New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-15

srcrRITTES SHOW STRENGTH
,,oxEY RATES HARDENING-CoND
OF THE FEDERAL TREASURY.

.,,v are becoming more pronounced. Discour-
- .-,er. prevails among some people because
- election and inauguration of President Nc
-.,ay have not been followed by instant trade
-.-,,sl: but while lamentations are heard and
- hind refuse TO see. business slowly but sure
= moves on toward that plane where the ex-
-.ns,on Of wealth and an increase In the coun-
IS activities will be more general. Various en-
~.,-asing factors last week contributed 10 higher
los IN the security market; but there no
~.rsed inquiry from the public for stocks except
:, ne close. although in the bond department.
s-s-olass issues were in good demand In the
.,a-es classed as the Vanderbilt group how
.vs- an exception 10 the lack OF outside interest
wss furnished by considerable public support.
,ss buying OF New-York Central. Lake Shore.
omaha and Northwest rejecting the willingness
=, investors to make purchases In securities OF
merit. The fact that buying in these shares has
hesun leads TO the belief that other high grade
stocks will soon receive public recognition. and
that investors will begin to take more COM
--ebersve view Of the market in general
The lead taken by the Lake Shore company In
rounding operations Will be followed by many
others in the next few years, and in the con-
s,deration OF this important feature Of rail-
road 6nanCiering il is likely that investors VIII
realize more fully the advantage which viii ac-
crie 70 the shares by the large saving involved
IN rpfunQnE the bones on lower interest Charges
In The Financia. Chronicle for last week
compilation of bonds maturing between now
and the end Of the year 1913 was made, showing
mat the total Of bonds falling due Will amount
- STlutN9 ~ and ;hat this amount refunded
rDoa a per cent basis. Will result in saving
IN Interest charges OF Sl6,6tS,69O q year, and
mon q 81 per cent basis z saving or 80
i:o 12~ wear The effec. Of the Lake Shore
refuad.ng operations upon the Vanderbilt stocks
has been Pronounced. their market value ad-
vanciuE ever since the announcement, ana &C
cofaT MED by an increased demand from IN
y-st0rs The saving in interest charges on Lake
shore bonds refunded On a BIZ per cent basis
will amount to Si.5l1,12U a year, on Newly PIX
Central at the same rate saving Of 81 NH,
on New-YOrk and Harlem cons0ls at 3l2 per
car- a saving Of $4,000. and on others or ne
so-.l,l led Vanderbilt group. including Michigan
Central Chicago - Paul, Minneapolis and
omaha maturing after 1908, and Chicago q ID
mentioned u S5,2S1;}S1. Taking from The
Chronicles" list a ieW Of ne most important
roads-Lake Shore. New-York Central, South
ern and Central PaCihc. Burlington. Union Pa
cifc Reading Pennsylvania, st. Paul, North
west Louisville and Nashville. ard Missouri
Pacifc-the total amount of bonds maturing be
tween now and 1870 Is $4-O. i2'.'1i. the SAVING
upon which al interest charges reduced 10 o1s
Der cent viii be 81 $50 a year. and on
/ per cent basis a saving of Sy66S. 40. The
high credit OF the Lake Shore company makes
rounding operations upon a lower interest
basis possible and the enjoyment Of similar
portunity 10 conduct successfully refundlng
operations BESIDES this encouraging aspect OF
tie financial situation OF American ralroaus
= - present Improvement in earnings furnishes
another factor OF current interest and lmpor-
lance and one which should bring cheer TO all
me people who lament the delay IN the luI re-
turn Il business prosperity.
The appreciation IL value of the NanderDllt
shares last week was noteworthy, and since the
first Of the year their gains have Deen pro
rounced Compared with its lowest price or the
Vark
about per cent higher. Lake Shore more than
Is Der cent. Omaha 131. per cent Northwest %
per cent Michigan Central per cent, ana New
York and Hariera > per cent. In the anthracite
coal trade there is cause for encouragement on
account of the transfer in the week OF the Lehlgn
Valley road 10 the control Of banking interests
closely Identified with the anthracite conpa-
MES Among other developments In the Week. as
directly affecting stocks, the most important
was the reduction OF the dividend rate or the
Manhattan Elevated Railway Company from
20 per cent the action being the hrst eVloehce
IN a long time Of business sense among the man
Z ~-rs Of the company: recent dividends IN fact
those for the last two years not having been
earned and the value of the STOCK depreciatihs
70 a basis which led spe ,ulators at least 10
realize the losses being sustained by the COM
pary from cable competition ard the antiquated
n thOds Of the company in running ana equip
ing it's trains As a rule. the list Of stocks and
bonds closed the week higher than week ago
pronounced activity and advances marking the
course Of trading in the short session yesterday
THE MONETARY SITUATION
The prospects of tariff legislation have caused
q hardening tendency in the money market I'M
porters have shown remarkable activity IN hur-
rying goods out OF bond as reflected IN an %, n
crease in customs receipts last week OF Sl,Olo'-
33l over the preceding week, and in an expansion
IN mercantile loans al the banks amounting 70
nearly 81 900 600 which, however, is less than
the actual business done in loans in the Week
the transactions Of Friday and yesterday not
figuring in the weekly statement. Besides the
call FOR money from importers, the demand from
manufacturing centres has shown an encouras-
ing increase the movement Of currency in the
week being against this city. the loss IN cash
holdings OF the associated banks last WeeK was
s2,3S5200, and surplus reserve decrease SEQ 800
693 375 deposits having increased Sl,23Z oo.
The holdings Of the New-Yorh banks at present
are in good condition 10 stand an urgent oetanu
for money. and it is unlikely that any hurry or
strfngeucv in rates will occur. Call money rep
resenting bankers balances ruled at l12N ia per
cent. with exceptions at per CEN on Friday'
Time money. for reasons already noted ana coil-
mercial paper were in better demand ana rates
a trire higher time contracts ruling at ~ per
cent for sixty days 3 per cent for three and four
months. 3N3l2 per cent for six months ana = per
cent for longer periods. Commercial paper rates
were 3T3l5 per cent for prime Endorsements. 3'2
per cent for choice single names. 3i2@4 per cent
for Nrst-class single names. and Ago per cent
fo- paper not so well known. In London money
or cali was 1L6ll, per cent. with open market
discount rates 9-16Gl9s per cent. The Bank OF
England made no change in its minimum dis
count rate, which rennalntu dl per cent. IL
Paris the open market rate was IA per cent, and
IN Berlin -. per cent The foreign exchange
market was irregular. with nrner rates al the
close. There was only a light supply OF CONNER
cal bills Offering. and there was some demand
Tor long sterling for investment upon the ex-
pec,ation OF higher rates for sixty-day blils on
the assumption of a marked increase in imports
o. merchandise The chief activity among I'M
porters al present Is 10 get their goods out OF
bond rather than to bring new merchandise IN,
the statistics OF import trade not showing large
Increase in the movement Of goods from Europe
10 this country. The imports Of mercnanolse iast
week were more than 81 100000 In value less
than those in the preceding week while exports
showed the largest total Of any week ms year az
save and for the year 10 date ABOUT S'po.,"p
ahead Of the same time year ago. III c"uI'.,
upon higher rates in the exchange market in the
expectation % an increased import trace. 'he au-
vancing tendency in the money market pIopa-
DE rsnewal of foreign buying in the security ma,
ket and a continuance o. the present istNo'aoe