Show 1 WAS SURPRISE ALL t Favorable Showing Made By the Weekly Bank Statement j BEARS ARE CAUGHT SHORT i + EVERY ONE TTAT EXPECTED A POOR SHOWING j Appearance of the Statement FaIt FaI-t lowed By a Scramble For Stocks I I and Prices Took a Wide Jump Closing Was Feverish and Strong J Big Surplus In > Banks + New York Oct 2SThe favorable j showing made by the bank statement I was a complete surprise to Wall street and venturesome bears were caught short The result wasseen in some violent price changee The expectation I expecta-tion of an unfavorable statement was I sir universal that the bears were verv active in the first hour and the bulls were littlE dsiK > ed to push their ventures I ven-tures The early advance on buying by London c Lon-don and a light demand from out Fideis through commission houses was completely wiped out and the industrial in-dustrial specialities yielded easily in sympathy with the weakness manifest in Steel Wire which dropped to 457 on continued liquidation and uncovering uncover-ing of stoploss orders Pretty much all the stocks of companies in the metal 11 industry were specially vulnerable and there was profittaking in the Leather stocks The latter were supported by the recently active pool and prices bid I up sharply This prompted some covering by the bears in other in j dubtrials before the appearance of the bank statement But the scramble for stocks immediately 1 immedi-ately upon the publication of the statement state-ment showed that large bear contracts j remaIned uncuvered Time bulls helped j on the advance and bid prices up easily and by wide Jumps in the effort to take I the market away from the bears The closing was feverish but strong and showed a higher level of prices on the day The southern and southwestern I railroad stocks made the best showing as on provitous days of the week The bank statement is completely mystifying A loss in cash by the banks war taken for granted None of the preliminary estimates placed it under 52000000 and most of them put it at over 3000000 Instead it is 87 000 The increased activity in the stock market indicated that the process of loan contraction had been stopped Instead In-stead there 3s a loan decrease of 51766 i r tOO 00Bear traders were confident that cash in the banks would fall below the legal njserve requirements Instead the surplus is more than doubled by reason of the reduction in requirements by loan contraction No satisfactory explanation is availabfe of the surprising sur-prising recuperation effected by the banks during tttie week Dealings in stocks have been on a greatly increased scale during the week the total sales running to near the threequartets of a million shares mark on several days against a prevailing pre-vailing daily avnrage for some time nnft nf incc tVirtn Vinlf R million Thc market has broadened the active list being more than doubled in length and many obstuie stocks coming forward for-ward into activity at advancing prices The disposition has been to advance the opposing factors being the stiffness stiff-ness of the mony market and the weakness of some of the green industrials in-dustrials with no dividend record yet made The growth of a new demand for stocks during the week has been availed avail-ed of to take profits by those who have been picking up > stocks during the recent re-cent depression and money stringency The advance in prices since the first week in October when the lowest prices were matte by the liquidation forced by the wholesale calling of loans has been fom 7 to 10 points in the majority of prominent railroad stocks The profit is sufficiently attractive at-tractive to have nduced some extensive ex-tensive realizing The effect of this great move became marked as the week progressed and as the threat of an unfavorable bank statement undermined the confidence of buyers The most influential factor in the weeks advance was the announced an-nounced determination of the railroads to advance their rates for transportation transporta-tion Thus they give benefits directly to stockholders in railroads as the traffic of railroads has grown to such enormous proportions that a very slight change in the rate per ton for freight would make a vast increase in the aggregate return to the railroads But the incident has been significant in its wide bearings Competition for railroad business has been so keen in tho last few years that no cut rates have been too severe for railroad managers man-agers to make in order to secure business busi-ness The advance in railroad freight rates is evidence that the traffic has reached such proportions that there is enough to keep the competing lines all profitably employed In conclusive confirmation of the significance sig-nificance is intelligence received from all quarters of the country of congested i congest-ed freight car famines and eager demand de-mand for new railroad equipment The announcement of the New York Centrals Cen-trals intention to devote the proceeds of Its new stock issue of 15000000 to acquiring urgently needed new equipment equip-ment attracted additional attention to the subject Another incident having hav-ing farreaching influence on sentiment senti-ment was the announcement of the closing of contracts by the great railroad rail-road comranies for steel rails next year to the extent of 1500000 tons previous pre-vious to the advance in the price Several I Sev-eral of the largest railroad comoames have delayed these contracts apparently appar-ently with the hope that the prices of iron products would relax The decision to accept the present level of prices for so vast a aUantit of product by authorities whose opportunities oppor-tunities for information it farreach ing and whose trained judgment in large affairs is so skillful goes far to I strengthen the general faith in an extension ex-tension of the period of prosperity The large orders placed by railroads allover all-over the country for new freight cars tend to the same conviction The future fu-ture demand thus assured tends to counteract the theory that iron prices would react with those of copper tin lead and other metals The multiplying evidence of unprecedented unprece-dented activity and prosperity in business busi-ness have caused some relaxation of pressure against even the green industrials in-dustrials which have been much in disfavor on account of the disclosures regarding the capitalization and method of valuation of constituent companies There have been conspicuous conspicu-ous examples of price collapse in this class during the week but insiders have showed more inclination to support sup-port the securities than in other recent situations of a similankind Money has become easier at interior uoints during dur-ing the week and the pressure upon I New York has somewhat relaxed but has not ceased Rates for money in I New York have consequently been very firm on account of the already depleted condition of bank reserves The firmness of foreign exchange in spite of the stiffness of money here and its relaxation in London coupled j with the fact that foreign houses have I r been large lenders of money at the stock exchange suggests that the return re-turn of securities for foreign holders bas been of a large scale though there was no evidence of such transfer j through the usjial commission house I channels The easy conditions in the I London moncym1lrket havedetracted I iAL 0 h b f 3aaafa < 3 c from the influence of the war in South Africa on the stock market The market for railroad bonds have been active and broad through the week and prices are higher United States new 4s and old 4s coupon advanced ad-vanced 4 and do registered the 3s and 5s coupon in the bid price The 5s registered declined A Bond Quotations TJ S 2s reg1iOLN uni 4s > WU U S 3s reg10i M K T 2nds69 V S 3 couplOSi 1C T 4sz 93A U S new 4s rcg129 N Y C Ists 112 U S new 4s J N J C gen os120 coup 10 N P lsts113 U S old 4s resUUs N P Is 61j US old 4s coupH2V4 N P 4ij 102 U S Cs reg1l0 If Y C St L U S Es COUfllll 4s 103 Dis C C 6islli N W con 4s 32 Atch gen 4s 03U N W gen 6sl33 Atch adj 4s 87 Ore Nay Ists 115 Can S 2ndsk10S Ore Nil 4s103Ys C O 4 > is 9 = i O S L Isl23 C 8 O 5s 119 O S L con Sslir i C N con 7bl45 Reading gen 4s 81 C 4 N S F 1 R G W isis y < deb 5s lOBiSt L 1 M Chi Term 4s 37 j con 3s 110 1i i D t R G lsts106 St t S F D R G 4s 9974 gen 6S 124Vj E T Va Ga 1St P C P 1s121 Ists lOS ijSt P C P os120 Erie Gen 4s 71t jSo Rail is108 M IT s6S1gm F W D4 Cls S7JS I R T Gs 84 Gem Elec 5s115 T 8 P Ists115 G H 8 S A 69110 T 8 P 2nds SO GJLSA2s107 U P 4s 101 H 8 T C s1l1 C t S 4s b9H H T C con Vat Ists 116 6s 110 Wab 2nds113 y Iowa C Ists114 Wis C Ibts 74 1C C P G Is 72J4 Stock Quotations I Atchison 21T Tex PacifIc 20 I Preferred GoTs I Union Pacific 41 I 1 Hal 8 Ohio 5J i Preferred 77 5 Can Pacific 95ii Wabash 7iI Can Southern B3H 1 Preferred 22 = i Cues Ohio 27a W L E 11 4 C G W 14 Preferred 30 J C B Q 133 i Wlb Central ITS Chi Ind L 11 Adams ExlH Preferred 42 American Exl49iA Chi E Ills 014Un1ted States 52 Chi Cwefatl70 WellsFargo 130 C R L PUG 1Well Cot 011 45 C C St L CO Preferred SCAm Cob uthern 5 SC-Am Malting d 13 First pfd 451 I Preferred 51 Second pfd 16 Am S R 34 Del Hudson122 Preferred 514 Del L W194 Am Spirits 4 D R G 224 Preferred 17 Preferred 7714 Am Steel Hoop 42V4 Erie < 13i Preferred 821A First pfds fdif1 Am S W 47 Great N pfdl744 Preferred 91 Hocking Coal 17 ½ Am Tin Plate I84 Hocking Val k 34 Preferred SI Illinois C lt115 Am Toblcco23 Iowa Central 13i = Preferred 141 Preferred o3 1 Anac M Co 4j 4 KCPG SLake BRT SO S-Lake E W IS 1hI Cob F 1 55Vi Preferred 79i 1 Con Tobacco 41 Lake Shore 19S Preferred 934 Louis Nash SGt Fed Steel 54 Manhattan L 112 Preferred 78 Met St Rr19i > < Gen Electric 121 J Mcx Central 13 Glucose Sugar 52 Mt 8 St L 7P4 Preferred 95 Preferred 9Hl Int Paper 27 Mo Pacific 483 Preferred 70i Mobile Ohio 4i LacIede Gas 781 lf K T 12 Nat Biscuit 3974 Preferred 19 Preferred 98 N T CentraL 121 Nat Lead 29 N Y Central 138 Preferred 108 Nor W 27 ls Nat Steel 4J Preferred 71 Preferred J3y Northern Pacific 551k N Y A B142 Preferred 76 No American 17 Ontario V 2e Pacific Coast 51 0 R N 42 First pfd 88 Opfe Preferred 79 Second pfcl 67 Pennsylvania 133 Pacific Mail 19 Reading 2H Peoples Gas 114 First p01 61 Pressed S Car 59 Seconkt p93 32 l Preferred 19 YI R G W 35 PuJlmaru Car1H Preferred Sllh S R T 9 S1 L e F 10 Sugar 153 Secoud Firstpfd pfd 38 70 Tenn Preferred C i NA St L Swest13 U S Leather 25 Preferred 3Ii Preferred 82 = B St Paul 12i U S Rubber 49 Prefe1Ted 172 Preferred 112 St P 0120 Western Union 8i 4 So Pacific 38 Rep 1 S 41f So Railway 13 Preferred 697 Preferred 57PCCSL74 |