The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-06


Broken-The transactions AErre-
gate I.I7i.GOo shares onicinIIy Re
ported-HeaNy BuyinE I'm 81. Paul,
Reading, Eric, and Trunk Lines.
NEW YORK, Jan. 5.-The day that end
ed the remarkable week that has Just
been closed upon the stock exchange
proved fully as notable as any OF those
Immediately preceding, and contrary to
all reasonable expectations. it furnished
as great a sensation as the street had
previously experienced. The excitement
that had attended the phenomenal move
ment in security prices. incidental TO the
reported negotiations for a transfer of
the control Of the Chicago, Milwaukee and
St. Paul, had not abated, when, just be-
fore the close, brief official statement by
prominent banking house was made that
the Central Railroad of New Jersey had
been purchased in the interests of the
Reading Company, and had been accepted
by the management of that corporation.
Following in close sequence upon the
acquisition of the Pennsylvania Coal Com
nouncement more clearly illustrates the
determination of the larger security own
ers of the great anthracite coal proper
ties to secure legitimate returns on the
1888 Gee eco of capital invested in them.
The concentration of ownership in the
trunk lines, including the anthracite rail-
roads, means that vast sums of money in
the aggregate will he saved to the great
benefit of the owners of the securities of
the respective properties, and the public
will be able to secure stable rates and
prices without any appreciable increase
in transportation charges or in the price
of coal. In the comprehensive plans that
are being elaborated for the advantage OF
the great transportation interests many
properties other than those that have
been directly concerned will be benefited
Undoubtedly the Improvement will ex-
tend to the larger lines that depend for
tonnage, to a considerable extent, upon
the transportation of bituminous coal
The Reading in addition to its paramount
interests in the anthracite coal industry,
is also heavy shipper of soft coal The
Erie, Baltimore and Ohio. and Pennsyl-
vania railroads also have a large tonnage
of the bituminous product.
The opening of the stock market today
was very exciting, the greatest interest
certTi2E IN s. 5'-'i. The market for that
stock Z Ioncor -rd been reported by ca
rari1iy 70 Zee @uGl,r mt of 162 1-2. or
about I'VE q, ats aiEir han the closing
figure in this market yesterday
The opening rrice b uif d rufral1lg
quotation of 161 to 1e2, was made on s 900
shares. The last mentioned figure was the
highest recorded, and after a recession Ct
l-2 per cent the stock closed Ia per
cent lower than yesterday. The dealings
in it were only about % per cent Of to-
days transactions.
In other shares, the early extreme adj
vances as compared with yesterdays final
GALES ranged from > to points, the most
conspicuous improvement being shown in
Reading first preferred which advanced
TO Il, as compared with - at the close
yesterday.
Other exceptional early gains were made
in the Erie stocks. Northern Pacific Tre-
ferred. Great Northern preferred. Balti-
more and Ohio common. and the Union
Pacific stocks. The anthracite coal shares
supplied about one-quarter Of the total
dealings, which were the largest ever
officially reported on half holiday, ag-
gregating 1.1746OO shares.
The transactions in Reading common
aggregated los, 300 shares. The stock
opened at 80. sold off five points, and at
a rally Of 2 Is, closed Is points higher
than yesterday. The dealings in Read
ing first preferred Appropriated 100000
shares. That stock opened at a, sold off
nearly five points and closed TWO points
net higher.
The second preferred accounted fer
nearly S0,0 600 shares and the stock showed
a net gain of 3 II per cent, closing at the
highest price of the day.
Erie common and first preferred also
displayed activity, and scored net gains OF
! 1-2 and per cent, respectively. The
dealings in New Jersey Central were only
moderate, and at a recession OF three
II ~. yg.,,~
closed with net gain OF per cent
The early dealings were followed by
sharp countC- movements in prices. but as
rule the market reflected the enormous
realizing sales that followed the advances
at the opening. The volume Of business
in American Sugar Refining was Of very
moderate proportions for that stock. and
at a rally OF less than a point from the
lowest figure it closed nearly three points
below Fridays final sales.
Tennessee Coal and Iron and Peoples
Gas were also reactionary throughout, and
on moderate dealings scored net losses OF
4 3-S and per cent respectively. Stocks
other than those mentioned that enjoyed
good share of attention included Missouri
Pacific, Northern Pacific, Union Pacific, and
Baltimore and Ohio.
The bank statement was fully as fav-
orable IN the item Of cash as had been
fore5hadowcd. The prospect Of Europe
asking for financial aid disposes experts
10 speculate regarding the amount Of
local funds that may be available in the
next month or two. Owing to the absorb
ing interest in the stock list, the bond
market was 10 an extent neglected, but
the dealings there. approximate s240s
900 par vaiue The stock market closed
excited and very irregular. but with the
majority of the active shares showing net
gains.