The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-11-25
VSASes4s avn eossssciAL


sn1f'os W. 'hIu respect tho statement wa y
ssfpfis" 20 'ho street \ ulnu. bic sNrlana'i"n
81 this circumstance he that some NJ tho gold
received tNo ~ 'hrc" vocHa ago which did no.
show IN the h,rl .tatrmcur. for th"-e w""k-
\ ha- nuaiiy con Transferred from trust c"ru.
p,nics and other Institutions ~ which II va-
| Temporarily looked 10 the vaults ~ the hnnk-
| The iuot"n.e ~ loans ~ somcihing less Than
G.G1pr IL not remark able In view ~ ~"
enormous business tmu-acted ON the stock
| Exchange TIL. week Indeed. II II surprising
| that the incrcaer u 80 small \ reasonable
Inference is that u arg" proportion of the hu>
ins Of securities this week lns been hv actual
purcha ."t-, who have r0id for their StoCks and
bond and taken them On NJ ihc street.
The banks now have u fairly large margin
upon which 10 increase accommodations to their
| customers II they 500 IN to do 80. a. only about
one-third Of tho increase II law ful money was
required a, reserve u g1In~t IN" larger deposits,
leaving ", dos. o0o applicable to surplus account
and bringing that item upto si2. ?7s.OSo. Tho
surplus reserve l. now nearly twice a. lnrgo as
II was n year ago The sistemcnt az n whole
makes a most satisfactory exhibit,
Prior to tho publication 81 tho bank state
ncnt the stock market developed a much frmer
tone than prevailed AT the close yesterday.
particularly in the railway list This was
lHiNa' Wv ill"hN q w t''''
had rcceded enough TO warrant taking back
part Of their stocks in expectation Of a favor
able showing nv the Clearing House institu-
tons. There was also a continuation Of good
buying on a moderate scale through commits
sion houses The iron and steel stocks were
inclined 10 lag until IA" late trading. the srecu-
lation In the entire group being adversely az
lected by the stock-j obbing operations OF the
~ eculatiye element In the management Of the
American steel and Wire Company. Follow
ing the publication ~ the bank statement the
demand for stocks became more animated
and the closing WAS ia the main strong.
The most noteworthy trading was in North
ern Pacific common, which was exceptionally
strong throughout southern Railway COM
mon, In which there was a sudden revival
OF speculative interest; Union Pacific COM
mon. Sugar Refining. Brooklyn Rapid
Transit, Atchison ISSUES and the Iron and
steel stocks The total transactions In stocks
this week were the largest ever recorded In a
similar period. being 6.s74.Ooo shares. or Al
average OF I.25o.rOO shares a day. counting
Saturdays business AS two-Hfths Of the day.
The transactions In bonds, although large.
aggregating over 81, 10000 par value. have
occasionally been exceeded.
Considering that there have been no espe-
cially important developments affecting values
this week, the stock Exchange markets have
made a most excellent showing both as regards
the volume OF business and the manner in
which prices have been maintained. The re-
action at the end Of the week was not moro
than might have been expected and il certainly
was desirable. IL business in Wall Street Is to
continue upon a safe and healthy basis. The
trade reports indicate that the speculation
in stocks is on a very firm foundation.
Railway traffic returns are slightly larger
than the enormous returns Of a year ago. and
bank clearings. even after making allowance
for the enormous speculation OF this centre.
arc materially larger than a year ago. The
gain outside OF New York 10 81, per cent. as com
pared with the corresponding week Of last year
and over o. per cent. larger than In 1893 In
Guiding this city. the increase over last year 10
si.7 per cent. as compared with last year and
over s? per cent. AS compared with two years
ago. The most inspiring reports come from
the iron industry. In which the activity Is con-
stantly increasing and prices are steadily ad-
vancing. The orders for railway equipment
are unprecedented Export orders are In
some cases filed with difficulty. owing TO the
unusual domestic demand In no manufact-
uring line Ia the situation described as booming,
but there seems TO bs a substantial. gradual
growth. About the only important industry that
has not participated In the Improvement Ia the
manufacture Of textile goods This branch OF
business IL held in check. principally by unsea-
sonable weather.
One Of the most interesting Developments
this week has been the collapse Of several
bucket shops. discretionary account con-
Germs and alleged brokerage firms that have
lursd victims TO their games by various devices,
principally bv protesting to have SPECIAL in
formation ra0ardipu fntpra nnarGat p,orA-
nents II appears 20 be the policy Of all
these concerns to work the public as long as
the course of prices Is against the prevail
ing disposition Of the public. that Ia,
to buy stocks. As soon as ventures
in bucket shops and discretionary pool
concerns begin 10 show profits in favor
OF their patrons. these concerns Invariably
PUT up their shutters. Unfortunately. In most
cases. the swindlers escape their Just deserts.
aud In due time resume operations under new
names. some satisfaction Ia to be derived
from the fact that a few arrests have been
made this week, still il is doubtful il concerns
o, the character described will ever be entirely
suppressed. since there ia ALWAYS a LARGE num-
Der OF persons whose Rullibility IL exceeded
only by their esRerness To make money without
We rking for It and earning IL.
As compared with the final prices OF last
'dNti 'N' iuN'i'N " SN'Nhb "e o"tis
The more important net declines are In Ten
nessee Coal and Iron and United States Rub
Der. : per cent. each, American Smelling
and Refining, 81; American Steel and Wire.
-: Peoples Gas. 20. National Tube. ?h:
Missouri Pacific. Reading first preferred md
southern Pacific. q. each: Baltimore and
Ohio and Federal Steel. = each. American
Tobacco. -, American Car and Foundry.
Manhattan Railway. Pennsylvania Railroad
and United States Leather. /. each:
81. Louis Southwestern. IL; continental To-
bacco. l. Burlington and Quincy and Nor
folk and Western. = per cent each. The note
worthy advances are in Northern Pacific.
a., per cent ST Paul. ~. Metropolitan Street
Railway, ~; Brooklyn Rapid Transit. az:
Chesapeake and Ohio. ~: Northern Pacific
preferred and Union Pacific. u. each; New
York Central, /. and A~tchison. = per cent.
New York stock eIchange-saies Nov. "a
UNITED STATES AND STATE BONDS CN s,ooo.,.
II S Of MEXICO S r 5s"..... ........... OF
CLOSING PRICES or UNITED STATES BoSps