The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-15
rrxANclAL AxD toMnEnclAL.

aging exhibit. The increase in lawful money
the greater part Of II in specie. IL nearly
S7.OOO,OO Sub-Trcasurv disbursement
for interest and pensions are largely RESPONSE
BILE for this increase. Besides, considerable
amounts have been received from the interior
particularly from San Francisco. from which
centre gold Is constantly being shipped 70 this
CITY. The increase " S}.OOO!UOO in the loans
must be regarded as small In view ~ tho
present arco volume OF business and NJ srccn-
!Ation. The cnnnces are that the increase In
this item rs due quito as much to foreign hor-
royincs here through the exchange market as
10 any other operations. The comparative
" smRl; iucr"asc supports the view that
a good deal NJ .hr b,iying NJ securities this week
has been by actual purchasers. Asa matter Of
fact there has ccea u steady absorption OF So
%c1lrities br bona ndc buyers for two or three
years pnst thar has reduced the floating supply.
although Europe mas been steadily ltnuidntlng
les holdings NJ American securities within tho
same period.
Right hero il may he noted that. for tho frst
time In neary a decade. the volume OF sec,iri-
ties dealt In on III" Stock Exchange or likely
10 be listed gu the Exchange is being in
creased at IL rapid rate nv tho manu-
facture NJ stocks based upon industrial
enterprisCs. At the moment this is the most
seriousimenace to the market, yet It ~ one that
10 likely to be miniiniZ"d by the action of
money lenders who. according to all accounts.
. ~profting by their experience. ar" disin-
clined to encourage wild speculation in
industrial shares. by extending liberal accom-
modations to dealers in them, Returning TO
the bank statement. II Is interesting to note
that the Increase in loans is based entirely uron
cash in hand. All ofthe awful money received
has not been employed in the loan market.andin
consequences the surplus reserve is nearly 81
75O.O0O larger than a week ago. To-day's
stock market was In keeping with that OF the
preceding Ave days. being active and ir-
regular with strength predominattng The
average for the i've days and u half Of
actual business is well over 1.0OO,OOO shares a
day. and tho lumber of issues dealt in is UNI
Pre- sedcnted. being 2l3. In bonds the transac-
tioas have averaged ~S6.UOu.OOO par value a
day, and 254 different issues have received at
tention.
The features of to-day's market were Atchi-
con preferred. at a net advance of pa z cent.
Chicago. Burlington and Quincy. at an advance
Of pa; Southern Railway preferred. ut an adj
vance OF "a the common at an advance otnear-
ly a point. and Federal Steel common, at an ad-
vance Of -. The last named opened up 3
points above the final price Of yesterday, owing
70 the execution of two large competing or
Cars apparently at the market. The stock
was supplied i'll quantities that caused
. quick reaction: still, the heavy realizing
Gid not prevent a substantial gain from being
sePorded. Oaher stocks that made noteworthy
progress toward a higher level were Atchison
common. st. Paul. Rock Island and Read
mr. FIST and second preferred. South
ern parific and Central Pacific naturally
SHOW ell Il reactionarv tendency, and so did
Brooklyn Rapid Transit. in which the dispo-
sitioa a., take profits after the sharp advance in
the last two days was uninistakable. 4 long
list Of the usually inactive shares sustained
fractional not losses for the same reason.
The market as Il whole must be described as
the most extraordinary that has over been wit
messed. 1t is unnecessary to enumerate the
conditions that have produced the present
situation, but it i worth bearing in mind
that no matter how favorabl those con-
ditionS may b" and may continue to
be for n long time to come, eventually
the buying power will become exhausted
and. also. that the important Interests i'll the
security market ar" not insensiblc 20 this fact
nor unmindfuI OF the opportunities that are
certain TO occur 20 buy hack at advantageous
figures many 81 tho securities which the public
Is now climbing for.
As com pared with the final prices of last Sat
urday. the majority OF stocks are higher. The
more important net advances are in Pennsyl-
vania Railroad ga e cent. Burlington and
Quincy =. Southern Railway preferred So,
Manhattan Railway "a. Brooklyn Rapid
Transit 81. Northern Pacific 5ls. Southern
Pacific A.. Reading first preferred A..
st. Paul Al. Reading I'd preferred A, Union
Pacific Az. Atchison preferred 4, Central
Pacific 81, Atchison 3. Rock Island pa, Chesa-
peake and Ohio and Denver and Rio Grande
preferred . each. Northern Pacific preferred
IL. Louisville and Nashville IL. Reading IL,
Pacific Mail and Union Pacific preferred p each
and Missouri Pacific =, e cent. The noteworthy
declines are in Pittsburg. Cincinnati. Chicago
49, n. Vs - n n---Is a.
q. s. Leather preferred Ia. American Tobacco
e. Kansas and Texas preferred "a. Federal
Steel and Western Union "a q cent, each.
New York Stock ExchanEe-sales Jan. Ia.
UNITED STATES AND STATE BONDS I'm ST. oOOs).
Id U 8 Be, c...... 9Va F deb 2.ss
or lesl....... S5
46 Va Sc d. r 8
CLOSING PRICES OF UNITED STATES BONDS.
Bid. asked Bid. A.t,d.
I'm 81 os.r /, I'm st IS. r,
at pl ofG eeh i"2o"..l2eh 1904
Q 8 8s, 1908. I'm st As. C.
1915. r.. ,loeH 1914 1o25..,1eeA 3
q SIS, 1908. I'm st 6s. r,
Ipis. o..lo7h los 1so4....ll2h llaH
I'm 81 4s.r Tn st 5s, c.
1907 ...,lllA ll2Ai 1904 .".l 2H ll3N
I'm St IS, c, I'm st 3.65s. r.
1901 a...ll2A ll3hI 1924. Dolls
RAILROAD AND OTHER BONDS I'm 81. OOOsl
IL Atch adj Is. 80 8 Met FL LIST. Lilo
a:"y"",""-", eom 2 Metn ad."..1oeH
so ,.,"."".''"' Soa 3 Mob Il o gnl. IS
76........ 79Is l.,. gu
81 ..."""."'"' 81 4 Mo Pac cn...".llg
10 Atch gnl ~. e, zoos 11ok
% ............loo1@IoO ........,..1IoH
go lou'e 8 oPT5s..... 90
3 Adams EI +s"Aoo q Nor ? Ter LIST. IFS
10 Ala Mid 'si.''' w 3 n p prior As. l
Ann ArDor@s' Oh 8 n p Gnl 3S...,. 6o4
! O Ats a n W list. e3's' l............ col
b",""''"' ." so -. .,,. ore. 8
27 ....,.,"-....,. % Ids ....... GOA
20 b 4 o us wi. 96&i 4N&WcnAs On
Brock Il 7 SIS. llO4 O aoz
2 Br Fl LIST. tr.lO3 lO. som
...".'.""t'!oE l5NJCGnl IS. ia
a Cues . O an hsl Ia IONIC ool
go C 4 o gnl %ias,. e2al a,6s 1oo
go ......",..,- . . 5. 1Ook
81 ,'-,,','"' 70 NY.C&SL4slO64