The times., 1899-02-14
STOCK DEALERS REST.
Holiday on the Market and No Busi-
ness Done.

STOCK DEALEhS hESI.
Holiday on the Market and No Busi-
ness Done.
New York. Feb. 13.-The London stock
market was open today and the clerks of
a. few of the large foreign banking houses
braved the storm and got the cabled quota
lions. so as to forward them TO their en-
ployers at home. The adyices from Lon
don said that the market for the interna-
1ionally listed American securities had
opened firm, but had quietod, owing 10 the
holiday in this city. The closing was
steady, with the demand for stocks light.
Washington StocI. Exchange.
Opinions are Of course various as to the
probable course of the New York stock
market today. Several matters will have
their influence on the market, and it is
very difficult to predict what the total of
their effect will be. The three days holi-
day has given both bulls and bears good
rest and a time 10 consider what their
course shall be. The bank statement Will
be considered good by some and unpleas-
ant by others. Last weeks market while
irregular was in the main encouraging,
but it is quite likely that the bears Will
use the advance of many stocks as an
argument why they should be attacked
again now. London has sold a great
volume of American securities. but many
are of the opinion that the Britishers have
still stocks to sell in abundance. 1t is
noticeable. however, that a majority of
The conservative houses representing large
interests in the street and in the financial
world look at the situation most hopefully.
The long reaction, averaging six points or
more. and as much as ten points in some
Of the best stocks on the list, is all that
should be expected by the bears with the
country in its so prosperous condition and
money so cheap, they say. Also ii is all
that is needed TO clear away the weak
holders and establish a firmer basis for
future operations, and this perhaps is the
best argument for a beginning of the ad-
vance of prices again. Strong interests
unquestionably have been buying stocks
during abe past few. days, as the weak
people let them 60 And the stronger hold
ers Will not be disposed 10 sell out at
loss.
The bank statement is interesting and
on the whole it must be considered as
favorable. The loans are increased and
the reserve is 81 100000 nearer the limit,
but in neither case are these items of in
crease and decrease larger than in the
week previous. And at the same time
the loans are not really large enough
10 cause any legitimate apprehension, and
the reserve is still much larger than is
usual III lulS llIlt Vi tue ear anu pitulE
large enough for any demands that can be
made upon it. The great flow of money
from the interior continues. The figures
follow:
Reserves decreased. 81 l.aIo,sa
Loans increased. e.5lG.1Ol
Specie increased. l,5C,.jJl
legals decreased. l,223,3
Deposits increased. S,r56.6nD
Circulation decreased. 6>,ODu
There is much surmise as to the course
Of Chicago, Burlington and Quincy today.
Predictions are many that the stock is
now on its way to 145, but the reasons
given for this belief are vague. There is
a pool operating in Burlington unquestion-
ably, and it may have inside information
as TO the refunding scheme, which may
come at any time, of course. The refund
ing scheme. If it could be made on II
per cent basis, would be worth at least :
per cent TO the stock.
1t seems reasonable to suppose that Rock
Island and ST. Paul will move in the same
direction as Burlington, and it is possible
that either of these stocks may be taken
up Immediately for an advance as great as
that of Burlington has been. The latter
stock has now got considerably beyond
its normal position with reference to them.
1t is to be said of the grangers in general
that they usually lead any advance of the
market, and that if the decline is over they
will almost surely continue active for sew
eral days longer.
There is some talk on the street of the
probability that industrial securities may
be taken up with the beginning OF the gen.
eral advance. During the last month of
the boom they were comparatively neg
lected for the railroad securities owing TO
a general warning from conservative
brokers that they were dangerous. The ac-
tion of some Of the banks in discriminat-
ing against one or two of these stocks also
had its bad effect on them The argu-
nent now is that the pools behind Federal
Steel, American Steel and Wire. and one or
two other securities. and especially those
allied with the coal. iron. and steel trades
in any way, Will take them up again and
advance them actively with the resumption
OF confidence in the general public. The
Federal Steel stocks especially are talked
of as likely to make new high records be-
tween now and the time of the first divi-
dend on the preferred stock, which is not
far away.
The suit instituted against the Pennsyl-
vania Railroad by one of the minority
stockholders of the Panhandle road has
attracted much attention in the street.
and it is safe 10 say that there will be
lively trading in Panhandle this week
The suit is in pursuance Of a plan origi-
mated by a syndicate, represented by
Francis D. Carley. a New York broker
which is supposed TO hold 80 per cent of
the stock OF the road. II has been gen
orally understood that some such action
would be taken by the syndicate as ii has
been foreshadowed by utterances OF these
gentlemen. In brief it is contended By
the minority holders that when. a few
years back, the Pennsylvania road ac-
quired majority holding of the stock OF
the Panhandle it was only by signing
an agreement to pay out net earnings as
dividends. II is claimed that the road
has earned net per cent year and that
not only must all this rate be paid in The
future but also large back dividend i'm
mediately.
There is likely to be some activity in
Pacific Mail this week. as the chances fol-
the passage of the subsidy bill improve OF
disappear entirely. Friends of the com
pany have little fear that there will be
any large decline in the stock if the bill
goes over because Of the excellent position
of the company, even without Government
aid. On the other hand the certainty OF
a subsidy could hardly fail TO send The
price up with rush.
The Atchison securities are believed tc
be in the way of a good advance this week
II the market moves in the upward direc-
lion. Atchison preferred has been the falk
of the bulls for the last two weeks, but 10
the disappointment OF a large public hold
ing it rallied last week less than any other
stock on the list, almost On Friday night
in fact. the closing quotation was lowsl
hot s.Ff he IL lafs Ilsat . l,,