The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-23

lnrly 90 It 10 underBbood tnat upWeru
Of $4,000. 900 Of tho United States bonds held
by the Government 10 secure its special
deposits in the banks are currency 90 that
matured on Jan. /. When this fact II taken
into consideration It appears that the actual
amount Of money that the Treasury can with
draw from circulation by calling in its deposits
in the banKe Is about S24, 100000.
Tho increase OF over Sl1,000.0O0 In lawful
money was a surprise, because the majority OF
people have not taken into consideration
tho heavy pension payments and the
unusual Post Office disbursements since
the beginning of the year. in addition
to the known interest payments of tho Govern
ment and the amount paid out in redemption Of
Pacific Railway bonds. As but little moro
than half OF the increase In lawful money
10 required as n reserve against the larger
deposit. IS, 1906 600 is carried to surplus
account. bringing that item up to moro than
S1k millions. To-day's stock market was Of
the same character as its immediate predeces-
sors. 1t was dull. except for q fow stocks, and OK
ceedingly Irregular. Consolidated Gas and Met
ropolitRn Railway, in which the aggregate deal
inRs wero about IL 900 shares. were exception
ally strong at net advances of Al and 2& y
cent. respectively. The first closed at the high
est price recorded for 1t, while Metropolitan
Railway reacted almost as sharply as II
bhb M u -. s"S
close of business. or the specialties Con-
solidated Ice common was most conspicuous, at
a net advance of 1os y cont. on reports that the
management is about to declare a dividend upon
tho stock. Throughout tho remainder Of the
list the net changes were slight and favored
both accounts.
The trade reports for the week are unusually
interesting, for they tell Of a volume Of business
moro than q third larger than a year ago and
1Olo per cent. larger than in the corresponding
week of 1892. The demand for staple goods 10
in the main active, and exports continue heavy
in spite Of tho rise in prices for cereals and
other products. t the same time receipts from
customs show some Improvement. Business
failures are the smallest reported at this season.
collections are In the main good, and accommo-
dations at fair rates are readily obtained by
oil commercial borrowers who are able to
make satisfactory statements regarding their
affairs. Railway earnings leave little to DO
desired in the way Of Improvement. and in
view Of the large volume Of traffic that
is being handled, It is surprising that re-
ports Of rate cutting should DO received.
Although the production of pig iron is
unprecedently large, the demand for finished
products practically keeps pace with the output.
1t Is reported that orders for 10000 tons of
steel rails have been placed this week.
making 100000 tons so far this year. The
most active demand Is for structural iron.
The only industry that is stagnant is that of
cotton manufacturing. resulting from the low
price of cotton. The wool market 10 less active.
but the mills using that staple are fairly we'll
employed. The boot and shoe trade, as for a
long time past, is. according to all &C.
counts, in excellent condition. 1t would appear
from the reports summarized above that bust
ness generally is not disturbed by the purely
political discussion at Washington and else
where regarding silver and currency reform.
The speculative element in Wall street, how
ever, finds 1t more profitable to base its opera
tions upon demagogic utterances in Congress
than to follow substantial developments in the
business of the country.
As compared with the final prices of last Sat-
urday. the majority of stocks are higher. The
more important net advances are in Metropoli-
tan Street Railway. 11A o cont; Consolidated
Gas. 1OA: Pittsburg, Cincinnati, Chicago and
st. Louis. 2A; Oregon Improvement 4th, !. p.
GLE; Oregon Railroad and Navigation. Zig; Ore.
gon Short Limo. GAG; Manhattan Railway, 1a;
Northern Pacific. 2; National Lead. 1lo; Gen.
eral Electric. 1as; n. Y. Central and Ontario and
Western, l each; Northern Pacific preferred.
7s; Union Pacific, 8; Kansas and Texas pre-.
ferred. D.; American Sugar. Bay State Gas. La
clede Gas, and North American, L o cent. each.
The noteworthy declines are in Omaha, gle y
cent; American Tobacco and Tennessee Coal
and Iron. Zig each; N. J. Central. Ia; Chicago,
Great Western and Wabash preferred. q each;
Rock Island and Burlington and Quincy. o.
each; Atchison. preferred. st. Paul. Southern
Railway preferred, Reading common and the
first preferred. L q cent. each.
Final sales compare with those of yesterday