New-York tribune., 1899-11-26
financial.
The Financial World.

nrobabIy have experienced something like a hur-
rab movement on the bank statement. which
came up fully to expectations. The Increase In
the surplus reserve was nearly s6IOOOO;
which puts that item about S6.40.oO above
the legal line. The market had on Friday
moved up in anticipation Of showing some
thing like this. II being calculated that the
hanks had not only gained by the bond pur-
chases. but to some extent by return move
ment Of money from the interior Call money
rates through the week had moved toward
ease as a result Of this better position OF the
hanks There had been a nurry in the early
part when the rate ran UP TO Ii per cent but
this was temporary and attributable to the
city financing connected with It's pond issue
One result OF the selling OF United States
tonds by the savings banks has been better
demand for such Issues OF railroad bonds as
these institutions are privileged to invest in
The money received from the Government has
thus come TO the railroad bond market.
1t was very noticeable that though the mar
ket closed a. week ago with indications that It
would open strong on Monday. 1t in fact was
rather weak that day, conspicuously so In the
morning though It rallied little in the after
noon Various reasons were assigned for this
but II looked as IL the most potent one was
desire on the part OF the majority or holders
10 realize the market having been worked up
so that II would take reasonable amount of
stock Thereafter It was market or spe-
cialties until Friday. when the list generally De-
came strong on the easier tone OF the money
market and on anticipations that the oanH
statement would make the sort OF showing which
it in fact did.
While the specialtes moved up. or down. as
the case might be. the list as a whole remained
dull so that the commission houses did not get
much out Of the business. They never 90 when
activity Is restricted TO two or three stocks.
On one day, It was Three C's and General Elec-
trio which went up: old time friend NORM
American %. T. It was once, mad IlVey
innings on another day; Sugar monopolized at-
tention for a while; then it was the coal stocks,
rather in a mild way; Leather resumed its gym
nastic performances: then the gas stocks had
their day; but B. & o. common and preferred
came we'll to the front in the latter part OF the
week.
The buying Of the B. & o. stocks was noted
here last week when IL was remarked that while
the upward movement in the preferred might
he logical on its near approach 10 becoming
dividend payer IL was not so easy 10 see why
the common should go up into the o0s. How
ever the buying of the latter has been so large
since as TO indicate some scheme under way by
which that stock also is to be benented; ana
the reports are that new deal is contemplated
bv which the present common and preferred
stocks will be retired and new common STOCK
be issued for both that earnings can De
equally distributed. This Is the report put not
official. B. & o. preferred stock is restricted 10
per cent. as are Union Pacific and Northern
Pacific preferred There are Of both stocks, out
standing, S42, 100000 common (of the Sio,ooo'-
600 authorized). and nearly the tuil amount OF
authorized preferred S6000000O. Back OF the
vague rumors OF new stock deals lies the solid
fact that the earnings Of the b. IL o. nave
greatly and Unexpectedly increased and that
there is something substantial in the recent ouy-
ing of the stocks, comes from the best au-
thority What the new developments are IN
respect to the property VIII probably soon APP
pear 1t is also likely when they do appear
that they will have been discounted IN 'he
market This is the usual way
The coal stocks were furried somewhat by
the very prominent publication in the papers
OF the project for building new coal line 10
tide water over the bed of the old Delaware &
Hudson canal in the interest Of the Pennsyl-
vania Coal Company and the independent coal
get a line which would make them independent
~ the coal companies which control the rail-
roads The PENNSYLVANIA Coal Company Is
connparativey small one among the coal cor
noret,ons but It is very rich. It's coal Is now
carried by the Erie The new project has solid
financial backing and will be put through
straight enough. 1t was to this scheme that ref
erence was made in this column recently when
IT was remarked that there might be special
reasons for weakness in the coal stocks. Olilcers
OF the old companies. who fully recognize the
Importance Of projected line. console themselves
with the reflection that II is not built YET ana
will take a wear or more 10 build. This is true.
but II nevertheless Is something to be seriously
considered in respect to the future OF the coal
stocks. 1t is rumored that Mr.. James j. Hill
is interested in the new line.
The gas stocks came to the front when an
nouncement was made that the Amsterdam
Company had put up the price OF gas to the
legal limit The conclusion was at once jumped
at that the gas war was over, which, however
does not appear to be the case The warning
companies are the Consolidated, the Amster-
dam and the Standard. The stock Of the latter
is in the hands OF few men; the Amsterdam
stocks are not listed on the Exchange, ana are
only dealt in the curb; the Consolidated
stock is the only one commonly dealt in ana
as 1t sells close to 200 dealings in that are re-
stricted mainly to millonaires They perhaps
can afford TO hold stock at that price while
1t is only paying per cent. and the company
is engaged in a costly war 10 crush rival con-
Germ. The Amsterdam Company, il is asserted
put up the price because It is now selling all the
gas 1t can make. and its territory cannot be IN
yaded by the Consolidated during the winter
months, it not being permitted 10 open the
streets during this period. The company. there
fore seemed safe TO put up its price to a paying
basis for this time. The other companies dld
not follow suit. and Consolidated Gas stock.
which had rushed up above 200. promptly fell
back When this stock some time ago. fell 10
about 1S1 about twelve thousand shares were