The sun., 1898-12-11
FINANCIAL AND COMMERCIAL
SATURDAY. Dec. 10.

SATURDAY. leo. ~.
The dealings on the Stock Exchange this
morning. both In stocks and In bonds, were the
largest recorded since Saturday was made q
half holiday. The demand for securities, par
ticularly for bonds. was also phenomenal. The
market for bonds was described. without much
axA6Reratlon. as rejecting an investors panic.
Buying through commission houses was not.
however, limited 10 the bond market. for
the strength Of the stock list was due more
largely to the execution OF orders by brokers
who rely upon the public for business than at
any time within many months. II looks very
much as II the investing and speculatinE public
was beginning to appreciate the sxtraordl-
narily favorable commercial and financial con-
ditions that have developed since the war with
Spain was brought TO q close.
The trade reports and all Statistics regarding
the movements OF merchandise and the busi-
ness Of the railways show that prosperity and
confidence are steadily increasing. The strong
est element In the present situation is the con-
ditIon OF the foreign trade Of the coun-
try. Europe s now not only dependent
upon this country for large proper
tion Of the necessaries OF life. but IL
borrowing money hero TO pay for our
producta, and 10 doing so In spite OF heavy sales
Of securities that have been made with view
OF reducing ita indebtedness. The eonepic-
nous features OF to-day's stock market we're
the Granger stocks under the leadership OF 81.
Paul. Sugar Refining. Federal Steel preferred.
Missouri Pacific and Of the less active shares.
General Electric, Edison Electric Illuminating.
Chicago Great Western preferred A. and Amer
lean Mailing common.
The sharp advance In prices provoked some
profit taking. but operations Of that character
had very little effect upon prices. The weekly
statement OF averages OF the Associated Banks,
contrary to general expectations. showed an
increase in lawful money OF nearly one and q
half millions The fact that the banks have in
creased their loans only four and half millions
10 sconhrmatory Of the view that the activity on
the Stock Exchange this week has been the
result OF an investment rather than OF .
speculative demand for securities. The un-
expected increase In lawful money is doubt |
less due to the receipt OF considerable |
amounts OF specie from San Franoisco. |
which have not been reported to the |
regular collectors Of financial news The in |
crease In deposits is larger than Il should |
be In comparison with the change In loans and |
IN lawful money. and In consequence the sur |
plus reserve is a little smaller than 1t was |
week ago. Tho statement shows that the /
banks are In a position to transact with ease
the large business that Is in sight.
As compared with the final prices Of last
Saturday. the list is higher with the exception
of Kansas City. Pittsburg and Gulf. which de-
clined az p cent The more important net ad-
vances are In Ellison Electric Illuminating.
lax y cent: metropolitan Street Railway. on:
American Sugar Refining. TX: Delaware and
Hudson. 6k; American Tobacco. 8: Missouri
Pacific. 81: Brooklyn Rapid Transit. az
Pacific Mail. 3S; Norfolk and Western pre-
ferred. ~; Manhattan Railway. 2k;
Rock Island. 2s Burlington and Quincy.
81. Paul. Cleveland, Cincinnati. Chicago and st.
Louis. and Western Union. 2 each; Chesapeake
and Ohio. TX: Peoples Gas. IN: Kansas and
Texas preferred. 1h; Reading first preferred.
~; Federal Steel preferred. Northern Pacific.
and Union Pacific preferred l each: Louisville
and Nashville. z: Atchison preferred. Consoll-
dated Gas. and Denver and Rio Grande. x each;
Northern Pacific preferred. *: New York Gen. |
Cral and Union Pacific, u q cent each.
New York Stock Exchange-Salo0 Dec. 10.
UNITED STATES AND STATE BONDS I'm 81. .oO0s).
8 IS. c1 eel o6H so Us 4s.r 1907. ..l1lh
Q 8 30. ser B.. o6A
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