New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-01
crOCK VALUES HIGHER.
,,pcENT DEMAND FOR BONDS.
.ovn,r1oN OF THE FEDERAL TREASURY
TIVE MONETARY SITUATION
Sunday, Feb. 2S-p. m.

coiil"', -, element. the total transactions In
p,.s amounting 10 only oo6.0io shares, OF
an A., Greater part was furnished by the
VIM" .oaculative favorites. Among traders
e"",7 .,,,on was TO restrict business to small
ho account Of the near approach or the
i''' - administration and even the mighty
.,o, If a number of Senators over Cuban
-. called 10 stimulate any activity beyond
o.. ceiling for the short account while the
ne Investigations Of the legislative COM
80 into trusts had no material erect upon
-,,,,ent or prices. AS whole, the market
-, tho week higher than week ago. que,
.,.ver TO covering by shorts rather than to
,,,nq movement based upon actual favor
oNe trade developments. The foreign sltua-
.ss,roed a less warlke appearance. and
Cuban situation as far as this country was
o.raa gave no indications of -uneasiness
-, Government officials despite lurid re-
80 IN certain newspapers and war-breathing
s,oocbes nv talkative Senator's. Attempts were
.da ~, a few operators TO force liquidation on
tho resumption of Cuban discussion in the Sen
otto hut the market exhibited comparative in
dioerence 70 such efforts well as 10 the favor
able developments in general trade conditions
1mnrovement In all lines OF industry was more
nronounced IN the week, mercantile agencies re-
norting encouraging growth. and the returns or
railroad earnings rejecting a gradual increase
IN traffic throughout the country. the lmpor-
,orce NJ current gains in railroad earnings is APP
preciated by careful students or trade condi-
,,ors bpt In the market for share speculation
no apparent recognition is made Of the mean
,rg If railroad statistics. The coming Inaugu
ration Of Major Mckinley has not been dis
counted in the security market, but it may be
tl,a oil oh IN he nd
,o;n,stration will be followed by some demon
stra,ion in stocks especially as all other factors
in the situation are favorable to higher market
values
IN the compilation Of gross railroad earnings
,or the second and third weeks in February by
The Tribune. the percentage of increase as COM
pared with the corresponding week year ago
averages about 4 per cent. and number of net
statements for January are correspondingly en-
couraging The fact that one railroad company
the Columbus, Hooking Valley and Toledo
went into receivers hands last week, should not
be taken as representing adverse conditions in
general railway traffic, for the causes which COM
PEELED this company to seek the protection Of the
courts were entirely local, and even now have
begun TO disappear by the readJustment OF the
bituminous coal trade The destructive compeu-
ton among the Ohio soft coal roads IN the CLOS
ing months of 1896 resulted in severe losses TO
all the companies concerned, and the seVerai re-
ceiverships following have forced afairs to a
basis upon which permanent improvement VIII
soon begin. The Hooking Valley Companys ar
fairs will be reorganized under the able super
vision of J. p Morgan & Co. and the knowledge
of the fact that this banking house VIII take
charge OF the reorganization has caused
marked Improvement in the value OF the COM
pany's securities, and has been strong FACTOR
in reyiving confidence in the sort coai si.ua',on
The anthracite situation so far this year has
probably been better than year ago, out the
theory that the companies are making enormous
profits was pretty well dlssipated at .ne HeS ,
cation of the so-called Coal Trust by the legsla-
tive committee If it had not been already by the
recent annual reports Of the companies control
ling the anthracite trade.
continues urgent, but the scarcity of offerings is
an instance OF this being recently
afforded by the efforts Of an investor 10 Duy TWO
Albany and Susquehanna cOnSol 6s, his order
r, mainink with his broker for more than a week
before it was satisfied. This is only one or
many instances of the scarcity or hlgh-g grace IN
vestment issues. an adequate reason lot lne
high prices now prevailing for railroad bonds.
The fact that so few high-gradc issues are OFFER
Ing has turned investment and speculative at
tention TO the lower-priced issues, among which
may be mentioned the Ontario and western re-
funding Is which for the last month have been
actively traded in and are now selling at 9oA,
against 50 last September. Many lower-priced
issues than the Ontario and Western refunding
IS are extremely active at present, including the
Atchison Adjustment is. Chesapeake and Ohio
general 41As, Hooking Valley 5s. Erie general
lien 3-4s Northern Pacific general lien IS,
Reading issues, Missouri Kansas and Texas
flrsts and Rio Grande Western firsts. While
high-grade bonds are in good demand. IT should
be observed that any investment offerings OF
high-class stocks find ready buyers on the
stock Exchange; but very little of this kind of
stock appears in the market as investors are
holding their possessions with confidence and
only special reasons forces such issues for sale
Lake shore on small purchases advanced to its
highest price on record in the week, 16l.
THE MONEY MARKET.
The local money market continued easy, with
further increase in available funds. the state
rnent of the associated banks for the week show
ing an increase Of S2129,7oO In cash holdings
and an increase of $3.50 OPS in surplus re-
serve. deposits having increased S109S. 700, thus
the reserve required by s274.675. A
good part Of the gain In cash due TO the re-
ceipts Of gold from the West. This gold Is sup |
posed TO represent part of the gold imported at |
San Francisco from Australia in the fall for the |
account OF Eastern bankers. who have recently |
been drawing 1t 10 this centre. Considerable OF |
the metal has been exchanged at the Sub-Treas-
ury for legal tenders, the Washington Treasury
statement showing decrease in the week OF |
s3Sl 26i legal tenders and an increase Of 81 1872
10 gold. Money on call representing bankers
balances ruled at lbGlA per cent. banks as a
rule maintaining per cent the minimum: but |
trust companies continued 10 lend at Stock Ex-
change rates The demand for time loans for
four and six months was moderate but very
little done for shorter periods Rates were
per cent for sixty days, ~ per cent for three
months and 3 per cent for four and six months
The commercial paper market dull, with a
slightly improved Offering Of frst-elass names
and a trife frmer tendency in rates Current
quotations were 3 per cent for sixty to ninety
DAY Endorsed bills receivable, 31aa4 per cent for
frst-cass and 4Q5 per cent for good four TO six
months single names The foreign exchange
market hrmer owing 10 better demand
and lighter Offering OF bills. Recent sales Of Sc
curities for the foreign account have affected
exchange rates which are now about az cent
below the gold exporting point while the de-
crease in supply Of accumulated sterling held
here has not been without effect The trade bal
ance, however continues In this country's favor,
and exports Of merchandise continue large while
imports show no material increase Exports Of