The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-13

NEW YORK, Jan. I2-The weekly
statement of averages Of the associated
banks today abundantly bore out the ex-
pectation Of an exceptionally large gain
in cash The actual Increase in lawful
money amounted to S11,64S, $50, of which
amount SS.133, 7G0 was in specie and So
154, SEQ in legal tenders. The increase in
loans of 81, or. 500 was smaller than had
been expected, but it is explained that the
local borrowings were much smaller this
week than had been believed to be the
case. There was also a fairly large amount
Of liquidation in securities. The increase in
deposits of S1l,3S6, 100 was due in part to
the larger receipts Of specie from the in
terror and to the repayment by out Of
town banks of leans from New York City
institutions. The net result is an increase
in the surplus reserve of S,051, 975, bring
ing the total OF that item up to S22. 39S. csc,
as compared with surplus at the CORE
spending period year ago OF SIC, 707, 400.
The volume of business on the stock ex-
change today was exceptionally large. al
though not up TO the highest recent rec
ords for half holiday. The distribution
OF the trading was exceptionally good and
the course OF prices reflected the usual
shifting Of interest. The market was
characterized by some irregularity in the
early dealings, owing to sales to take
profits, but or the other hand there was
good buying in anticipation of an eX-
tremely favorable bank statement
The opening was excited and in the
main higher, partly owing to advancing
prices in American railway securities re-
ported from London. There was a con-
tinuation of the Improvement that had
been in progress in the anthracite ccal
stocks at the close yesterday, following
the inspiring effect of the increase in the
Delaware and Hudson dividend. Delaware
and Hudson at the outset made a gain CT
1-2 per cent, but the advance was fol-
lowed by q reaction of about five points,
due to liberal profit-taking.
The Reading, Kansas and Texas pre-
ferred, ST. Louis issues. Union Pacific
common Missouri and San Francisco sec
ond preferred. and Great Northern pre-
ferred scored gains, extending in the last
named to 3 per cent. The uncertainty
that still prevails regarding the outcome
OF the reported disagreement between
several OF the more prominent iron and
steel manufacturing interests was Tespon-
sible for sharp declines in the stocks of
some of the companies concerned. Ameri-
can Steel and Wire common sold eff an
extreme 1-2 points and National Tube
common declined about as much. Other
losses in the group were less material
and covering of shorts caused a smart
rally in Pressed Steel Car.
A feature of the entire market however
was sensational rise OF over nine points
In Manhattan Railway, on revived rumors
of a lease Of the company to the Me-
tropolitan Street Railway Another re-
port was that one of the larger life in
surance companies had purchased the en-
tire holdings Of a large interest in the
property. Official denisls of both reports
resulted in loss of about half the rise
The stock led the entire market, in point
of activity and, at a reaction of over four
points from the extreme high figure
closed with a net gain of "a per cent
The other local traction stocks were
strong in sympathy with the movement
in Manhattan, but were relatively much
less active. Brooklyn Rapid Transit, at
recession of a point from the early top
figure, left of with net gain of IA per
cent. Metropolitan Street Railway. on
transactions of a little over 1900 shares,
made an extreme advance of 41-2 per
cent and closed about 2 points below the
highest price of the day, but nearly
per cent above the closing figure on Fri
day. Ontario and Western was second in
point of activity and moved rather ir-
regularly, closing at fractional net loss.
Noteworthy gains other than those re-
ported were in Chicago. Burlington and
Quincy and Atchison common IA and
] 3-s per cent, respectively. Union Pa
cifc common closed nearly a point higher
and in the less active issues American
Tin Plate. American Smelling and Rein
ing. and American Copper improved to the
extent of SIS per cent. In the last half
hour the general market was subjected to
some little selling pressure for both ac-
counts and closed irregular