The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-27

NEW YORK, Jan. 26.-In consequence
of a revival OF activity in ST. Paul and in
Northern Pacific common. the dealings on
the stock exchange in the two hours OF
this morning. were within 100000 shares
of those reported for yesterdays session.
The sales of St. Paul were in excess of
100, Geo shares. or nearly one-fifth of the
total transactions.
The fresh buying movement apparen II
began yesterday afternoon and was con
tinued in London this morning before
business was resumed here. The demand
for the stock, a part of which appears to.
be urgent, resulted in a net advance of
points The prevailing conviction in
the street, is that not only have nego-
tiations for the establishment of an al
lance between the st. Paul system and
the Northern Pacific. or the Great North
ern Company, or both, been resumed, but
that they have been actually concluded
and that definite action regarding the
matter will be taken en- Monday.
1t was commonly reported that one of
the trans continental lines referred to
will issue 1-2 per cent bonds tO-take up
St Paul common stock on the basis Of
eithUr or Z per cent. This transaction
will be similar to the one New York Cen
trail made in acquiring the Lake Shore
road and is certainly not moro improbable
than that important consolidation was con-
sidered. The transactions in Northern Pa
cifc common were approximately $4,000
shares, and at fractional reaction from
the best price i. closed l 3-S per cent
higher than yesterday.
other railway stocks that enjoyed note
worthy net gains were Rock Island, Chi
cago Burlington and Quincy, Missouri,
Kansas and Texas preferred, Union Pa
ciic. Southern Paciac. and Louisville and
Nashville. Less active issues that made
good showing were Erie second preferred.
Norfolk and Western. Pere Marquette pre-
ferred, Baltimore and Ohio. and Twin City
Rapid Transit
The latter attracted more attention than
il has for some time. and the realizing
resulted in a net advance of / 81 per cent.
1t appears from a statement Of the earn
ings that the net profits applicable TO
the common stock last year were per
cent
OF the local traction stocks Manhattan
Railway and Brooklyn Rapid Transit were
moderately active al net advances Of more
than a point, while Metropolitan on light
transactions closed fractionalIy lower.
In the industrial group the feature was
unusually heavy trading in Consolidated
Gas, which carried the price UP nearly
points. About half OF the maximum gain
was retained at the close. Federal Steel
and American Steel and Wire received
some attention in connection with reports
that negotiations have been opened lock-
ing to a consolidation of the two com
panies.
There was a further advance in Amer
lean Car and Foundry preferred, result
ing from the steady increase in the bust
ness of the company. II now has upon its
books orders for more than - 900 cars
and is filling them at the rate of more
than 800 cars per day.
In the curb market the features were
further material advances in Havana
commercial issues, a better demand for
American Bridge common and preferred,
and continued advance in British Colum-
bia Copper
The weekly statement of average OF
the associated banks shows a greater in
crease in lawful money than was indicated
in the preliminary estimates. The in
crease was SIC 451 600 nearly all of IL IN
specie. The expansion OF nearly so. &c.,
600 in the loans results partly from the
shifting of obligations from the trust COM
panies to the banks. as the former are
inclined to leave their money in bank at
2 per cent in preference to lending 1t
whenever the rate for call loans drops
10 or below that figure.
The increase in deposits is not ION
sistent with the two changes already
noted, being more than s.. 256, coo smaller
than is called for by the increases in cash
and in loans. The net result brings the
surplus reserve up to $50, 1873. 400. The
showing must be regarded as satisfactory
one in every respect. and ii was SO con-
sidered by the street.
Following the publication of the state
ment the professional element bought
stocks with even greater rapidity than in
the early part Of the morning and in
consequence the closing of the market was
strong at about the best prices