The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-12-06

N Y Ccntrai........ 90 wabash pf......... I'm
SATURDAY. Dec. 8.
Although tho stock speculation this week
failed to broaden to any material extent, the
higher range of values which was established
reflected q disposition on the part of the bear
faction to reduce it's outstanding contracts.
There were no sensational developments to
cause a change in sentiment, but the covering
of shorts may have been stimulated by
the evidences of more confident bull operations
in certain directions. Every recent attempt
to secure stocks has emphasized the scarcity Of
the floating supply, or the existence Of an inter-
est willing to accumulate all tho contracts
which were put out on the short side of the
account Without any public development. the
impression has gained ground that the tone of
the Presidents message with regard to Cuban
matters would be the reverse of that indicated
In rumors q week ago. on which much profess
sional selling was based.
Where there has been any pronounced i'm
provement in prices this week some plausible
reasons have been advanced for 1t. A sharp
rise in Chicago Gns followed tho taking of steps
for an early consolidation OF the properties
forming the company, which. however. has
never been able to derive the benefits OF a cor
pornte solidiication. owing to the opposition of
the authorities in Illinois. whose official life was
practically terminated at the November cleo
ton. Possibly. too. this stock was sympathet-
ically benefited by the Improvement loca! gas
springing out of arrangements tend
ing toward a diminution Of competition In this
city. Tho efforts making to establish moro
m in the disabling industry have i'm
parted u frmer tone to American Spirits stocks,
and the stronger position OF the leather Indus
try has encouraged support to United States
--- I- 49, --~,rl
notwithstanding that the regular dividend Pc
Rod Is near at hand. and the average specula-
tor is inclined to abandon attempts to guess the
future market movements OF these shares.
Among the Incidents Of the week affecting the
railway list was the publication Of the report
made by the expert accountant who, some
months ago. xamined the books of tho Balti-
more and Ohio Railroad Company. The results
shown by this examination furnish n logical
explanation of tho decline In baltimore and
Ohio stock. 1t is gratifying to note that after
his severe criticism OF the company's
bookkeeolng within the last two years. the
accountant testihes to the fact that 1t has
earned Its fixed charges throughout the period
which he reviewed. He. moreover. relieves
the baltimore and Ohio Southwestern Railroad
Company from every imputation Of similar
bookkeeping methods. and he records the inde-
ohsSANS ~
the Baltimore and Ohio system.
In the Granger group. supplementary to the
declaration OF the regular dividends upon Chi
cago and Northwestern. there have been semi
Official limitations that Omaha common stock
would be placed upon the dividend paying list
early next year. The distribution to the holders
of Southern Railway preferred stock OF some OF
the profits since the reorganization was an In
cident not only favorable in itself, but
suggestive OF . hopeful view OF tho fu-
ture taken by important banking and
railroad interests. Thsre have been indlca-
lions of growing favorable regard for the issues
Of properties recently reorganized. and the ap-
proach of Congress has encouraged the faith
that q funding bill may be passed which will
permit a prompt REORGANIZATION of the Union
Pacific Railroad. Signs Of renewed interest In
the so-called Vanderbilt stocks are regarded as
natural to tho approach of the semi-annual
meetings and statements OF these companies.
The volume of business in railroad bonds
steadily increased toward the end of the week,
and to-day's record of transactions was un-
usually large for q half holiday. Investment
absorption OF bonds makes sterdy progress. and
the increased interest of investors Is shown By
the fact that to-day the number OF different
issues dealt In was 202. against 255 in the
first full week of Stock Exchange activ-
lty "ulCh lollu"Ou N'o Va
tho sound-money victory at the polls.
Rates for money tend downward as boarded
capital comes out OF its hiding places. The
plethora OF money here has been so great that
London has drawn freely upon United States
funds; SO that not only has o dangerous mon
etary stringency been averted at the British
capital, but an American credit has been cre-
ated which removes for q long time any appre-
hension of gold exports. To-day's bank state
ment reflected another large accumulation of
cash and of deposits in the New York city
banks, with an equally gratifying employ
ment of available funds IN tho expansion of
nearly 50, 900, 900 In loans. The days stock
speculation had little significance beyond the
DEVELOPMENT OF unusual activity in Union Pa
cifc. for reasons noted above. Taking OF trading
prodts caused small recessions In the general
railway list. and operators were indisposed to
do much pending the receipt of the text of tho
Presidents message.
AS compared with the final prices of last Sat
urday the majority OF stocks arc higher. The
more important net advances are in Chicago
Gas, Az q cent; Omaha, 3l5: Southern Railway
preferred, 2ab; Delaware ana Hudson and U. s.
Leather preferred, ia each; Northwest and
Union Pacific, Ia each; Louisville ana Nash
Vile. Ia; Manhattan Railway. Is: Reading. u;
Canada Southern. Burlington and Quincy and
Tennessee Coal and Iron. H6 each; Chesapeake
and Ohio and General Electric, - y cent. each.
The noteworthy declines are in American Cotton
Oil, els q cent; Baltimore and Ohio, @4, and
American Sugar Refining, ia u cent.
Final sales compare with those OF yesterday
as follows:
Dec. 4. Dee. g. Dec. 4. Dec. o.
A,T&sFe.. l4A las North Am. 81 6H
T&sFep 23b 23A Northw en- ooh lo6
Am S Ref. .ll6A ll6 Nor i com" l1L las
Am sug r pl03A 1904 Nor Pac pr, 24A 24h
Am Tob..... 6 rs Omaha com 40 ASA
Am spir NJ. 1874 l3% ont 4 West l5A Ism
Can south. 4eH 10iaIP Pull p Car. 1877 l57A