New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-06

WALL STREET AND EXCHANGES.
James r. Keene asked yesterday by Dow.
Jones & Co. IL his sentiments had changed since
December IS. when he said he was a confident bull
on the market and that man who was then not
a bul. on securities never could be He said: y
have not changed at al. from this position. There
has been realizing OF profits In certain stocks by
people who thought that stocks Ike Manhattan,
Metropolitan Traction and Brooklyn Rapid Transit
appeared TO Furnish better opportunity for quick
profits than the slower railroad stocks Then there
has been more or less shifting OF securities Incl
dental the large disbursements January l. but
the people who receive the moneys dlsbursed A.
this time seek place for reinvestment.
and this marke; affords the best opportunity.
DO not think that the people who sold railroad
stocks In order 20 buy .ooal securities had any
other idea then that quicker profits were probable
The reaction in the market has been entirely nat
ural and to expected certain intervals in every
great bull market. The situation APPEARS 20 me TO
present the best market conditions which We have
seen for several ycars-at least six years. Tho
fundamental fact is that the country Is full u
produce OF all kinds and particularly wheat. corn.
cattle hogs etc. for which there Is an eager mar
ket at good prices. This means large tonnage Tor
the railroads and the earnings cear.y show that
rates have been and are remuneratYe In spite OK
the cutting on competitive business at few points
the last three months OF las; year. These rates
have all been restored. The iron production and
consumption is larger than II has ever been. and.
although present profits TO tho makers may DO
small railroads have the tonnage at paying rates.
Every market is open TO the possibilities or poh'i-
cal complications but this one seems 10 be slng1-
larly free from this danger. The silver agitation
has been materially lessened by the prosperity OF
the farmers. The Cuban complications have passed
into history because OF the action OF the Spanish
Government in extending home rule and removing
the embargoes on sugar and tobacco. The sympa-
thies OF the American people are now with spain
in It's effort 70 pacify the island. The troubles In
China are certain 10 be adjusted according 10 tho
plans OF Great Britain, which are 10 enforce tho
liberalization doctrine opening Chinese ports 10
all and not 20 one Railroad earnings could not
well be better Tho Chicago. Burlington ana
Quincy has completed half year the best In 10
history and the prospects are favorable TO an In
creased dividend rate IN February. What ~ true
Of Quincy so far earnings 90. is true Of St Paul
and Rock Island. There appears 10 have been a re-
adjustment OF the difficulties In the hard and SOFT
coal trade Manhattan Elevated has never pre-
sented more attractive speculative features than
at present when II secure extensions ana facili-
ties which It has long desired and which are es-
sential 10 It's paying larger dividends. The Sugar
company has concluded probably the most pros
porous year In It's history. The South Is relieved
Of the yeow-fever embargo. and is sharing In tho
general prosperity All over the country except IN
New- England, where the cotton Industry Is de-
pressed trade reports are very favorable. and the
capita. has been made of a possible defeat OF Mr..
Hanna I'm Ohio ! cannot believe that the ONO Re-
1wes Mr. Hanna, for because Of his enegry. gem
cralshp and ability TO secure the sinews OF war.
ton. His defeat in Ohio would be ca.amiIy 70
that party | believe this Will be realized by tho
senate ';'''N'N'-' '
Considerable confusion exists regarding tho
Standard Oil Trust. which is In process OF liqulda-
al Of he mazda
the following explanation: The Standard OIL
Trust became the holder, OF trustee OF the stock
OF a number OF other corporations, and, as these
holdings constituted its assets against them stock
certificates were issued When the Trust was pro-
nounced an illegal combination, 1t was necessary
70 dissolve IL organization. and 10 comply
with the law all the Trust stock called IN
and receipts or liqudating certificates were IS
sued pending the liquidation Of the old organiza-
ton These certificates ent,le the holder 10 a pro-
portionate stock interest In each OF the sub-com-
panies or underlying corporations which
formerly controlled by the Trust. These certif-
Gates are those traded in on the curb. and
which were yesterday quoted a; 1863 The Standard
OIL officials have been endeavoring for some time TO
control those outstanding certificates and when
they come In they are at once retired. and proper
tomato stock issues made to the holder in tho
several original companies numbering about twenty
different corporations. There is considerable n
willingness on the part OF certlncate-hoders 10
have their certificates retired. they are much
more convenient handle in their present form.
Thus far about 80 per cent OF the hquidating GER
t.hcates have been retired. 1t seems TO be gener-
ally believed that new company or corporation
would be formed which would In some legal man
ner combine all the underlying companies This.
however is denied. and no such organization Is in
Tate companies will continue 10 exist a. such. and
will operate independent organizations. AS the
soans sappy IN Wan Street is ssssnet and
aggregate OF corporations formerly in a single Trust
become competitors under circumstances favorable
TO the seller
one Of the new counterfeit 800 silver certificates
was received at the Sub-Treasury yesterday from
Washington and was turned 70 the Note d.
vision in which there twenty handlers OF
money. I, intended for their guidance. In
tho course the day the tellers OF several banks
came to the sub-Treasury 10 examine the bill
Maurice L. Muhleman. the Deputy Assistant United
States Treasurer, said the counterfeit was a dan
gerous II was made by the Photographic me-
ehanical process, Inc chiet pom, In u was that
the genuine. The specimen received had been split
to show the Insertion Of hbre The paper appeared
received By D.ckerman Holler. publishers OF
THE United States Counterfeit Detector" 1t was
obtained from the Merchants National Bank Of
Philadelphia.
A sale OF Central Trust Company stock was
made yesterday at 1856 at auction Tho company
has a capital OF 100000 and last year II earned
ITO per cent on It's stock
w b. Thomas and Charles H. Semi will be ~
elected directors OF the American Sugar Refining
Sugar TRUST At the annual meeting
next "Wednesday
The final payment Of IS u.s. %m q account Of
the debt Of the Union Pacific Railway 70 the Gov.
eminent was made yesterday.