The Washington critic., 1886-01-11
FINANCIAL AND COMMERCIAL,

at will surprise many people to know
that the business OF the first week Of the
new year on the Stock Exchange was dulcr
than any week Of the last six mouths,n says
the New York correspondent OF the Phila-
dclphia Press "and the transactions almost
absolutely without interest I'm their effect
upon prices or rs furnishing any hint Of the
future course OF the market. The stagna-
tion Of the commission business has been
very pronounced, and the clique have re-
fused to allow prices to be let down, while
they have generally sustained them. There
were hours in which the sales Of st. Paul
were less than 500 shares, and other hours
In which Union Pacific was utterly neg
loCtod. New York Central sold at 1858,
and the next quotation was 1861 simply be-
cause there was an order to buy instead OF
sell when there was no trading either way.
Nevertheless the market Is settling, aud
each week sees prices somewhat nearer in
trnslc values instead Of speculative prices
Money is more abundant, and
rates have fallen of to II TO 3, with the
ruling rate for call loans per cent.
The gain In the surplus reserve l.
greater than In any week for more than a
year, and deposits have increased quito
out of proportion to the gain IN loans EX-
change is still firm and close TO the export
ing point Opinions as to the
future of the market are very much mixed.
II is certainly firm, and there is decided
undercurrent Of strength. There has been
n slight increase In the short interest dur
ing the week, which might be made to cover
at loss, but the outside public are sin-
gularly apathetic and hold of as IL certain
that they would be able TO come In Mt
lower prices, aud as IL doubtful of any
sustained advance starting at current
pnces.n
The Reading Railroad election took place
at noon to-day In Philadelphia and resulted
IN the election OF the Goweu ticket with
out any opposition. The report of the
Board of Managers showed q deficit of
S,697,SSl in paying fixed charges, or
nearly million dollars greater than in
1854.
The Monday morning reviews of the
financial situation, found regularly in the
Philadelphia Times, are among the most
readable and valuable budgets of stock
gossip. The following is taken from this
mornings Times:
''The wheat market is steady aud the
lumber market will probably be better this
year than for three years past owing to the
working off of old stocks and the curtail-
ment of the cut for the year. The coal
trade is In Il bad condition, but not in such
a state of decentralization ns some newspa-
pers represent. Prices are low, but little IL
any lower than a year ago, and all OF the
coal carrying roads and coal companies
made money last year except the Reading.
The silver question, however, is disturb
ing clmcnt in financial circles, and in order
to prepare for any crisis that might come
banks are increasing their legal reserves.
This takes money out of the market and has
an astringent effect. Tho public awaits the
n. 4
not come this year 1t will be no use In re-
garding signs in the future
Petroleum.
"Ovorspeculation is the trouble with the
oil region,n said 5. G.. Bayne q leading oil
man of Bradford, Pa, to Colonel Frank A.
Burr in recent talk on petroleum pros
poets. "The price of oil is against us, and
we have been waiting and hoping against
hope for several years for improvement, but
Just about the time we are getting ready for
a rise some new field is discovered and there
is an overproduction, which upsets our cal
culations. ] think that our prices will i'm
prove. Yes, we are at the mercy Of the
Standard Oil Company and the pipe lines
tax our product to the very limit that we
will submit to. At the same time the finan-
| cial strength of the combination is very
valuable to us. When 1t draws the oil from
our tanks into Its pipes 1t issues its certiii-
Gates, Wnlcn are just us Soou rs SOlu. ffac-
tically, they are the currency of our oil
| business. III there were n dozen different
lines competing with each other we would
haye less security and likely have many
losses. No, you cannot do business in tho
oil region except through the Standard Oil
Company, but yet we are fairly prosperous
and hope for better times"
b. X. Plain & Co., st. Cloud building,
furnish the following Oilquotations: Closed
Saturday, S72; opened to-day, S1I; high
est, sSs; lowest, 81; 2:l5, S72.
New York stock Market.
The following have been furnished by J.
| Vance Lewis, broker, southwest corner Eighth
| and + streets