The times., 1900-12-30

NEW YORK, Dec. 29.-While the year
now closing has not been an exceptional
one in respect TO speculative activity, it
has witnessed some Of the most remark
able developments that have ever occurred
in the financial and commercial history
of the country. The Industrial combine
lions that we're formed and promoted in
1925 1893 were naturally regarded as
marking great advance in the business
OF the country Time mas demonstrated,
however, that the movement included
many icjudioious capltalizaticps that we're
productive OF great loss to investors.
The distinctive feature of the progress
made this year has been its substantial
character. In the first place. important
financial legislation was enacted compara-
tiysiy early in the year. The events
enumerated have, with the usual good for
tune of this country, been supplemented
by excellent crops, particularly in the
South. where prosperity seemed most de-
sirable, for both political and economic
reasons. 1t is estimated that the cotton
producing States have realized fully S15,-
they did last year. Simultaneously. there
has been revival of activity in the iron
sa1 copper industries, which is also unac-
ccmpanied by noteworthy speculative
ventures.
Todays market. though not equal to
that Of last Saturday in the matter OF to-
tai transactions. was nevertheless very
active. The collapse in the West Austria
Ian mining market in London induced
heavy selling of stocks here by foreign ar
bitrage houses at the openinG. They sold
upward Of 50.00G shares OF various stocks.
but these were absorbed so rapidly that
the depression in prices al the opening
lasted only a few minutes. St Paul was
again the leader Of the market in every
respect. closing at practically the highest
price. which showed a ne; gain OF 3 5-S
per cent.
Other members of tie railway list that
made further contributions TO The days
business were Union Pacific New York
Central. Brooklyn Rapid Transit and
Texas Pacific. They enjoyed net advances
averaging more than a point Several
stocks that were conspicuous In tho mar
ket earlier In the week like Northern Pa
ci6c issues Erie issues. Ontario ana West
ern. and Atckison issues. were compara-
tiveiy neglected. There was 4 continua-
tiop OF the upward movement in Delaware
and Hudson while Lackawanna on large
transactions for that stock rose 8 IL
points. Other less active issues that made
noteworthy progress toward higher fig
ures were Illinois Central. Great North
ern preferred, big Four common, and
Mobile and Ohio
In the industrial list Sugar Refining
again held the first place. After an early
decline of nearly two points it rallied
nearly five points and retained fully half
Of the maximum Improvement. the street
is sun in the dark as to what has taken
place between various concerns in the SUI
gar refining and coffee roasting business. !
ard il Is possible that the public will
never be fully informed as to thu facts.
II can be stated without fear of contra
diction. however that the cutting OF prices
on coffee prepared for consumption has
ceased. and ii would not be surprising if
an advance In the price OF that commodity ;
by both Of the principal producers were
announced any day.
Other industrials that made good show
iRgs we're National Tube common, Ameri- 1
can Car and Foundry preferre: and United /
States Rubber issues. feature of the
week has been material advances in the
express stocks on very Light trading. The
express companies are, of course, partici-
patins in the increasing prosperity of the
country but the rise in the prices OF their
shares has suggested the possibility of
combination, or, IN the case OF some the
distribution Of accumulated treasury as
sets
The weekly statement Of averages of the
associated banks conforms more closely
than usual to the known movements of
money. the gain in lawful money being
only about S400, ,00o larger than the usual
computation.
The increase in cash was s5.915. 900. The
expansion CT the leans was not large, con-
exchange this week and borrowings Incl
dental to the end Of the year. The state
ment was unusually consistent in that the
sum Of the increase in loans and Of the in
crease in cash is practically equal to the
increase in the deposits. The net result
brings the surplus reserve up TO s11 ,525 900.
The statement as a whole must be re-
gardsd as extremely satisfactory, partieu-
larly for this season of the year