The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-10


NEW YORK, Feb 9-The dealings in
bonds on the stock exchange this week
foot up s+5. 6S1 GOO, par value. This is by
far the largest total on record l. seems
hardly necessary to add that it reflects
an eNtracrd nary investment demand, even
il there is deducted from this total the
enormous dealings in Wabash deben .ure
BIS, which have doubtless been bought
largely in connection with an impending
change in the control of the property.
These bonds have voting power and. as
interest viii have to be paid on them be-
fore any distribution can be made on the
stock, it is obvious that any interest seek
ing to acquire control of the company
would purchase the bonds in preference
TO the stock. There have also been I'M
usually large transactions in the stock,
in consequence of the belief that the Wa
bash system is likely TO become allied
with some one of the companies with
which Ii connects.
Rumors in the main indicate that this
alliance will be with the Delaware, Lack
awanna and Western Company. The de-
mand for investment securities in the
bond market fOreshadows the rapid ali
sorption of the several new issues an
nounced this week, namely those of the
Reading Company. of the Baltimore and
Ohio Company, and of the Union Pacific
Company.
The speculation in stocks has been
shaped largely by the decided progress
that has been made toward bringing into
permanently close relations the largest
producers of iron and manufacturers of
products of iron and steel. While the
dealings in the so-calied iron and steel
stocks have been on an enormous scale.
they have not overshadowed the activity
in other sections of the market. The ac-
QUESTION of the Southern Pacific system
by the Union Pacific has stimulated very
active demand for the shares of the last
named company at advancing prices.
II should not be overlooked that the
transaction not only gives the Union Pa
clhc system the shortest line TO the Pa
cific Coast. but also secures to il the
means CT collecting and distributing traf-
nc over the entire Pacific Coast. Other
trans Missouri roads will, of course con-
tinue to exchange traffic with the Central
Pacific division of the Southern Pacific
Company, but they will have to do so on
terms fixed by the Union Pacific Company.
which is. therefore, in a position virtually
TO dictate and maintain ans-continentaI
rates
The chances are that various combina-
tons in the railway field are being held in
allegiance because so many bankers and
capitalists are devoting their entire time
and attention to the contamination of the
iron and steel deal" There are unmis-
taxable Indications that half a dozen of
the principal smaller roads in the Middle
Western States are being considered for
their value in combination with each
other or with connecting systems. SINH
lar evidences of minor combinations are
discernible in the market for the shares
nt the smaller companies that provide the
STATE OF Colorado with transportation ia
cilities
In the industrial situation there has
been decided Improvement in Sugar Re
fning this week. and evidence has been
furnished to the trade CT the existence of
harmonious relations between all OF the
reAners. In ether sections OF the country
the distribution Of merchandise is Oh q
satisfactory scale. Bank clearings at that
centre have been swollen BY the trernen-
dous dealings In securities so that for
the week they are 80 per cent larger than
fer tn corresponding week last year
Today's market was active. and in spite
OF good deal Of profit taking Incidental
10 the end Of a bull week. final figures
We're as a rule higher than those Of last
night MS was conspicUously true OF
Atchisnn common which in the late deal
ings advanced more than two points.
In the iron and steel stocks realizing
sales resulted in fractIOnally lower prices
for several issues. but American steel and
Wire common was exceptionally strong
at net advance Of nearly a point Minor
railway issues that scored noteworthy net
advances were Chicago and Eastern Hi
Gois common. Colorado and Southern first
preferred. and St Joseph and Grand ISL
and common and second preferred.
The weekly statement of averages of the
associated banks shows another large in
crease in the loans. presumably due in
part to the financing Of some of the larger
corporation operations, pending the issue
Of new securities to take up those that
have been purchased for the purpose of
virtual consolidation.
The increase in cash IS not large. being
little less than 81. 100 eco The Increase
in the deposits brought about by the two
changes noted required more than Sc. 0O0.-
900 reserve, and in consequence the sur
plus is reduced nearly 81 SOC 00O
The publication of the statement stimu-
lated professional selling OF stocks. thus
helping to bring about a reaction in
prices that is both natural and desirable.
The closing was in the main firm