The evening times., 1900-10-13

The earnings Of the Norfolk and Wes-
tern for the first week of October are
ut,ite I'D TO the fine record that the com-
panv has made so tar this year There
is an increase of $90,1a5. From July !
the increase III gross earnings has been
SU05, 20. The gross earnings OF the Ms
sCuri Kansas and Texas for the same
periods show increases Of zl6,5S6 ard
$l32, ,551 The Norfolk is net losing any
1no.1ey by the strike OF the anthracite
miners II is hauling much more than
the usual amount OF bitumInOus ccal. The
Calnings OF the Southern Railway Tor the
first week OF October show an Increase OF
S4S,579. The increase since July was
S4gS 9G2. The increase of the Texas Pa
cifc for the week was S31.6SS and since
January l il was S4S9, 600.
The Raltimore and Ohio statement Of
earnings for September is again dsap-
pointing \ decrease is shown Of SS6,56l
IA the net earnings for the month and a
decrease Of S243,4lS in the net for the first
quarter Of the Gew fiscal year This show
ing is Of course, only poor one when
compared with that of last year Ac-
tuaIfy, the present business of the system
is much better than it was expected It
would do so soon after reorganization,
and an excellently profitable one. The
Baltimore and Ohio securities were among
the strong features OF the market yeSteT-
day. despite the statement, both advancing
well and closing with coed net gains
Provisions were weak early under con-
tinuaI liquidation. considerable bear pres
sure, and lack OF support. The attempt
to buy lard at the decline by the lead
ing bull interests caused d sharp rally
ana the closing was steady. The legiti-
mate situation remains bullish-
.f.g trT =
the strength of the Stock Market. 1t had
been expected that with the miners con-
yentiou refusing to accept the terms Of
the operators, and with bad bank state
ment assured the bears would sell stocks
short heavily and some long stccl wouli
be Sacrificed. Instead. prices held their
own sturdily during the first hour and
q half of the day and doomed nicely after
the bank statement caem out. The close
was near the top prices of the day and
well above the close CT yesterday in mar
ly all parts of the list
The change of sentiment among the
professionals for this is what has oc-
CURED, may perhaps be explained largely
by the much better financial outlook. Gold
has started this way from the other side,
ard money rates are still low contrary to
all bear predictions When the bank
statement appeared today showing loss
or only 81, tcU,UUb IN piiS reserves
stead of the wiping out of the entire sur
plus as had been expected, this better
Tnent of the financial outlook became ap-
parent TO everybody. 1t is now extremely
probable that the reserve will not get be-
low the legal limit and that call loan
rates will not advance beyond 6 per cent
if even that figure is reached. Another
item in the situation that perhaps has
been underestimated by the bears is the
III 4IF1F1n
to show a firm front until after the eiec-
ton The cIiques began several days age
what they called Mckinley boom, in,
tending to help the Republican candidate
by advancing prices, They met with some
resistance from the people VINO saw tina
the movement was purely manipulatet
one, but have persisted apparently witt
the idea that a slump now would be dou
bly, deplorable for the Republicans Many
believe that this persistent strength IL
prices this week means that the advance
will continue next week. Others look fol
a reaction at any time. The outlook i:
most uncertain but the most careful bro
ke,es continue 10 advise the purchase o
securities on all recessions.
The hank statement figures were as fol
lows: Reserves decreased 81 III 975. loan
decreased $9, ,955, 100, specie decreas- d $3,-
144. see, legal tenders decreased 81, ,535. .6t 0
deposits decreased $15.6z 100, circulation
increased $172 500. The immense cartail-
ment of leans is responsible for the com
parativeIy good showing made. The re
markable thing illustrated by this state
ment is that the people in control Of th'
market must have secured their mon1l
some time ago on long time loans. Al
though there was the great cutting down
of loans it did not cause any decline il
prices as such cut usually does.
Peoples Gas was the most active an,
buoyant stock on the list. It continued