The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-18
INVESTMENTS IN STOCKS
Real Buying as Distinguished
From Speculation Feature.
The Diminishing supply of Securi-
ties Cons idercd n Great Element of
Strength I'm the Present Boom
Bank Statement Figures Unusually
Favorable - Yesterdays Market
Continues the Advance i'm Prices.

NEW YORK, Nov 1.-THE showing
made by the clearing house banks today
is, in view of all the circumstances bear
ing upon it, an unusually strong one. The
estimated increase in cash published yes
terday was fulfilled. the increase in that
item being $5,2Cs.300
The item to which perhaps most inter
est attaches is that of loans, because of
the enormous dealings in securities dur
ing the week. following similarly heavy
transactions in the last four days of the
previous week The increase of only a
little more than $1,000 600 in the loans is
the strongest kind of circumstantial evil
dence that, incidental to the extraordinary
trading in securities, there has been
very large amount purchased outright and
taken away from the street. This large
and steady ABSORPTION OF stocks accounts
for the almost uninterrupted and rapid
rise in prices. In other words, the de-
m2nd has been attended by ji'ninutlon
of the supply of securities.
In addition to the general investment
buying at advanced p.ices, there has been
an accumulation of la. &C blocks of stocks
by various interests for the purpose of
control or of combination, as is notably
the case in Northern Pacific, Southern Pa
cifc. Brooklyn Rapid Transit. Pacific
Mail, and New Jersey Central. Without
doubt similar absorption has taken place
in other cases of which the public has not
yet been informed
Returning to the bank statement. it
10 to be noted that the increase in loans
and lawful money is reflected more ac-
curately than usual in deposits and that
only two-fifths of the increase in cash is
required, against the larger d p sits. Tie
increase in the surplus reserve is 5000
TBS, making that item $T,169,I 15, as
against a deficit last year Of $4,000.
The opening of the stock market was
wild. Advances of ! and per cent from
yesterday were common and in some
cases, notably in Consolidated Gas, even
larger advances were recorded.
The first report on the tape of trans
actions in Consolidated Gas was of 5000
shares at 1874 1-2@2G1. as against final
price of 191 Ia yesterday.
In the railway list there were note
worthy advances in Union Pacific COM
mon. the Atchison issues, Pennsylvania
Peoples Gas, Sugar Refining Chicago
Burlington and Quincy, Northern Pacific
and Southern Pacific.
The sudden rise in prices naturally in
vited a good deal of realizing that brought
about slight reaction. but stocks ap-
peared to be taken. not only by commits
sion houses on a large scale but by
operators who sold out early in the week,
expecting a reaction. The publication of
the bank statement stimulated renewed
buying throughout the list and in conse-
quence final prices were practically the
highest of the day. As compared with
those of last night. the average gain was
fully point. while many of the special
ties enjoyed net gains largely in excess
of that figure.
OF specific news affecting values there
was little. After the close of business it
was announced that the directors of Colo
RADIO Fuel and Iron had declared divi-
dend of per cent on its preferred stock
for the year ending December 80 last. This
dividend completes the Payment Of all
dividends accrued upon the preferred
stock up TO date. The next dividend upon
that stock will be per cent for the cur
rent six months ending December 81 next
The copper stocks we're a conspicuous
feature of the speculation.