The times., 1899-12-28

NEW YORK Dec. 27.-There was q fur
ther Improvement in today's stock mar
ket which continued pretty much along
the lines followed yesterday. The advances
In some Of the industrial shares and The
so-calIed specialtIes were very pronounced
and in The railway list substantial gains
also appeared. The market opened favor
ably. being influenced by the strength re-
ported in all quarters of the London mar
ket which was reported as being due to
expectations Of easier monetary conditions
hopes Of more encouraging news from
South Africa. and TO favorable progress OF
The stock exchange settlement
The main features or the local situation
were relaxation in the money market, the
frmness in sterling exchange, and a large
number Of railway traffic returns covering
various periods. The strength in sterling
exchange and the indications which that
market afforded that the exports Of gold
on Saturday would approximate in amount
those Of last week, appeared TO carry no
weight in the days speculative calcula-
tiOns. AS was the case yesterday, a good
deal OF the markets strength was plainly
attributable 10 the idea that a heavy in
vestmeut demand for securities would ap-
pear after the January interest and divi-
dend disbursements. and on this account
the bond market was stronger and more
active than for a long time
II seems questionable. In view Of the
uncertain outlook in the money market
whether such an investment demand as
was present last January VIII be repeated
with the coming month. although there Is
ffcf7r
Of next week viii attain an unprecedentea
total and a goodly portion Of the funds
released viii probably seek investment.
II WAS in such stocks as Metropolitan
Street Railway. Tennessee Coal and Iron,
Tobacco, Sugar. and American Steel and
Wire that the extreme advances were re-
corded. but IN the railway list gains OF
from one 10 two points were common. The
only c0nspicUously weak feature Of the
market was Brooklyn Rapid Transit
which broke very sharply in the forenoon,
the subsequent fluctuations being wide and
erratic. No very definite explanation Of
The peculiar course OF this stock became
public though perhaps it might have been
accounted for by fears regarding the up
shot OF todsy's proceedings before the
grand jury
The complete exposure OF the plans Of
the SesboarG syndicate through the publ-
cstion this morning Of a communication
from Nj Thomas F. Ryan 70 Mr. John
Skelton Williams. revived interest In the
remarkable state Of affairs now proceed
ing under The auspices Of the syndicate.
The communication sets forth in detail
and with authority the general situation
regarding tle operations Of the SeabCaId
syndicate as ii was published on December
IS The Williams syndicate seems TO be
following in the footsteps Of the eminent
fnanciers who some ten years ago were
so busily engaged in constructing the
Richmond Terminal Company Of odOrous
memory. il was recalled by persons fa-
miliar with the history Of that defunct
concern thar one OF its mos notable eX-
ploi5s was the purchase Of 10000 shares OF
Georgia Central Railroad stock az val-
ua-icu % 100 share.
This purchase was ultimately financed
through rhe issue and sale OF Richmond
Terminal per cent bonds. The Georgia
Central Company subsequently went into
the hands OF q receiver, and its course
was followed shortly afterWard by the
Richmond Terminal Company. One point
O. difference between The Georgia Cen
tral purchase and The operations now con
templa5ed by The Seaboard syndicate is
thar when 81 was acquired the Georgia
Central Company was actually paying diyi-
deBdS which was an eXcuse al least for
the virtual conversion Of ITS stock into
the bonds of the Richmond Terminal
Comp8ny The Seaboard syndicate, on Jne
other hand. undertakes To place an addi-
tional mortgage indebte tedness Of So 500
QgG on the consolidated system thus bur
deuIng II with an additional interest
charge OF about S5o0000, entirely for the
purpose q reimbursing The syndicate for
moneys paid for stocks. which with few
exceptions, have not paid dividends for
wears