The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-01-31
SATURDAY, Jan. 80.

SATURDAY, Jan. 80.
The speculative community began. Apparent
~. - realise today the existence Of the nost
important factor shaping the Stock Ex-
change marksts, namely. . slow but con-
slant absorption OF securities. which has
reduced the supply Of Investment issues to
IN extent that makes It sxosedingly difncult To
buy any quantity of them, even At advancing
prices, and has also reduced the supply OF
speculative bonds and stocks around ruling
quotations TO an exceedingly small vol
ums. Evidences OF . substantial movement In
Northern Pacific securities that developed yss-
tsrday and which exorted . sympathetic innu-
sncs upon the market a. . whole. caused extern
sivs covering to-day throughout the list By
. sensitive short interest There was also
. noteworthy increase In the volume of
commission business. particularly during the
last hour. Although the market for stocks
was more active than on any day this week,
and the advance In prices was very nearly gen
sral and in many Gases important, the bond
market made . much better showing than
that for stocks. The dealings In bonds were over
%. 2o7. 900 par value, Indicating transactions Of
fully IS. 0oo. 900 had the Exchange remained
spsn until 3 o'clock. The advances In bonds were
rapid and Of an extent that warrants the state
meat already made. that there 10 an abnormal
paueity Of good material for dealers and in
vssters 10 work upon.
tn advance In Northern Pacific securities
this week. particularly In the shares. 10 40
counted for By the fact that large block of
those securities has been sold abroad. The
amount and prices arc not stated. It
II learned. however, that the securities sold
are not those taken by the syndicate that
underworld the Reorganization. Those sscuri-
ties will. II is understood. be delivered on Mon
day, and the indenticAi certificates and bonds
which each member OF the syndicate will re-
ceive must be held for . year subject TO the
orders OF tho managers of the syndicate. It
10 understood that the bulk Of tho Northern
Pacific securities sold TO Europe during
the lAttsr part OF the week will 20 to
Germany. This would seem TO indicate
mat German holders OF those securities
have. owing to the radical change In the man
Agement of the property, become sufficiently
confident Of It's future to add tU their holdings
which have always been very large. Ger
tain German bankers doubtless obtained early
Information OF the transaction referred to
above for houses with close connections with
Berlin and other German financial centres have
been conspicuous buyers Of Northern Pacific
securities during the last two or three daya The
explanation given herewith OF the advance In
Northern Pacific securities is calculated to dis
pVdt VI hEN ahao ~ "a "
bstwesn the Northern Pacific and Great North
srn oompanieA It would Seem to b. = fair as
sumption, however. from the character Of the
present management of the Northern Pa
oinc Company. as well a. that of the
Great Northern, that the relations be-
tween the two will be leEs acrimonious than
heretofore. and that efforts will DO made to OBJ
tain . reasonable compensation for the services
rendered.
The weekly statement OF averages of the
Associated Banks shows q further voluntary
contraction OF tho loans OF Sl.573,0o0 At
tho Same time the banks have gained
over So,ooo,o 900 in lawful money. OF which
nearly rs p cent. Is legal tenders. Thess
two changes arc accompanied by an H.
logical small decrease In the deposits.
which results In an increase In the surplus
reserve slightly In excess OF the ~inoreAss
In lawful money. The surplus reserve Il
now . little In excess Of 969. o0o. 900. This
showing can hardly be regarded - healthy.
II explains the Increasing and Almosi
eager demand for Investment securities
The decrease In ioanA like that Of las, week. 1,
doubtless due shisny 10 the sales ofhypothscatsd