The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-03-09

March q.

"WEDNESDAY, March 8.
The market for securities began 70 respond
to-day to the developments foreshHdowed In
this column this morning. The anthracite
coal stocks were unusually active and e1cep-
tionally strong throughout. It IL now becom-
ing apparent that those most. largely interested
in mining and transporting anthracite have
made very decided progress TOWARD minimiz-
ing competition and conserving profits. Read
ing hrst preferred was the leader In the
anthracite group. both in respect to activity
and the net gain recorded. Ontario and Vest
ern came next. and then Jersey Central. The
movement included Erie first preferred. Tho
action OF the coal stocks at once impaired
frmness to the entire list. The speculation
did not get fairly under way. however,. until the
announcement was made Of the declaration OF
the usual quarterly dividendo OF 3 v cent. upon
Sugar Refining common. That stock advanced
sharply. then reacted in n way that was disap-
pointing to the bulls. But the reaction was de-
lusive, for Il was followed by = more pro-
nounced advance than the first one that was
sustained to the close OF business, and left the
price 4 points higher than last night. The
Street Is inclined to see in the action OF the
management OF the American Refining Com
pany to-day. as we'll as In the market course OF
the stock for some time past. circumstantial
evidence that the war In the refining industry
30 NlaN iii ~ " ho vi NboS
war would certainly be q most important factor
In the entire Industrial situation.
Other significant movements to-day were In
Southern Railway preferred. in Brooklyn Rapid
Transit. In Consolidated Gas and In Chicago
Terminal issues. The buying Of the last named
is based upon plausible reports that the COM
pany will be benefited by the rehabilitation OF
che, Chicago and Alton Railroad and by the re-
latlons likely to be established between the
A. - A. pzINt.N. aSl nLsA ~Aaln
the last named being already q ten
ant OF the terminal company. Minor
movements deserving notice took place in
American Spirits issues. in Brooklyn Union
Gas. In Great Northern preferred. In Kansas
and Texas issues. In Long Island and in
United States Leather preferred. The only
noteworthy net decline was in international
Paper common, which broke 8 points from the
opening on comparatively Hight sales. which
were said to be in liquidation OF a block OF stock
given for plants recently acquired by the
company. When this selling ceased the stock
recovered about half OF It's early loss. There
was a revival Of interest in Central and in
Southern Pacific stocks. owing to the rapid
progress that Is being made In readjusting the
Central Pacific Company's capitalization. It
appears from the listinRs at the Stock Ex-
change this afternoon that already nearly two
thirds Of the capital stock Of the Central Pa
cifc Company has assented to the readjust-
ment.
In the last hour OF busin ess the quiet pick
ing up Of stocks during the last few days de-
veloped into a rather aggressive buying move
mont. At the sam time an increase in the
volume OF commission business took place.
Both occurrences were doubtless due to an
extent to a comparatively sudden relaxation
in the money market. 1t appears that large
amounts OF money were received from the
interior yesterday and. again this morning.
and in consequence some OF the banks marked
their call loans down to 8 y cent. On
the Stock Exchange the call loan rate was
broken to 2 per cent. by unusually heavy offer
ings. At one time upward Of SIS, 10000 o was
offered at Ok per cent. These circumstances
together with the knowledge the Street has
obtained as to the manner in which several
large payments are to be handled within the
next week. have dispelled to a considerable ex-
tent apprehensions that existed as to the i'm
mediate future Of the money market. The
closing OF the stock market was strong at about
the best prices.