Evening star., 1900-10-13
FINANCE AND TRADE
Stocks Closed Strong for the End of
the Week.
FAVORABLE BANK STATEMENT
Expected That Influence of Poll
tics Will Soon Be Felt.
GENERAL MARKET REPORT

Special Dispatch to The Evening Star.
NEW YORK, October 13.-The stock mar
ket closed the week with a sharp rally.
based upon an agreeable surprise in the fig
ures of the bank statement. This incen-
tive was purely negative. since the state
ment. instead of being good, was merely
better than had been expected. The net
loss in lawful money has been 1888, 800, or
about $1,000 900 less than the known move
ment of money. The large shipments at
the end of the week do not appear.
The loans have been reduced S. 955. 700,
but this item is probably the result of
shifting of loans from the banks to trust
companies or private Institutions not in
the association.
In commission house circles the idea pre-
walls that brokers have been carrying large
balances; in other words, have been long
on money and not Of stocks, and have been
able to finance a fair proportion of the
weeks business The decrease OF S15, ,622-
100 in deposits sustains this view. and it is
well known that the national banks have
not been lenders of money to any consider
able extent during the week.
The decrease in deposits is million larger
than is consistent with the other changes.
but requires a smaller reserve and resulted
In decreasing the surplus reserve only
SLTH'"io. This decrease reduces the total
net reserve above legal requirements to
81. 463.925 In view of the moderate de-
crease in the latter item and in the belief
that the gold now in transit will offset next
weeks interior demands. traders covered
outstanding contracts and forced a firm
closing
Much has been heard during the week of
the beginning of the election market, the
advance already recorded being ascribed to
the discounting of the second triumph of
sound money. Such reasoning Is defective
except as it applies to a few stocks. in
which an adventurous pool is operating
Commission houses have not increased the
volume OF their business to any marked de-
gree. Many of them have not been anxious
to do So
In conservative circles the view is held
that to buy stocks Is a wager upon the
elections at even money instead of at 3 or
4 TO L as the chances are quoted on the
curb To have such opinions from inf1u-
ential fnanciers, not spectators, indicates
that purchases are not viewed in the light
or assured successes The elections are
rot yet at the point admitting of discount
ing in Il large way
They may be during the coming week;
many say after Tuesday night the market
VIII proceed to anticipate the result. All
that can be taken for grs nted is that the
next three weeks will see the market in
fun swing in the direction indicated by ad-
vance information. The public only will
point to the futility of forcing liquidation.
The public will not scare. The PennsyI-
wanna railroad buys 10000 tons of new
rails as an evidence of normal times
strike IN the anthracite coal fields and
coal stocks are promising as any Money
on IFS way To the legal rate and no break
In prices. Standard Oil interests buying in
10 Peoples Gas at the low points and not
waiting for panic. All of which goes to
show that what is not favorable IN the dav
to-day conditions Is outweighed by the
calm. deliberate judgment of the fayora ble
developments ahead.