The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-22
rrxAxor1E AND coMarnRCrAL
SATURDAY. Jan. q

SATURDAY. Jan. Fl.
The unprecedented q amount Of busine ss trans
acted on the Stock Exchange yesterday and 20
day suggests n possibility that has never be-
fore been considered IN the history OF tho Elk
change, namely. that brokers and their en-.
ployees may be unable to handle all Of the
business Offering. In such markets as that Of
Yesterday and to-day IL has been no easy
matter for the larger houses who are com
PEELED to give out or distribute their orders to
ind brokers who could give their business sat
isfaotory attention. The representatives oil
smaller concerns on the floor Of the Exchange
have as n rule had all the business they could
handle. while the specialists in nearly
every stock have been seriously over
worked. All OF these last, owing to the rapid
fluctuations in prices and the volume OF regu-
lar orders they have had to execute or carry on
their books. declined some time ago to accept
any stop orders" for either account. Clerical
forces In nearly every of1oe have been Increased.
in SOM cases doubled. and still the work OF
completing each days business Is conducted
we'll into the night. Should the present condi-
ton Of Affairs continue much longer brokers
will certainly discriminate In accepting orders
not only from customers but from each other.
Twins to the reactlonary tendency OF the
market early In the week, the total transac-
tions in stocks are n few thousand shares
smaller than the previous week. The daily
average. however. counting this as n half
day, was In excess Of a million shares a
day. The number Of issues dealt In is eleven
greater than in any week heretofore, being
22l. In bonds the transactions make the
extraordinary total Of $37 .296.000 par value.
The number OF issues dealt In also breaks
the record. being 268. In both departments
OF the Exchange there were dealings in 492
different securities. The pre5minont features
Of the week have been enormous investment
buying. particularly by institutions, specu-
Iation by the public on a scale never before
witnessed. and. at the end Of the week. q
change OF front on the part of foreign operators.
After selling hundreds OF thousands OF shares
since the beginning OF the year European in
vestors and dealers are apparently coming to
the conclusion that they have made a mistake
and are beginningt 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. for the fortnightly settlement on
the London Stock Exchange begins on Wednes-
day, and the indications are thatit will develop
n serious scarcity Of American securities. Tho
floating supply in this market. particularly Of
the better class OF stocks. is not as large as
might be inferred from the magnitude Of the
dealings, because OF the large amounts that
have been paid for and taken out OF the Street.
The weekly trade reports. which are in the
main favorable. are calculated to increase
general confidence in the business situation.
but the strongest immediate incentive to buy
stocks Is found in the weekly statement OF
averages Of the Associated Banks. Al
though the rates OF money at this
centre are not particularly attractive to
lenders, currency is flowing into the
city banks at the rate OF a million and a half q
day. the increase in lawful money for the
week being approximately $9.750.000 In
spite OF the healthy activity in general busi-
ness and the enormous transactions on the
Stock Exchange. the banks have increased
their loans only s $4,000 In other
words. they have succeeded in lending
only about one-third Of the cash they
have received. The net result Is a handsome
increase in the surplus reserve. The detailed
statement shows that not only are the banks in
the aggregate in q strong position. but each
member Of the Clearing House Is stronger
than it was a week ago. Back Of this situation
is the fact that Europe still yves this centre
many millions of dollars on what is practically
deferred exchange.
To-day's 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 a sharp rise in
American securities In London. was buoyant.
and under the lead Of New York Central. Union
Pacific and Atchison preferred the high
est prices yet made were recorded for
y large number of stocks. Tho movement
naturally invited extensive realizing. but it
had comparatively little effect upon prices.
Notwithstanding the final reaction New York
Central closed 81 points higher than yester-
day. Union Pacific preferred 5h. and the COM
mon On. Atchison preferred 1H, and Pennsyl-
vania Railroad TX. Vague reports Of .
contemplated alliance between all Of the
Vanderbilt roads and the Union Pacific system
brought Northwestern. Canada Southern and
c.. @. and 81. Louis into prominence at material
net advances. Other noteworthy movements
took place In Illinois Central. Great Northern
preferred. Delaware and Hudson and among
the low-priced stocks in Minneapolis and st.
Louis and Chicago and Great Western.
The local traction stocks were comparatively
neglected. and Brooklyn Rapid Transit suf-
fored on the announcement that the company
is about to increase its capital S25. 000. 900 to
finance the Nassau electric system and pos
sibly acquire other transportation properties in
Brooklyn. Profit taking depressed the market
forManhattan Railway, but Metropolitan Street
Railway was higher on moderate transactions.
The industrial list was also less Of a feature
than for some time past. Sugar Refining. Fed
eral Steel. and American Steel and Wire issues
were lower. but international Paper common
showed exceptional strength in the early deal
ings on the prospect OF diminished compete
ton. General Electric was strong on the elec-
trical developments in this city. and American
Malt. common and preferred. gave signs OF
animation. In spite OF the final reaction the
tone at the close was very steady.
AS compared with the final prices OF last Sat-
urday. the majority of stocks are higher. The
moro important net advances are In New York
Central12K v cent. Union Pacific preferred 81.
Burlington and Quincy 9. Manhattan Railway
OK. Pennsylvania Az. Atchison preferred AZ.
American Sugar Refining Az. Rock Island 4.
U. 8. Leather preferred 3H. 81. Paul and Union
Pacific 8 each. Denver and Rio Grande preferred
~. Pittsburg. Cincinnati. Chicago and
st.. Louis IL. Northern Pacific preferred TX.
Louisville and Nashville IL. Atchison *.
American Tobacco. Central Pacific. Missouri
Pacific and Northern Pacific ] each. Reading
nrst preferred y. Bay State Gas and Wabash
preferred u each. and Chicago Great Western
u y cent. The noteworthy declines are in