The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-28
FINANCIAL AND
COMMERCIAL
The Market for Stocks Was Narrow
and Professional.
SLIGHT INCREASE IN INTEREST.
There Has Been no Borrowing Demand
Manifest During the Week and
Time Loans and Mercantile
Paper Have Been Dull.
SLIGHT INCREASE IN INTEREST

Paper Have Been Dull.
NEW YORK. Jan. 27.-The stock nnr-
ket was narrow and professional TO-DAY
but reflected some slightly increased M
to new developments. Quite an active
speculation developed in IhlTu-<A'cnuet
which was feveris,i at a Level eNLenct'lS
10 61a points below last night e nu,no,a
were rife touching the plans for 1lilaicitS
the floating debt of this company, auo
denials followed quickly on rumors. Inc
market was disposed toresist ms lniiu-
eice, and hardened, the Spcclalues leaolhS
In point Of activity and strength:
The rather cheerful tone OF the trace
reviews, the good railroad earnings 1c1
the third week in January. and the eS.
pectution of a strong bank statement
prompted buying. The December state-s
ment of st. Paul checked the movement
on account of the decrease OF *Io',ou' ~
net earnings for the month by reason OF
increased operating expenses. Inc &c
crease In net earnings OF the system LOT
the fiscal year is thus brought up 10 SOL
600. The total was offered down sharp
fraction on the showing. Burlington close
ly following. and the whole list showing
the effect. There WINS but an 1ndlltereht
rally on the bank statement, ana prices
We're slightly lower than yesterday at the
close. The proportions of the loan IN
crease again proved surprise, thoush
the loan expansion was on!y 1Iactot,
by the cash increase. There has been no
borrowing demand manifest on the stock
Exchange during the week. and the CIne
loan and mercantile paper markets nave
been reported dull. although bankers have
been offering increasing Inducements TO
plnce loans The operations nave De zen
known of sufficient :. size to ca account Tor the
loan expansion of SI,515, GOO
small contingent OF professional ope-
rators in stocks and foreign arbitrage
brokers have done practically all the
ii. -, ~
past week. Dealings have not exceeded
IN volume those of last week, and In
bonds have shown decrease. There
were reported wide changes in prices on
several days, but they were but vibra-
tons, due to professional manipulation,
and the closing of contracts served to
draw prices back to last Saturdays level,
around which the mnrket oscillated The
reasons for the excessive dulness are not
entirely clear, as many conditions con-
form to those in formed periods of great
speculative activity, notably the large re-
dux Of money to the reserve centres to
active use In business and uniformly faV-
orable reports in business and trade
There is large body in Wall street OF
the opinion that the dulness Is only cX-s
plicible on the score Of suspense over the
outcome OF the wear in South Africa; but
two events there during the week induced
considerable activity in London without
awakening any interest in the New York
market outside of foreign arbitrage Off
ces and the professional traders. Prices
Oh 1ntSTn1uOnally 1lSIed STOCKS IcSpOilGeI
sharply, rs the narrow market made the
arbitrage operations effective in keeping
prices near the London parity. This Is
not conclusive evidence: though it is.
against the assumption Of the dominating
influence Of the South African war upon
speculative sentiment. The taldngs of
Gpion Kop was reflected in the London
stock market without inducing any ap-
preclude buying OF stocks here in the
one case or selling in the other. 1t is safe
to conclude from this that the world s
commerce and finance have so far adjust
ed themselves to the interruption of the
Transvaal gold supply from flowing into
the worlds stock as not to be severely
shaken by the events threatening a pro-
lonEation of the interruption.
Current returns from the Treasury show
q dIy-to-day surplus account of the
heavy revenue collections. The deposits
OF internal revenue collections in national
tho limits provided for by the Govern
ment bonds deposited with the Treasury
by the banks as security, after which the
taking up of the surplus by the Treasury
would be resumed The future of the
London money market depends much
upon whether the Bank of I;ngland's poll
cy of recuperation is in preparation for
Government loan issues to provide for
war expenses, an event which would pro-
baby draw gold from New York. Added
to these considerations is some feeling of
doubt and questioning aroused by the Very
free discussion and criticism of a New
York trust company. These accounts,
while OF Importance In themselves are OF
even greuter Importance in the principles
involved in the placing OF loans looking
to the promotion of industrial corpora
tons. The argument that prices of Sc
curities are at an inviting level must be
considered in connection with the fact
that vast amounts Of money We're spent
at the extreme high prices last year, COM
pared with which present prices repre-
sent heavy losses md encouragement or
inability to buy.
The falling off IN the rate of inflow of
the money seeking employment has served
todecrease the demand for bonds. Tho
market has continued firm for the most
part United States As declined 4. the
IS and old As registered q. and do.
coupon \ in the bid price
Total sales of stocks to-day We're 400
shares. including Southern Pacific. 5.147:
American Steel and Wire, 56S5; Brook
Ign Rapid Transit, 1875; Sugar. n.SGo.
MONEY AND Observation-Disclosures on
call easy at per cent: prime mercantile
paper, 4@3 per cent. Sterling exchange
firm. with actual business in bankers
S4.S4,4 S41a for sixty days; posted rates
Sass nnd Sass: commercial bills. s4.SsM@
4.SST. Silver certificates. 59sG603s: bar
silver, 592i; Mexican dollars. Az. State
bonds flrmer; railroad bonds steady; Gov
ernmcnt bonds firmer.
WEEKLY BANK sTATEMENT.-The
weekly bank statement shows the fol-
I Surplus reserve. increase '...S 5Oa2 800
Loans, increase ...... 1915 GOO
Specie. increase ..---... ... 5l5I, 700
Legal tenders. increase .-.-.. $3.50. 600
Deposits. increase ---.... 12,oSS. 900
Circulation, increase ......-.-- $4,000
The banks now hold 500. 1915 in ex-
cess OF the requirements of the % per
cent. rule.
STOCK QUOTATIONS.
Closing Stocks-
Atchison 1919
Atchison pfd ..-..-. -.-..---... 523s
Baltimore and Ohio .. 5Tl!,
Canadian Pacific 1875
Canada Southern ... ....... AS
Ches and Chic ...... slN
Chicago Great Western .... l3lS
Chi, Bur. and Quincy 1&l1s
chi, Ind and " II
Chi Ind and l.. MD 40
Chi. and East Illinois .-.....-...-S STE
Chicago and Northwestern ,...... 1J3
Chi. Rock Island and Pac.. JOG
C..rC.tC. and st. Louis. Co
Colorado Southern ....-. .......--. "a
Colorado Southern LIST pfd 4Ss4
Colorado Southern. I'd pfd. I4ls
Del. and Hudson Observation-Disclosures. iii
Del Lack and