New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-22
MOVEMENTS IN SECURITIES.
PRICES SHOW LITTLE CHANGE
TRADE CONDITIONS 1MPROvED-RAIL-
ROAD EARNINGS.

Sunday Feb 21-p. m.
onnortunities for making money in legitimate
sadness enterprises are increasing. AS yet this
,s hut poorly recognized by Wall Street traders
srd IN fact. the beneficial effects of business
expanson In general have yet to be reflected in
.hs market for stocks. Indications of trade re-
yival are furnished in current returns OF rail-
road earnings. the reports received last week
showing most encouraging gains over the cor
responding periods last year and over the year
before. those compiled by The Tribune for the
second week in February exhibiting for thirty
three companies gains Of $32S. AZ, and for six
teen companies lossea OF S115.13S. a net in
crease over the same week in 1896 Of 40 per
cent These gains are not particularly large
but it should be remembered that at this time
year ago traffic earnings were unusually IA
yorabe. In the ST. Paul Company, for Instance
the report for the second week Of February THIS
year gave decrease in gross earnings OF Soo'-
a2I: but this compared with an increase IN the
corresponding week in 1896 of S12o,ol4' SO that
compared with 1895 there was a gain or SS9.-
0s7. and with the exception Of last year the
earnings were the best for the same period of
any year since 1897.
The physical condition Of the great n ajorty Of
railroad companies has been wonderfully i'm
proved in the last few years and the result of
the many receiverships has been the
ganization Of properties upon more conservative
ard substantial lines which at no late time
must revert to the interest of the stockholders
Of the companies Buyers of railroad mortgage
Issues appreciate the changed condition of af-
fairs in railway management resulting from re-
organizations. and they recognize the improve
Inent in the actual value of the properties and
the excellent outlook for rapid gains in trafhc
receipts; but in the market for shares there is
no public buying. the daily operations consisting
Of little else than professional operations IN
fiuenced by manipulation and passing develop
ments The outlook n the foreign political sit
uaton at this time is strong factor in retard-
ing an active security market. while the settle
ment of the tariff question is awaited by many
before taking an interest in securities trading.
While Il European would naturally stimu-
late Industries the effect at first. at least,
uIOn financial markets would be unfavorable,
from the reason Of the close financial relations
existing between this country and foreign finan-
Cial centres. the knowledge of this fact form
ing the chief factor in the demonstrations of
nervousness in local financial circles whenever
affairs abroad appear to be reaching an acute
stage. The ultimate effect. however. of Euro
lean war would not b disastrous to our Sc
curity market. and in the presen; Cretan
troubles there appear no adequate reason for
alarm over the possible effect upon this coun-
uy Nor need holders OF securities very them
selves over the legislative trust investigation.
The recent years of business depression have
left the speculative community unsettled and
fearful of entering into active stock trading. but
z change must soon come over present sentiment
for continued Improvement in the affairs of the
country cannot long fail To impress the stock ex
change circles and bring an active outside sup
port to share trading. Wall Street. contrary to
custom. is not anticipating business improve
meni. The current market is dull and narrow.
Trading is confined almost entirely to the chief
speculative favOrites, with no important Varia-
ton in price movements. but an active bull mar
ket may be looked for just as soon as the public
and the speculative element become convinced
that Industrial growth and expansion are TO be
permanent Among high priced stocks Lake
Shore and Newly ork. New-Haven and Hartford
were conspicuous at the end of the week by
reason of marked advances in their market
values the frst-named reaching its highest price
on record and the last gaining 50 per cent to
ia. due 10 successful efforts made in imam
cling it's Dating Indebtedness and in providing
for refunding the obligations of it's branch lines
that mature in the year. The floating debt OF
this company amounts 70 about the sum paid
for the control OF the New-England Railroad
the details of the transaction having already
been printed in the news columns of The Tribune.
THE MONEY MARKET.
The local money markets continued easy last
week with an improved demand for accommoda-
ton. Receipts of currency from the interior
showed a material decrease. the principal part
OF money received coming from points near this
city The rate for New-YOrk funds al Chicago
changed from 81 to % cents discount per $1,000
in the week. and reports from the South and
West indicated good supply of cash in all quar-
icrs Sub-Treasury operations with the banks
caused loss to the Sub-Treasury Of S2l6..3s
and the banks gained in cash holdings Sd 90
GOO and in surplus reserve S4O2112J. Money
on call representing bankers balances ruled at
1lm1& per cent. banks maintaining per cent
the minimum while trust companies made rates
10 correspond with those at the Stock Exchange.
The demand for time money for long periods
was better and rates were slightly firmer.
ruling at 2m21, per cent for sixty days, and .
per cent for three. four and six months Com
nercial paper rates were per cent for sixty to
ninety DAY Endorsed bills receivable, 3l244 per
cent for first-class and 4MJ per cent for good
four to six months single names. The London
money on call was H. per cent with open market
discounts fIsG2 per cent for long and short bills
The Bank of Engands minimum rate remained
AT 3 Der cent In Paris the ODen market rate
was ~ per cent and In Berlin %. per cent. The
foreign banks made substantial increases in their
holdings In the week the Bank Of England gain
ine $40 GO3 in bullion and holding al the close
t3S 4S3. .9G The foreign exchange market was
dull and firm. with demand sterling at ~ 81
strength in the early part OF the week being
Influenced by dearer discounts in London and
by the semi panicky condition of the European
markets incident to the war scare in the East
There was a light demand for short sterling
and cable transfers for mercantile remittance
but as a rule, very little business was dong
Posted rates for sterling closed at ~ So'2uHf 40
and 81 IS for long and short bills. respectively
Rates for actual business closed as follows;
Cables Long. DEMAND
ASH. 4sd
Francs ........... 5.is. a5ie l-16 1ls,: oslG's
Rechsnrarks Dol % 10 .o ,ea"'o "a
GrldeTs ~ o." 1p's ~" i"1'V 80