The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-22
HUGE VOLUME OF BUSINESS.
Unprecedented Condition on the
New York stock Market.


New York, Jan. 2l.-The unprecedented
amount of business transacted on the stock
exchange yesterday and today suggests a
possibility that has never before been con-
sidered in the history of the exchange.
Namely, that brokers and their employees
may be unable to handle all OF the bust
ness Offering.
In such markets as that of yesterday and
today it has been no easy matter for the
larger houses who are compelled to give
out or distribute their orders to find brok
ers who could give their business salts
factory attention
Owing to the reactiOnary tendency of the
market early in the week, the total trans
actions in stocks are few thousand shares
smaller than the previous week The daily
average, however, counting this os a half
day. was in excess of a million shares a
day. The number of issues dealt in is
eleven greater than in any week hereto
fore, being 22i. In bonds the transactions
make the extraordinary total of S37 .2S6, Gao
par value. The number of issues dealt in
also breaks the record, being 26S.
The pre-eminent features of the week
have been enormous investment buying.
particularly by institutions; speculation by
the public on a scale never before wit
messed, and at the end of the week
change of front on the part of foreign OPP
orators. After selling hundreds of thou
sands of shares since the beginning of the
year, European investors and dealers are
apparently coming to the conclusion that
they made mistake and are beginning to
recover their securities at higher prices
than they sold them. The chances are
that London will be quite an important
factor in this market during the first half
of next week.
The weekly trade reports, which are in
the main favorable. are calculated to in
crease general confidence in the business
situation. but the strongest immediate in
centive to buy stocks is found in the week
ly statement of averages of the associated
banks. Although the rates of money at
this center are not particularly attractive
to lenders, currency is flowing into the
city banks at the rate of 81 500 900 a day,
the increase in lawful money for the week
being approximately 9I50. 900.
In spite of the healthy activity in gen.
eral business and the enormous transac-
tons on the Stock Exchange, the banks
have increased their loans only S3,500.O0O.
In other words. to have succeeded in lend
ing only about one-thrd of the cash they
have received.
The net result is handsome increase in
the surplus reserve. The detailed state
ment shows that not only are the banks in
the aggregate in a strong position, but
each member of the clearing house is
stronger than il was a week ago. Back OF
this situation is the fact that Europe still
owes this centre many millions of dollars,
what is practically deferred exchange.
Todays stock market was in keeping
with the times. being a record breaker in
respect to activity since Saturday became
a half-holiday. The opening. influenced
By sharp rise in American securities in
London, was buoyant, and under the lead
of New York Central. Union Pacific. and
Atchison preferred the highest prices yet
made We're scored for a large number CT
stocks. The movement naturally invited
extensive realizing. but it had compare
lively little effect upon prices. Notwith-
standing the final reaction. New York Cen
trail closed . Ii higher than yesterday,
Union Pacific preferred 51-2, Atchison
preferred / SIS. and Pennsylvania "a.
Vague reports Of contemplated alliance
between all the Vanderbilt roads and the
Union Pacific system brought Northwest
ern, Canada Southern and Chicago, Cincin-
natl and ST. Louis into prominence at ma
tcrial net advances. Other noteworthy
movements took place in Illinois Central
Great Northern preferred. Delaware and
Hudson, and among the ow-priced stocks
in Minneapolis and ST. Louis and Chicago
and Great Western.
The industrial list was less OF feature
than for some time past. Sugar Refining,
Federal Steel and American Steel and Wire
issues were lower. but International Pa
per common showed exceptional strength
in the early dealings On the prospect of
diminished competition. General Electric
was strong on the electrical developm Mt in
this city, and American Malt, common and
preferred. gave signs of animation.
In spite Of the final reaction the tone
Al The close was very steady