The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-09

certificates Of the reorranisation committee
Tho local traction stocks. particularly Metro
politan Street Railway, have moro than held
thoir own, and Of the industrial sharos Sugar
Refining has been the feature. closinR moro than
three points higher than last week, in the face
Of what appears TO have been extensive real
izing.
Speculative dealings in securities have been
stimulated partly by evidences Of activity on
the part of n number Of important interests and
also by the tendency Of the money market to-
wardlower rates. The manner in which S5S. 000.-
600 has been paid into the Treasury on account
Of the Union Pacific purchase has gone q long
way toward sllaying fears Of al active
money market. Although q considerable
proportion OF the money paid to the Govern
mont on account of the Union Pacific
transaction is still in the custody OF the banks.
and another large amount has been dlsbursed
for the redemption Of the Pacific Rail-
road aid bonds and for interest on
the outstanding Indebtedness Of the Govern.
ment, the fact remains that the enormous sum
involved could not have been transferred from
various hands to others without causing serious
disturbance in the money market, had not OK
perienced t~lnanciers, including the Secretary Of
the Treasury, devised an adequate plan for
making those transfers.
The weekly statement Of averages OF the As
ISOLATED Banks, as 10 frequently the case. is mis-.
leading because 1t does not show the full effect
Of tho last payment Of 81 $4,000 o by
tho Union Pacific Reorganization Commit
tee to the Treasury. Tho withdrawal Of that
amount from the banks shows in tho statement
for only two days. whereas the extraordinary
disbursements by the Treasury Department
on account of principal and interest Of the
Government debt show for nearly the en-
fira tvoeR Tho hapka aro tharafnra pr0hahlv
somewhat lower in reserve than the statement
shows. There is no ground for apprehension in
this fact, since the movement Of currency. tenn.
porarily at loast, is toward this centre from the
interior. The statement shows an increase In law
full money of over $4,000, 600. tho greater part
of It in legal tenders. The loans have been
increased nearly 90, 100000. probably in con-
nection with tho final Union Pacific pay
ment. These two changes swell the deposits
by over 1ola millions. and In consequence
the surplus reserve is increased by only about
two-thirds Of the increase in lawful money.
The statement, together with the known move
ments of money, are likely to influence compar-
atively low rates in the near future. and that
circumstance is pretty certain to invite adj
ditlonal foreign borrowings in this market.
Among tho important events Of the week was
the announcement that the control Of the
New York, Susquehanna and Western Rail-
road has been secured for the Erie Railroad
Company. The Street has been inclined to
regard this transaction as having O bearing
solely upon tho anthracite coal situation. 1t
was announced to-day that tho Erie company
needs the Susquehanna road chiefly for the
expeditions and proper handling Of it's
through traffic. 1t was q question whether
the Erie would secure control Of the Susque-
hanna line road or lay an additional track
from Middletown to Jersey City. The ex-
oellent trade reports for the week. which
were published this morning, were supple
mented to-day by the information that the
Pennsylvania Railroad Company has awarded
contracts for 10O. 900 tons of steel rails, to be
used in renewing and extending Its lines. 1t is
reported in the trade that other orders given by
various companies. aggregatinR 10000 tons,
have recently been placed. The average price
10 understood to be about $1s a ton.
The improvement in the iron and bituminous
coal industries during the last ten days or SO
has resulted in q larger inquiry for the Sc.
curities Of the companies producing, man.
ufacturing. and transporting those sta
pies. All Of the anthracite. coal stocks
are higher than they were a week ago, and
there has been active trading in Tennessee Coal
and Iron. Cleveland, Lorain and Wheel.
ing. and Colorado Fuel and Iron securi.
ties. Regarding the last, it is officially
stated that the fuel business of the company
since July / has been the largest in its history,
both In volume and in respect to earnings. The
tonnage Of the Colorado Fuel and Iron Company
in November and December was $50, 600 tons
larger than In tho Same two months of
last year. AL Of the blast furnaces of
the company are now In full operation, and
their output Of pig iron is the largest they ever
made. All departments of the iron manufacture
ing plant Of the company are being operated to
their full capacity, and 1t is expected that about
the middle of March the improved steel plant
will be ready to execute the orders awaiting it.
To-day's stock market was active and strong,
In spite of q good deal Of profit taking incidental
to the close of the week. The dealings were
even better distributed than yesterday, and the
volume of commission business was larger. Net
fluctuations were in the main confined to frac.
tions, and the majority Of them were advances.
AS compared with the final prices of Friday,
Dec. 81. the entire list is higher. with the ex.
ception Of Susquehanna and Western preferred,
which closed 5A q cent. lower. The more i'm
portant net advances are in New York Central,
zls . cent; American Tobacco. 3a; American
Sugar Refining and Illinois Central. 34 each;
Consolidated Gas. 8; Union Pacific. 27s: Gen
eral Electric, 2os; Metropolitan Street Railway,
gig; Pennsylvania Railroad and Northern Pa.
ciac preferred. Oh each; Rock Island, 2; West
ern Union. 17s; Manhattan Railway. Ia; N. j.
Central. Burlington and Quincy. st. Paul and
Pacific Mail. 1's each; Northwest, Ia; Chicago
Great Western, Northern Pacific. and Tennes.
see Coal and Iron. lie each; Kansas and Texas
preferred and Reading. l each; Reading LIST
preferred. 7s; Southern Railway preferred. 81;
Atchison preferred. and Louisville and Nash.
vile, O. y cent. each.
Final sales compare with those OF yesterday
as follows:
Jan. 2. Jan. g. Jan. 2. Jan. 8.
A.T&sFe. l34 l3L Mich Cent. lO2L 1893
A.T&sFep Bib 3lh Mo Pac.... 34Ts 34b
Am Cot OIL. 22L 22Ts Met st Ry.. 1891
Am s Ref -. l44S l431 Nat 371 37a
Am S Ref pll5 ll5's Norf & 4 8 4s
Am Tob.. 9l4 81 n W CON-. LIZ 2
Brook r T.. 3sa. 49, Pao com. 2la 22L
Canada SO 63] 64h NPac pf... 6oS Ola
C.c,c & stL 35's $50 Ny crnt...lloS 1lOia
C.B&o...lolt l0lss NJ Cent. 81 o7Ds
Con oaa....lS0 $50 Omaha com 77a 77a
Ches & o.. 22Ss 22h 'ont& w.. l6a l6la
Oh @ w.. 10 l6is PEG G.. o6] o65
CT. & W.. ID 1871 Pac Mail. 3lh ala
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