The sun., 1897-01-15

THURSDAY. Jan. II

THURSDAY. Jan. II.
The most important fact In the financial sltu-
alton to-day Is the condition Of both the domes-
tic and foreign money markets At this centre
money Is rapidly becoming q drug. and lenders
arc seeking borrowers with almost As much So
llcitude as borrowers display In times OF panic.
Tho rates for various kinds Of commodations
arc declining afresh In London. Equally sig.
nihcant 10 the accumulation OF gold In
certain reserve funds. The gold balance
In the United States Treasury now exceeds
Sl4o. .0o0. 900. Since tho election tho gold on
storage In the Clearing House vaults has been
increased Sl5.ooo,0o0 to $4,000. 900. Tho
weekly statement Of tho Bank OF England,
made public to-day, shows an increase In coin
and bullion of about $4,000. 900. During the
week the loans Of the Bank have been volun-
tarily reduced S1s.o0O.o 900. These circum-
stances arc in marked contrast with tho con-
dition Of Affairs that prevailed only q few
months ago. whom not only were full
rates obtainabie for money. but an inter-
national composition TO secure gold constant
ly disturbed all commercial markets. As
the volume OF business, both here and In
Europe. Is not materially smaller than II was
during the autumn the condition of the money
markets Of the world. and the ccumuiation of
gold at reserve centres cannot but DO construed
as evidence of greater degree of confidence
than has existed for long time. A logical
sequence Of easy money and substantial reserves
Is revival OF enterprise and Of business activ-
ity.
Tho dealings In stocks to-day wero unimpor-
tant except In Sugar Refining and Chicago Gas
which closed ~ ana 10 y cent. respectively
higher than yesterday. The Street is apparently
beginning to realize that the American Sugar
Refining Company has tho advantage In the
hGht provoked by tho Arbuckles, that without
ihcurrinR serious loss II can make the coffee
roasting business Improbable. and that at least
q year and o half must elapse before the
proposed new competition In the refining bust
ness can become operative even in small way.
That tho Arbuckles have many advantages over
their competitors In tho coffee trade. such as
well known brands. cheApness Of operation. and
ample capital, which Is constantly used In ac-
commodating tho grocery trade. cannot bo
denied; but It Is also true that they have
no weapon with which to attack tho
American Refining Company, whereas the
latter has already obtained possession
of an effective ono In the shape Of tho
woolson Spice Mil at Toledo. Reports circu-
lated to-day that contracts have been let for tho
construction of the Arbuckle refinery arc. ac-
cording to trustworthy information. absolu tely
without foundation. So far as can be learned
no steps whatever have been taken toward tho
erection of new refinery except tho acquire
msnt OF tho necessary real estate.
The market for Chicago Gas reflected an in
creasing acceptance Of the facts that the cortih-
Gates are now upon 9 D cent basis and that q
formal consolidation Of the Chicago gas COM
panles 10 assured. Tho most interesting local
news was advices from Washington that the
Government has instructed ex-Gov. Hoadly Of
Ohio its special counsel In Pacific Railroad
matters, to intervene In behalf OF the Govern
ment In the pending suits TO foreclose
tho hrst mortgages upon the Union Pacific
main line and TO expedite that litigation. This
action, which is taken undor the act Of
March 3, 1887, as foreshadowed in this column
last Sunday, practically takes the disposition
Of tho Union Pacihc's Indebtedness TO the
United States out of the hands of Congress
and places the Government upon the same
footing as any other creditor holding the
Same lien. 1t means that the reorganization
committee being in control OF the first mort
gage bonds. will be able to buy In the road at q
price that will liauidate the Government in
debtedness. This, IL Is understood. tho reorgan-
izatlon committee is prepared to do. and by do
ing so 1t will free the reorganized Union Pacific
Company from the caprice OF demagogues and
of irresponsible politicians.
Tho only weakness In tho market was In the
| shares of the Ohio bLuminous coal-cRrryinR
RAILROADS. ana III Wow OF the severe iosses thht
| all OF them are sustaining and also because OF
| the manifest improving tendency OF the busi-
| ness and financial situations, It, is surprising
| that tho condition of affairs that exists
among the bituminous coal-carryings roads IL
permitted TO continue. 1t was announced to-
day that steps are being taken 10 restore the
| bituminous coal business to a profitable Dasis
| They certainly should bo successful, and II not
| those who are responsible for the continuation
| of an unnecessary and disastrous competition
should be brought squRrely To the bar Of public
opinion and dealt with according to their
| deserts.
Final sales compared with those Of yesterday
as follows;
jan 10 Ian. ~ Jan. ~. jan ID
ArasFs l4H ID Nor Rae pr. 80 33lI
| Alta Sep. 23H 23S y j Cent, lOlA lo2h
| Am Cot oil. l1a l4Ie omaha com 4OS 10h
| Am Ref. lH / 3S Ont West l4%i laN
| Am Tob... 7Sh 70 Psc MALL, 2il 21t,
| Am spir H. l3H l3APuil Pal Car 64Js g 6h