to the high levels of year ago
Pacific Mail was the most pyrotechnic
stock after Federal Steel. 1t doomed up to
above SO from an opening at &c. During
the past few days this stock has advanced
from around 80. 1t is difficult 20 discover
where the buying comes from but it seems
10 be considered good.
Mr., Morgan and his friends were said to
be heavy buyers of the Southern Railway
stocks and especially of the common II
was said alsa that the Rockefeller people
were buying these securities. They were
strong all the morning. The excellent
earnings of the system during the fiscal
year to date, showing a big increase over
last year is causing many careful people
to look with favor on its securities Mr.
Morgan himself is quoted rs making the
c--------.a-.-----=------