The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-30
1 REVIVAL OF ANIMATION
Spectators Encouraged by the
Bank Statement.
Showing More Favorable Than Had
Been Expcctcd-The Liquidation of
ernI Issues in the Railway List
Manifest Considerable Strength

NEW YORK, Sept 29.-From the paint
of view of the stock spectators tee
weekly statement of averages CT the as
ISOLATED banks did not make as unfav-
orabIe a showing as they had expected.
They. as usual, took into consideration
chiefly the fact that the decrease in the
surplus reserve was much smaller Than
had been suggested by the known loss
of cash at this centre.
That loss, according to the system of
averages employed In making up the
bank statement. was 81, 500, 500, CT about
s1.0C0, Coo less than the preliminary es-
Inmates. The reason why only about
half that loss appears in the item of sur
plus reserve. is that the deposits have
been reduced largely, not only by ths
Withdrawals of cash. by the interior and
by the sub Treasury, but also by C n
traction of S., 66S. 600 in the loans 1t is
interesting to note that this liquidation
of loans has been accomplished without
having any noteworthy effect upon the
money market The reduction in loans
is doubtless due in part to the compare
lively heavy liquidation OF sp5culaire-y
held stocks during the week.
The street had expected TO see the sur
plus reserve reduced TO less than S10,OOO,-
coo, and. as it stands at about 100000
above that figure, professional operators
bought stocks after the publication of the
statement Up to that time the stock
market was dull almost to the point OF
stagnation, and the tendency was toward
lower prices. The final buying produced
a rally that left the majority of the list
little higher than at the close yester-
day
1t should be noted, however, that the
improvement in values was due fully as
much to the publicity of offerings as To
the moderate demand for stocks which
appeared to be chiefly to cover shorts. The
exceptionally strong features ere st
Paul common. Chicago, Burlington and
Quincy, Missouri Pacific, and Union Pa
cific common. In Northern Pacific com
mon there was a further decline in the
early dealings, but in the last half hour
IL rallied fraetionally with the remainder
OF the list.
The so-called anthracite shares received
only passing attention, though all of the
information relative to the labor troubles
in the anthracite coal district points TO an
early adjustment of the differences De-
tween the miners and their employers
The termination of the strike would OBJ
yiousIy remove a very serious and threat
ening factor from the business and political
situations, but it is very doubtful II IL
would give a decided and lasting impetus
to speculation on the stock exchange.
The monetary outlook is too uncertain
and the Issues involved III the political
Campaign too momeDtous TO warrant eN'
pectatioDs of a revival of speculation until
both situations are much palmer than the!
are at present. The increase in the deal
ings in stocks this week has been due en-
tirely to greater activity on the part OF
few professional operators, some of whom
have reduced their ventures on the long
side. while others have been more aggres-
sive than for some time past in their eff
forts To establish a lower range Of values