The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-26
FrvANcrAI AND conMsnciaL.
Feb. 25.

SATURDAY, Feb. %.
The weekly statement Of averages OF tho As
ISOLATED Banks fulfilled In the main popular
expectations. Although the movement OF cur
rency 10 the interior was comparatively small.
IL was not Offset, ms IL has been for several weeks
pnst, by heavy receipts OF specie from tho
Pacific coast. IN consequence the banks shown
loss in lawful money OF nearly S1OO.OOO. The
most significant change Is the increase OF near
" thirteen millions in the loans. the largest
increase, with one exception, since the begin
ming Of the year. The Street jumped to the
conclusion that this expansion OF the
loans was duo almost entirely to spec
ulatlve operations in Wall street. Those
operations are doubtless responsible tor n
mart OF the Increase; still. the fact should not
be overlooked that business Is unusually active,
and Is constantly making legitimate de-
hands upon lenders OF money. The larger
amount OF the loans is pretty accu-
rately reflected in the deposits. which
are S13.40O.0 0 greater than a week ago.
As the banks lost lawful money. they were
compelled to draw upon their surplus to mar
gin the Increase in deposits, and In consequence
the surplus Is reduced over -, O0O.OOOst 10 $780,
$4,000.
IL would not he surprising II to-day's state
ment resulted in q somewhat firmer money
market. but bankers generally do not look for
genuine activity In that market Mt this centre
rs long AS rates rule as low as they are
ut present at practically every important
commercial point in the country. This
view was not entertained by traders
npon the Stock Exchange, for they sold
stocks with a good deal Of freedom after the
publication OF tho bank statement. The mar
ket as a whole was active and irregular. An
improving though rather quiet market Tor
American securities in London and prospects
that an extra session of Congress will be
averted Influenced some buying through COM
mission houses. Three or four special move
ments also affected the general speculation.
These included a sharp advance in Sugar Re
Hning on reports that managers OF the com
many had assured their friends that the next
dividend upon the common stock would be Mt
the same rate rs paid heretofore. Another
feature was a rally OF . points in Burlington and
Quincy from the lowest roint. The activity in
American Steel and Wire at advancing prices
continued. The most decisive movement OF oil.
however, was in Ontario and Western, which. on
sales Of approximately 100000 shares. closed
nearly two points higher than yesterday. The
speeulation in this stock was accompanied by
rumors OF an impending change in the capitnli-
Eation OF the company, which we're not COIL
frmed. and by reports. which were much more
plausible. that the control of the road is pass
ing into the hands Of interests identified with
the New York Central Company.
VI the less active stOCkS 1HlTu AVENUE All
road was most conspicuous at II net advance OF
IL points. The trading in 1t was unusually
heavy. Reports that the company Is to be alb
sorbed by the Metropolitan Street Railway
Company could not be confirmed. Other strong
features were international Silver, Great
Northern preferred and Metropolitan Street
Railway. In spite Of the final selling move
mont by the professional element, the tone at
the close was fairly firm.
As compared with the final prices OF last
Saturday. the list is irreg llar. The more i'm
portant net advances arc in Third Avenue
Railroad. 4616 q cent: American Tobacco.
214: Consolidated Gas. 1874: American Steel
and Wire, 10Ts; n. j. Central, Az: American
Sugar Refining and Ontario and Western. 3t
each Tennessee Coal and Iron. 2: Texas Pacific.
~: Metropolitan Street Railway. Ia; Atchi-
son preferred. Is: Manhattan Railway. /. and
United States Rubber. = = cent. The note
worthy declines are In Burlington and Quincy.
3 q cent. Southern Pacific. 27s: New York Cen
trail. On; PENNSYLVANIA Railroad, 2s; Northern
Pacific, 2s st. Paul, rs Rock Island, rs: Cen
trail Pacific, Ia; Union Pacific preferred. Ia:
Northern Pacific preferred and Peoples Gas. l
each. and Southern Railway preferred. . q
cent.
New York Stock Exchange-SaIes Feb. 20.
UNITED STATES AND STATE BONDS TN 81 .000sl.
.2 U 8 IS. o.....1o6A 10 Us IS. ser B.. !
49, -, ,,xrr,. ,n.-r, 1890