New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-22
THE FINANCIAL MARKETS
STOCK TRADING HEAVIER.
CONDITION OF THE FEDERAL. rprAsr,o
RAILROAD EARNINGS.

sunday. March PIP m
A steady absorption % dyidend-payin se,u--
ties by prominent financial interests and bv co,.
servative investors was the chief feature 10
Stock Exchange business last week Tho mon.
Using outlook In the general trade situation N.
solid basis upon which corporate enterprise ras,,.
and the relief felt by the public over the rerooy,,
Of the distressing uncertainties Incident n -.
last Administration are factors now con,r,hu,,..
to stock market expansion while furnisb,rs
motive for the employment Of capital wbioh -.
long been out Of The channels Of trade rbo -,
ume Of actual new business In tho irdus,.,,
field is yet small. and TO some people dIsa,,,,..
ing, but each week II shows an improyernar, A.,
the preceding and reflects a gradual grown
upon safe and legitimate lines. With condl,i,,.
favorable to business expansion Operation. a
securities are engaged In by large and srnauir
vCstors most pronounced reflection n, s,o,
a situation has been exhibited in curren, c,oo,.
Exchange transactions. the total 3usiness ,or ~.
week showing increase in shares traded IN =,
517527 over the preceding week and in tho hors
market an increaae in par value Of 81 1O5Oo
the buying both In stocks and bonds being ,ea
by men Of large financial resources who only
appear In market operations when they are CON.
fdent that all Is plain sailing in the bushes,
world
Interests identified with the Vanderbilt nron.
critics heavy buyers Of stocks In the week
as well as in the week before and the Influence
OF their operations In the Vanderbilt group wa,
reflected in good buying throughout the lis, ~
dividend payirg stocks. The value OF the pres
ence Of these interests in the market cannot be
overestimated. It shows confidence among thu
leading financial interests Of the country In ths
outlook for industrial revival. and brings en-.
enlargement and cheer 10 the vast multitude Of
small investors in this country, who have FOR a
long period been undecided ard unsettled In
their views regarding the worth ~ their hold
Ings: who at times have been frightened into
believing that in selling they were we'll I'D
Of their possessions. Contemplated tariff
changes are not disturbing spectators or IN
vestors in stocks. Wall Street Is unanimously
in favor OF a tariff for revenue and protection;
the business interests throughout the country
are Of the same mind. and the great mass 81
people ndorse measures which seek 70 raise
revenue by an import tax rather than by
Government sale OF bonds which affords only
temporary relief while adding 70 the countrys
obligations in the form OF increased interest
payments to say nothing Of the heavy pay
ments involved at the time Of maturity Of the
bonds.
Announcement will soon be made Of refund.
ing operations by the New-York Central and
Hudson River Railroad Company on lines SINH
lar to those decided upon by the Lake Shore
and Michigan Southern Company. The nego-
tiations are being conducted by the leading
banking house in the Street. and il IS likely
that the result Of the refunding scheme Will %
a saving in interest charges sufficient 70 place
the stock upon per cent basis against
per cent at present. The cOmpany's bonded
debt maturing from 1903 10 L05 stands at
$50 733 1873 and the saving in interest on
lower basis will be found in the accompanying
table:
ter ;ur- - Saving II 5 2. gi
rlr, mortgage .'7 1903 .so@oyooo $4,000 $1,000
E Frs y 1899 1893 ssSSsS 49, 1871 @
Totals ................ s5o7aasas sisoies7 si4ss ~
The refunding operations OF the future will b
the leading features of the American railroad
situation: but OF equal Importance perhaps. Will
be the extensions Of existing lines and the build
ing of new roads. From an investigation made
by THE Railway Age in its last issue. present
indications show that 115ll miles OF new lie
are now projected. and that If 20 per cent IS
built in 1897 new construction for the year will
exceed that in 1896.
THE MONETARY SITUATION.
The statement Of the associated banks for last
week reflected the heavy payments made 10 the
Treasury by importers in settlement or tari1
duties for goods taken out Of bond, the loss IN
cash holdings amounting to 50 $4,000 and 10
surplus reserve holdings to 81 .694.Jlo. while SUB.
Treasury figures showed a gain from the banks
of S6,024 0s0 The loss in bank holdings had no
material effect upon the money market, as pres
ent holdings are too large for losses such as
those noted TO cause any upward movement IN
money rates the only effect being continuance
of the hardening tendency current in the precei-
ing week The demand for commercial loans
was better and a good supply Of choice names
offered by commercial paper brokers'
Money on call ruled AT 1isG1s+ per cent on the
Stock Exchange. banks quoting per cent ana
trust companies the Stock Exchange rates
Time money was od2l2 per cent for sixty DAYS
3 per cent for three months and 3d3i2 per cent
for four and six months Commercial paper
rates were 80 per cent for sixty to ninety day
indorsed bills receivable, 3lsG4 per cent for first
class and 4G5 per cent for good four to SIX
months single names In London money on
call was Ia G11a per cent, with open market DIS
counts ~ per cent for short and long bills Tns
Bank Of Englands rate remained at 3 per cent
In Paris the market rate was IA per cent ana ~
Berlin Ga per cent. The foreign exchange mar.
ket was dull and generally steady. The present
level of money rates at this centre and o, dls-
count rates in London have ended TRANSACTIONS
in long sterling for investment. and the marke'
shows little disposition u move either We" ss,,
Posted sterling closed al 1861 and issGfS1
for long and short bills respectively Rates iof
actual business closed follows:
Cables. Ions peraI.ll
Stirling sss1n. nm s sss tiss
ReichsTarks ...,....s...... foet - "a.
Guiicrs ACKNOWLEDGEMENTS. io~ +'~
The following tables give the movements OF !"
chief active stocks and bonds in the week:
STOCKS.