The times., 1899-04-02
MANHATTAN STOCK
BOUNCES SKYRARD
Third Avenue Shares Also
Take a Sudden Jump.
Traders at a Loss for Good Reasons
for the Long Advances.
Federal Steel Gains Six Points
ON Enormous Dealings.

New York, April 1.-More than 80 l-3 per
cent of the present outstanding stock OF
Manhattan was dealt in today with a two
hours business session. The net result of
this extraordinary activity was an advance
OF nine points. though at the highest fig
ures struck by the stock within the course
of the day it was quoted fifteen points
above the closing sales of Thursday. Not
withstanding the remarkable strength and
activity of the stock, Wall Street went
home without any definite information or
even concert of opinion as to the causes
Of the movement. II seems probable that
10 some extent the violence of the rise was
owing to the oversold condition of the
street, but that theory was not wholly suf
fcient TO explain the noteworthy market
episode. II was commonly believed that
with the opening of the companys trans
fer books on Monday it will be found that
new interests have obtained a strong rep
resentation in the company, and that later
on these interests will appear personally
in the directorate. Today's reports iden-
titled these new interests in the company
with the active group of capitalists now
directing the affairs OF the major portion
of the surface lines in Manhattan borough,
but there was no official or even author
itatiye confirmation of the rumors in ques-
tion. The days dealings would have been
accounted noteworthy even without the
particular course of the Manhattan Rail-
way. Metropolitan Street Railway was III
active, but Third Avenue rose ten points.
In the railway list there were ad-
vances OF per cent or more in New York
Central. Atchison preferred, Chicago and
Great Western preferred, Rock Island, and
Illinois Central. The granger shares,
aside from Rock Island and the Pacific
stocks were fairly active and kept off with
fractional net advances. The industrial
shares were all active and. in the main
strong. The transactions in Federal Steel
common were in enormous volume and the
stock scored an advance of six points on
the days trading. Official statements in
regard to the company's earning power and
the declaration that the stock would soon
begin dividends al the rate of per cent
per annum accounted for the special inter-
est in this instance. Elsewhere in the in
dustrial group there were noteworthy ad-
vances in the American Steel and Wire
stocks, American Tin Plate, the National
Steel shares, and Union Bag and Paper.
Pronounced advances were noted also in
Sugar Refining and in Peoples Gas The
met CiO1cu -uu active, though /
with many recessions naturally appearing
from the days highest prices
While there was the usual keen interest
taken in the weekly statement of bank
balances, trading was not measurabiy re-
stricted pending the publication of the fig
ures. When the showing appeared, how
ever, the market developed increased buoy
aney and many OF the days most striking
advances were made In the last half hours
dealings Superfcially the statement was
not particularly encouraging. but the gen.
eral and reasonable opinion that the posi- |
uon OF the banks will be substantially |
strengthened within the next fortnight
caused its unfayorable features to be dis /
couraged. Surplus reserve decreased
3s,o6Zr5ss and the banks now hold s15. .495.-
ooo in excess of the lawful requirements |
The present percentage of reserves to de- |
posits is 26.7. The loan account showed |
the comparatively small increase of s46a- :
wv whiie cash holdings declined 81, ,ss5. GOO |
chiefly because of the banks operations |
with the subrreasury.