The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-04-02
FINANCIAL AND COMMERCIAL.
SATURDAY. April 1

More than 33H y cent. OF the present out
standing capital stock OF the Manhattan Rail
way Company was dealt In to-day In the twt
hours business session on the Stock Exchange
The net result Of this extraordinary actiVitl
was an advance OF 8 points. though at tho
highest figures struck by the stock in the
course OF the day It was quoted Is points
above the closing sales OF Thursday. Notwith'
standing tho remarkable strength and activity
OF the stock. Wall street went homo without
any definite Information or even concert o'
opnion as TO the causes OF the movement. IL
seems probable that to some extent the vio-
lence OF the rise was owing to the oversoId con-
dition of the Street. but that theory was not
accounted wholly sufficient to explain the noto-
worthy market episode. While there was
nothing more tina persistent rumorto account
for the course OF Manhattan Railway. aside
from the retreat OF the Street interest, 1t was
commonly believed that with the opening OF
the company's transfer books on Monday It
will be found that new interests have OBJ
tanned a strong ropre sentatlon In the COM
pany and that later on these interests will
appear personally IN the directorate. To-
days reports identified these new inter-
ests in the company with the active
group OF capitalists now directing the
efInirs OF the major portion OF the surface
lines In Manhattan borough. but. as noted. the
patural interest and curiosity in regard to the
AFFAIR were forced to go without the satistac-
tion OF any official or even authoritative con-
firmation OF the rumors in question.
The days dealings would have been ac-
counted noteworthy even without the ~particu-
LAP course Of Manhattan Railway. Metro
politan Street Railway was inactive. but Third
Avenue rose 10 points. In the railway list
there were advances OF l q cent. and more In
ll- nfArs htOn n
Great Western preferred A.. Rock Island
and Illinois Central. The Granger shares.
aside from Rock Island. and the Pacific
stocks were fairly active. and kept of
with fractional net advances. Brooklyn
Rapid Transit, which was ono OF the active
features OF the market. fuctuated widely. but
secured an advance OF l point, 1t was reported
in regard to this stock that certain privileges
would soon be offered to the shareholders In
connection with the financing ofthe ccmpanys
recent purchases. The Industrial shares
we're all active and in the main strong. The
transactions In Federal Steel common were in
volume and the stock scored an ad-
vance OF g points on the days trading. Official
statements in regard to the company's earning
power and the declaration that the stock would
soon begin dividends at the rate OF b cent.
y annum accounted for the special interest
j II ttlb al 80 ~ e"S
group there were noteworthy advances in the
American Steel and Wire stocks. American Tin
Plate, tho National Steel shares and Union Bag
and Paper. Pronounced advances were noted
also In Sugar Refining and In Peoples Gas.
The market closed strong and active. though.
many recessions naturally appearing
from the days lightest prices. While there
was the usual keen interest taken In tho
weekly statement OF average bank balances
trading was not mcaSurably restricted pending
the publication Of the figures. When the show
ing appeared. however. the market de-
veloped increased buoyancy. and many OF
the days most striking advances were made in
the last hall hours dealings. Specifically the
statement was not particularly encouraging.
but the general and reasonable opinion that
the position Of the banks will be substantially
strengthened within the next fortnight caused
its unfavorable features to be disregarded
Surplus reserves decreased $3.062. 575. and the
banks now hold l 5.495.000 In excess OF the
lawful requirements. The present percentage
OF reserves to deposits is 26.7. The loan ac-
count showed the comparatively small increase
OF S469. 900. while cash holdings declined
So. 1896 900. chiefly because OF the banks
operations with the Sub-Treasury. Some
hesitation and q moderate contraction In
the country's general trade are shown in
the weekly compilations Of the mercantile
which are chiefly accounted for by
the rather unreasonable weather prevailing.
Still the reactionary symptoms are little more
than sporadic and special. and they certainly
are not shown in such ultimate gauges Of the
general state Of trade as the country's bond
clearances and the current trafio returns Of
the railways.
As compared with the final prices OF last
Saturday. the majority OF stocks are higher. The
more important net advances are In Federal
Steel. 1889 cent. brooklyn Rapid Transit. 16X:
Manhattan Railway. 15H; American Tobacco.
ID :American Sugar Refining. o: Northwest. IL:
N. Y, Central. 81: Peoples Gas. 5h continental
Tobacco. 81 81. Louis Southwestern preferred.
8; Federal Steel preferred. IN: Missouri
Pacific. Pennsylvania Railroad and Tennessee
Goal and Iron. OK each; American Steel and
Wire, X: Union Pacific preferred. 1h; and tho
common TX Northern Pacific. ~ Rock Island.
]; st. Paul. KIN. J. Central and Metropolitan
Street Railway. y y cent. each. The note
worthy declines are In Delaware and Hudson, 2
p cent. Reading first preferred, ~: Southern
Pacific. y: Ontario and Western. Reading and
second preferred. \ "a cent. each.
New York Stock EIchange-SaIes April 1.
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