The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-20

The hardening tendency of tho stock market,
which has been its chief feature all the week,
became more pronounced to-day, and, in spite of
a moderate reaction at the close of business, the
list, with only a few exceptions. closed higher
than Yesterday. The trading was fairly well
distributed. with Sugar Refining first in respect
to activity and also scoring the greatest net ad-
vance recorded for the usually active stocks.
There was a revival of interest in gas sccuri.
ties, owing to the publication of conflict
ing reports regarding the status of negotia-
lions for an amalEamation of the local COM
panies. Consolidated Gas was unusually active,
at a maximum net advance OF 8 points and q net
advance of 3 points. The reaction from the
highest price was accompanied by rumors, for
which there is undoubtedly substantial busis,
that the differences between the larger holders
of the shares of several Of the companies are so
wide that an agreement seems exceedingly
remote. Metropolitan Street Railway made
further progress toward a place upon the list of
active stocks. and also enjoyed a net advance of
Ga points.
A renewal Of tho attacks upon Peoples Gas
elected an official statement that it is not the
intention OF the company to increase Its bonded
indebtedness except to provide means for ex-
tending and developing tho company's system.
For this purpose the authorized issue of bonds
under the consolidation has, as is usual in such
0N hA@eS "a thui thC LlOuHI e
CURED to fund the outstanding issues of the
constituent companies. One of the forthcoming
developments of interest to the holders of rail-
way securities will be the publication of tho
plan for rcfunding upon a 4 q cent. basis
the maturing obligations of the Rock Island
Company. 1t is understood that this plan has
been very nearly perfected, and will be made
public in the near future. The weekly trade re-
ports continue to tell of a steady improvement
in general business. In one of them this sug-
gestive sentence is found: Hesitation in specu-
lative markets is in part due to the fact that an
immense amount of capital has been di-
verified from them to Investment in produc-
tive enterprises Prices of commodities
arc in the main higher, and the out
put of several of the leading Industries
Is the largest ever known. Exports of wheat
and flour for the week were the largest on rec
ord with single exception, aggregating $685.
7a2 bushels. The exports of corn have also been
unusually largo. Bank clcarances are some
what smaller than last week, but are larger
than for the corresponding period of last year
and only Zig y cent. smaller than in 1892. In
determining the value OF this comparison with
the figures of 1892 it should be borne in mind
that within the last five years clearings at this
centre have been materially reduced by the
establishment OF the New York Stock Exchange
Clearing House.
Railway earnings for the month as far as re-
ported are 2lia y cent. larger than last year and
nearly 8 u cent. larger than in 1892, and the
feature of the traffic is heavy westbound bust
ness and an increased movement from the West
Of various commodities other than grain. The
enormous consumption of iron and steel is re-
garded by those engaged in producing and man
ufacturing those metals as foreshadowing n
further advance in prices. Efforts to place
both the anthracite and bituminous coal
industries upon a more profitable basis
are being made, and that they are mceti e
with some success is shown in the better earn
ings of the Ohio bituminous coal carrying roads.
More seasonab.e weather is needed to place the
anthracite industry upon ali entirely ~satisfac-
tory basis. 1t is to be noted, however, that the
various interests engaged in producing and
carrying anthracite coal appear to be working
in good faith to secure reasonable profits. AS to
the security market. London continues rather
sell and occasionally evinces n DISPOSE
ton to buy stocks. The Cuban situation, owing
to the developments of the last ten days, is re-
garded with less apprehension by the Street,
and the speculative community Is also begin
ming TO regard the approaching session of Con-
gress with complaccncy. The closing of the
stock market was, in the main. firm at n reac-
ton from the best prices.
Final sales compare with those of yesterday as
follows:
NOT, lS. Nor 10, NDf, ~ Ma, I q