New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-08
HEAVY DEALINGS IN BONDS.
LIGHT INTEREST IN STOCKS.
OF THE FEDERAL TREASURY
RAILROAD EARNINGS.

RAILROAD EARNINGS.
Sunday. Feb. Up. m.
Tho favorable condition of newly reorganized
.,,road companies and the sound condition or
,,a majority of American railroad properties
,ors paced the bonds in good demand with local
I'D foreign investors. the movement in such Sc
"-,.,os furnishing the most conspicuous feature
:, ,,o security market at present. The daily av-
.-.,o ~ business in the bond department Of the
SawYork Stock Exchange has gradually en-
tagged while the demand now covers large
range Of issues with prices at good figures, ana
IN some cases at nearly the best on record rae
TOR rejecting the scarcity Of many high-class
,ssues available for purchase. The successful re-
organization of the Northern Pacific has caused
a, urgent demand for the securities OF the COM
MANY. and the sales made for foreign interests
Rave done considerable toward improving con-
adence and sentiment at home and abroad IN
the outlook for business revival and an acuNe
sncurtv market. When foreign interests are
willing 10 take a large part of the securities or
on American railroad property, as instanceo III
the sale of Northern Pacific holdings 10 buyers
represented by the Deutsche Bank OF beriin'
there are most excellent reasons for congratula-
,ions as the operation reflects foreign commence
4, our railway institutions. our industries ana
our power to recover from industrial depression;
Tba sales of Northern Pacific prior and general
lien bonds In the week amounted in par value 10
s13j0O.O against S290O,oOo in the preceding
week and the sales of all issues T 6 d IN
mar value SlJ.364. 900. against 9,936,oo0 in the
week before. While the sale Of Northern PACING
reorganization syndicate holdings to a foreign
rroup of buyers is most important FACTOR, the
Saal completed in the week involving the control
~ tho reorganized Oregon Railway and Naviga-
ZION Company-now the oregon Railroad and
Navigation Company--is another factor prornis-
inr considerable benefit to the securities OF Ndil-
&c roads and TO the traffic business in the
Northwest In the future this company VIII Oe
operated in harmonious relations win me me
Northern Pacific. the Great Northern and the
I-nion Pacific systems. the three last ramec be-
ing Jointly interested in II.
while such favorable instances those just
,xterred 10 tend TO strengthen the general stua-
ZION their influence is lost upon traders on the
Stock Exchange. who continue to see little in
tte situation warranting higher prices. Cur
rent trading Is without significance, and mere
~ represents operations of professional traders
tho nublic showing little inclination to engage
in stock operations, except in the bond depart
ment The public is apparently waiting Tor
active Industrial revival. In this partcular II
shoud be encouraged by the bank statement
for last week. which reflected an improved de-
uand for mercantile accommodation. the state
ment showing. for the first time in many weeks,
alarge expansion in the loan item. A part OF
The increase however. reflected the financing
OF the Northern Pacific and Oregon Railroad and
Navigation deals. while large falling off in
cash holdings was apparently IN connection
with current bank-nOte retirement. which, since
January l. has amounted TO nearly S3,O0O,o0O.
In the business community the best observers
express confidence in the outlook for vast
change for the better in the spring and sum-
ner trade, basing their opinions upon the eX-
recitation OF a satisfactory revenue producing
ald industry protecting tariff; on the good crop
prospects and good export trade now current; on
expanding bank clearngs, and on the substan-
tia firm and solid basis upon which business
in general rests.
line OF business which Just now is attracting
considerable attention in Wall Street and else
where is in copper In the last few weeks
the copper market has reen extremely active.
based upon a good demand for the product
from foreign and domestic sources. A specu-
lative movement in the stocks Of copper min
Ing companies has been brought about by the in
Creases in earnings and dividends in the last
year, and these in turn have been made pos
sihle by the large increase in the consumption
Of the metal. In 1896 copper exports from this
country were greatly increased over 1882 and il
is estimated that the production in the United
States in 1896 was increased by more Than a..
oC0.OO0 pounds The most recent figures fur
oished by the Bureau of Statistics at Washing
ten do not cover 1896 but the increase in cop
per production from 1891 to 1898. inclusive. in
this country. amounted to 103S21 ,SSS pounds.
The visible supply Of copper In Europe is de-
creasing and the demand increasing, insuring
prosperoustimes for the American producer, as
well as indicating q rapid increase in the deVel-
opInen of industries In which copper is used.
The most prominent of these industries are cleo
tricity and shpbuilding. Both are expanding
and will doubtless continue to be among the
first in rapid and continuous development
The MONEl MAkhET.
Rates In the local money market last week
remained easy. with no material change in the
general monetary situation, except a lighter
movement of currency to this centre Money on
call, representing bankers balances ruled at
1872 per cent with the average about rs per
cent. Trust companies quoted IL per cent the
minimum in time money the demand for
periods beyond four months was fair. but for
short dates there was very little doing. Rates
remained at per cent for sixty days. 2l2 per
cent for three months. 2k03 per cent for four
months. ard 3 per cent for six months. The
commercial paper market was more active, but
rates continued easy at 3lami per cent for the
best names for all periods. In London call
money was 1W11a per cent, with Oren market
discounts al Ia per cent for long and short
bills. The Bank OF England reduced its mini
mum rate to 3 per cent In Paris the open mar
ket rate declined to Ia per cent, and in Berlin
and Frankfort to 213 per cent. The Bank Of
England gained in the week f2Ol $50 bullion.
and held at the close f3I30I .99S The foreign
exchange market dull and easier the greater
part Of the week. Influenced by large sales OF
Northern Pacific securities for foreign account
and by lower discount rates abroad. The IN
curry for long sterling for investment has prac-
tically ceased, the operation is no longer
profitable. A considerable amount Of maturing
sterling, which has been carried here has ii is
understood been sent TO London for payment.
Posted rates for sterling closed at 81 S3la and
81 S1l9dS4 IS for long and short bills re-
spectively. Rates for actual business closed as
follows:
Sterling .s fsse'- l Isa. D'q ass'.
g gTTHss ssI. 05s ' *
Ggdcrs '...... 4ol 20. 9o.
Movements in stocks in the week We're unim-
portant amounting 10 only 193,42l shares. The
dealings and changes in the chief active stocks
and bonds are given in the following tables:
STOCKS.
High Lox. Feb. G. MO ch'gs sales