Show taiij LLRECOS ECUPSED Unit0 1np t TSFOR Unprecedented Business Past I an Its Week in Wall Street lo or en MES IirL RAILROAD STOCKS LEADERS J iImmddiato Impelling Cause of the Rise Is the Growth oftho Community Com-munity of Interests Policy Among 1 i the Railways Yesterday New York Traction Stocks Led the List There Were Erratic Fluctuations in the Security Whole Market Bssponded i and the Close Was Decidedly Weak c SILVER Now York G3Vo San Francisco rcafcu London 24i l LEAD New York exchange SVfti COPPER I cea York exchange t 1700 Now York Jan 12 Today will go down I 1 Iii Wall street as ono of the record days I I which have become t3 frequent of laic Speculative sentiment took on lie nervous ner-vous highstrung characteristics which fliavo so frecjuontiy recently caused iwldu and excltod fluctuations In some stock or groul of stocks which wero affected by I omo Important development or a rumor I I of some development Today Ji was the local traction group led by Manhattan The erratic Jluccuatlons of this stock made 11 evident thai the violence of the movement move-ment was in a large measure duo to lie I existence a lurgo short Interest which muniKsicU acute distress on the auvunco I which carrltd the suck up 9j points with a subsequent relapse of 5 points The sudden advance In the local tractions trac-tions was taken advantage of for very iheivy realizing nil through the list and when Manhattan Itself gave way tho jfwnolo market broke rather sharpl with f the result that tho closing was decidedly tweak and with net losses predominating over gains The earJj market was strong and npl nmted unncr the continuing Influence of the advano in the Delaware c Hudson dividend and tho largo and concentrated buying In that stock and > other of the anthracite group Ontario fc Western opened wide with 20CKO shares selling ut froin 25 to Si ihln latter was the top prcle After toe realizing movement In vlled by the opening advance Iho bujis iralllcd hue market and brought forward jijw points of strength f The coalers Union Pacific B O the grangers tin plate and a number oC loss 1 Iprlccd nillroud stocks had periods of strength Mlnncsoia Su Louis jumped lo ana Ihu preferred iPi points In the Elate realizing movement tee steel slocks idcvelopcJ special weakness on the fears tot n war of competition between the great powers In the trade National Tube Bund Steel and Wire each broke 3 < i The reaction Hi Delaware Hudson was 554 LNatlonal Lead dropped GV1 and American Express v > Jd at u decline of 16 points from the last preceding sale it is practically assured that next week wilt see tlio beginning ot gold exports land experts estimate that tn movement vill reach from ir000000 to flM000000 It 05 asserted In Wall street today that arrangements had already been made for the snlpment of a conpfdcniblo amount Foil next Wednesdays steamers steamer-s The business In stocks the past week jlins eclipsed all previous records Follow ing the unprecedented tnidoof Friday and ibuturday of lost week which reached the HilhosL records for a full days trading anti a Saturday half holiday hue uggre i gate sales on Monday were lifted well abeie the 2oooi shares level for the ijlrst Limo In tho history of the New York I stock exchange Unlike thu great bull finarkcL ot two years ago In which the JiflwlyjllfMjgt Jrulustrlnlsinels madeI ho hulk of the trading the present market 1s distinctly one 01 railroad stocks and the industrials play an Insignificant part The Immediate impelling cause or tho rl IBO is tho growth or the community of interests policy among the rallroada M The purchase of the Ccnlral Coal coal Jpany for the Eric tho purchase of the r r r Central nillroad qt New Jersey for the Beading tho appearance In lie Erie directorate fl direc-torate in community of control ot Inlcr r24 t oflts that have been rivals In the railroad ml jfleld in tho Northwest acquirement t fl of St Paul stock by J JHlll of the > 4 Great Northern are the concrete facts 85 from which IK inferred a general adoption A 1 of ihln policy among railroad interests 3 Countless rumors have circulated of other plans In process of execution but t thcso mire the only wellauthenticated de r vclopincnts The Importance of this cle I fvolopmcnt as the last or Iho latesl step Lin tno rehabilitation of the railroads of 5 of I the country by insuring maintenance of se i freight rates can only DO understood by a comparison of conditions In the railroads 2 of rail-roads with those of a few years ago ma Then there wa a < pretty general condition card j condi-tion of bankruptcy and wreck among the for railroads of tno country Tho proolcm Jprescnied AMIS complex and formidable mai Bonded Indebtedness was unwieldy both ma l > y reason of unscrupulous inflation ot capital Issues and the high cost of con i Htructlon and material In Ito earlier 1 periods The construction was so flimsy In many cases us to keep the annual cost I of imilntentinco and repair up lo a high I level of oxpendllure Rate wars reaching i 1 the point of extermination had brought 1 the level of freight rates down lo an un I 1 prolllablo level and the structure und equipment of railroads made them In A j ofllclent Irstrumenls lor cheap traiiHpor + tatlon Even Ito growth of freight business i I busi-ness attracted by tao low freight charges therefore could not be taken advantage vho I ofU I U is In Us bearing upon Iris obsltnato tilt 1 problem of railroad rehubllltallon that 4 jllio new policy of community of Interests ough Inter-ests has great Importance An Increase of onetomb of ono cent in the average Icjrt i chargo for transportation of a ton of freight ono mllu would incrcaSQ railroad i earnings In tIme country many millions rice of dollars every year This Is a suftlclont tormn indication of the sulvanlagcs lo railroad tluo I mockholdcrw of doing away with rate A culllhg and sjjcret renalca which Is bu i lleveil to bo assured by Iho transfusion 1 interests among Limo competing and con necllng railroad lines But this fact of a ppceulallvc Inflation followed by I reaction 1 reac-tion docs nol niter Iho Impressive 1m 4 I proveninnt In condlUonH whlcli have proved the Intenllvo for thw speculation Tho demand for bonds has oecn largo but by no means ctfmmensurale with i 1 stockw us their level of value has been L more accurately known by reason of tho i llxed Interest returns united States 2s refunding advanced Ji per cent over Iho 4 call price of a week ugo BOND LIST I + + U S 2s ref rcg lOT j D R G Is 100 U S 2sreC coup 1t1rt Nor Puc Is 70j fl ITJ 8 Ka rog 11fi is 101 4 1 U S 3 coup 110 Or Nay Is 100 1 i U S u 4s tog 137 4s 103 1 i j U S n 48 1 coup KfTVbO S L Cs 123U es tV S old IK reglll I con OS ilfiit T IU S od 4s coup14 fE G West Is W JU S 5 s rcg in So Pac La MV lit LO T JtmV i B 5s coup lia Union Pac Is IiI Ii-I t iSoIo3oLo 85 I ii i CLOSING STOCKS tvtl I llahiroadl5 jretcrrert KMchlsojl jq1 W Si L K i2 0 j preferred 8 < xk 2nd pfd S are 4 jalt I J tWis Cent 15 joyS i Can Pffl 90 Third Ave 122 torY 41 fan Southern 5S ¼ B O prd owfl i LIIIPS 5c Ohio 41 Nail Tubo I lil GL West 16i preferred tutp I 7 B c Q us Express Corn i Ihl hid Sc L 23ht iuuiieS L preferred 5o Adanis 115 4 Chi E I 95 American 12 1 C A N w 1731 United mates 55 C R L P IQiWcllj Fargo 133 1 4 J C C St L TTvs MlsccllanoouKT i Cole Southurii S lAth Cot Oil 00 i 1st pfd 43 > < profurrod t SS L 4 2nd pfd 17yt Am Malting 42 51 el l f Hudson lFG1 preferred T a I 1 L W liTk Am Sm R C l 4 D R Cr ffl ii preferred 07 ii preferred SI lAmSplrlla 2i t k Erie 29 preferred 17 4 + i kl lit pfd WiAm Steel l II LsJ4 I l Gt Nor pfdCoal 1W i preferred 1w 1 1ockIn Coal 15 Am toel l V V iOt ci d 31O Icing Val 4lVi prof erred i7 0 c ° T ill Central 1X5 Am Tin Platu1 02 I j 3a Central 21 preferred I L preferred COli Am Tobacco 11434 pCt > t ii Es r E < fc W Ub preferred 110 Iflp t L preferred Ill Anaconda 47 herS V 14 alto Shore Zl Brooklyn R T I JiUie Ninh M Cole F Ss L 52 ½ n 1 lifalonhatlan L 12151 Cent Tel pat m listrcetSt ity170 preferred roiH Knd ltpnt 15 Fed Stool I 1 iuiii St L7Q 1 preferred 25 i i00 GOD Electric l l 7flt com su Gluco o yiiKir u llfipralo buto 47J preferred 01 4 Mjcular rulo MA i lull Paper 53 J a questlor4S1k i preferred U7 iLaclcde ii JTt rule forblu mi the plal f on pne and if a w N Y Central 14 NuLl BIscuIt Nor Western iC1 nreferred 2 prcftrrel Nuti Lend Nor Iic SI prcferrel preferred S7 Nail Steel Oat Western 3ii lreferred 0 II N 12 N Y Air fJralce1M lreferrcd 75 North emer Periisyivanhn 149 Pac Coast Readimig 2S1i 1St id fs2 1st pid 32 2nd lfd 2nd Md 15 Pne Mail I FL C f Ieopics Gus 1 lireferred 92 Pressed St Car St L S 1 254 preferred 7 1st jfl i Piillninmt 9 2nd pd 57 ½ Staial It Lw St 1 S u Sugar Ireferred 0 lrefcrrcd IIS SI laul I T C I priferretl hSZh3i 17 S ieietbtr 15 St r c 0 231 preferred I 0 Pee 13 U S 1tilbir I So fly 2I preforied precired 72s t est UiiIti fexas Pac 2Si AmmU Copoer tl Uiiloa rac Fi3rJItp I t Steel 15 Ireferre1 1T preferred 61 1mnbash t j I NewYork PI1CtZIIS I New York Jan i2WIth no advice i from London lo work from tim local markel iK i ciulet oiiu generally l Changes throughout lie list wor6 con I splcuous by their absence lln ruling quiet l i i at 202 lead Sl37s Copper dull iind II nominally quoted al lie for lake and 16c If I fori casting SpelLer also was dull at i 5115 PigIron warrants j > FoVlOM Northern foundry JlE > ilCC < F Southern I foundry 115011575 Money and Exchange New York Jan 12 Money on call nom inal Prime niereanlilc papor 4 J5 < per cent Sterling exchange nominal but ulronjr wllh actual business In bunkers bills at J4S7T JST1 for demaud und al SIKPiJ 1S39 fol slxly daytf Posted rates SUl and 54 Commercial bills i52iIS3 Silver and Drafts New York Jan 12Sllvcr cerllficates Cr1MttL2ie Bar silver 034c MexIcan dollars Wic San Francisco Jan 12 Silver bears Mexican dollars 50H51C Drafts Sight IHc telegraph 174c San Francisco Mining Stocks San Francisco Jan 12The official 1 closing quotations for muting stocks today to-day wore as follows 1 Alia S 01 Alpha Con 03 Andes OS Kenluck Con 0 Belcher IS Mexican tt I JJ B 2J Occidental Con 01 i i Bullion TJOphlr 70 Caledonia Si Overman 15 Challengo Con lil Potosi 15 Chollar rSivogo 15 Confidence W Sierra Nov 25 I C C Va lSO Silver IIlll 1 17 Crown Point Standard 37ii I G C 51 Union Con 21 11 fc N 19 Utah Con Oo I Justice 09Yel Jacket 11 I NEW YORK MINING STOCKS I Am Bin RGOS7 fc Adams Con 20 preferred OTrfl Little Chief 1C Alice 1o Ontario 603 Brcecc 200 Ophlr Briips Con 25 Phoenix 10 Comstock T 04 Polos Ia I C C Vn 205 Savage 15 Deadw Tor 55 IS Nevada 25 Horn Silver 110 Small Hopes 05 Iron Silver 10 Standard 410 Lcadvllle Con OC BOSTON MINING STOCKS Adventure 1000Amal Copper JP200 Atlantic 2750Osceo1a KJOO Blnghnm 1575 Parrot IDOO 33 A Mon 315g31700Qulncy 17700 I Butu t J3 81 i Saute Fe Cop GGO C al H ssco Tamarack 33000 Centennial 73Winona 575 iraiclli IS00 Wolverines 1900 I Humboldl SO 00 Utah S350 TRIBUNE SPECIAL Boston Mass Jan J2 Coppur shares wero In better demand today with in creased volume of buslireKs resulting in a generally higher Hosing Montana was lie feature advancing 9 to 325 and clos big at 317 Bullc advanced 130 lo 2CU Isle Royal 1 lo S3S50 Amulganialol I to KtO Centennial Eureka li to J2J 15 Utah strong and in demand at KEo Hornblowcr < fc Weeits brokers KJ Stale street Boston furnish the following ruc tallons Sale High Low Close Amalgamated 535 52124 HOO 9212i A Blnghanr > 1ITK is71 Coehitl 3tf 10 21 aoMt 10EO Cont Eureka 100 312 I Utnh 331 3350 I United States 100 1000 I Curl > Boslon rj00U25 Navaho 350 Qlw Grain and Provisions Chicago Jan 12 Whoat experienced a quiet day and restricted trade May opened I34c hlglnr at 77A77 > ic bc cause Liverpool failed to entirely reflect the decline hero yesterday Large re cclpts and expectatlonw of a visible In crease and bl worlds shipments pressed tho market down lo 7777J o during the list hour A rally followed the report I Uiat nearly all the Minneapolis flour mills would reopen Monday May jumped sharply to 77Tc and closed firm at that price 4e over yesterday Local receipts were eightyseven cars ono of contract grade Minneapolis and Duluth reported 331 cars against 310 last week and 351 a year ago Corn was dull and narrow The open ing was lower on the receipts I7 cars I and favorable weather Tho market dipped with wheat but recovered with that market and closed steady May closed iic lower at SS cOal c-Oal were narrow There was an excel lent cash demand May closed a shade lower at 2lf25c Provisions wero dull The opening was weak on liberal hog receipts and depressed de-pressed prices at the yards Later the market recovered most of lie loss on buying by I packers May pork closed r c lower May lard and May ribs a shado depressed de-pressed RANGE OF TilE LEADING FUTURES Articles Open lllgh Low Close Wheat No 2 January 74 74J4 71J4 7fife February 7E 7Mi 743 H 7WJ May 77 77j 77 77 i Corn No 2 January 2S i 3G S6Vj ZV February 37 17 36 37 Muy 2S 3Sl Oats No 2 Januar > 23 23a 2314 23 February 4 May 23 25 24 25 Moss Pork January 1J10 1425 1110 11 2o May 1395 1102 13DO 1100 Lard January 7R2 732t 732 73216 March 1rt 7t5 733 7ZT > May 710 743 740 715 Short Ribs January 700 700 700 700 May 707Vj 730 703 710 CASH QUOTATIONS Cash ipiotallons were as follows Flour quiet winter Parents l70i399 straights a > < 3Cu clears J2SjrJ40 spring spc clulB i4 MM palMiis att > 93 0 straight 203a5 balcera J220Jf270 No a spring wheat G9h70c No 2 curl 7sV0TSc No 2 corn 37c13714c No 2 yellow a7it7c No 2 omits 2Ic No 2 whIte 27c No 3 white 25kW2lc 2 rye c faIr to cholco malting barley CW5Sc No 1 flux seed fli No 1 Northwestern c167 < prime timothy need 170 mcs B pork per barrel 1i00iil425 1 lard per 100 pounds 720fj7rsVi short ribs sIdes looKo WSj 1720 dry sailed shoulders boxed r t CVic short clear sides boxed 725727iV whisky basis of high wines 127 clover Contract gnido 31075 RECEIPTS AND SHIPMENTS Arllclwi llucpr ShillS Flour > barrels 23000 26000 Wheat bushels 07000 20 GOO Corn bushuls 477000 1GOOOO Oat bushels 30S009 220000 Rye bushels eood LfOO Barley biiKhMs C3Oi D 10000 PRODUCE EXCHANGE On the produce exchange today lie but ler njarkot nas weak creameries 14421c dairy 12f JFc cheese dull lOLlplllc eggs steady froah ISc London Stock Market London Jan 12The demand for money 13 better and hardening owing lo the Bank of England having taken off con siderable sums in expectation of regaining control next week This has tinned this count Business on the stock exchange wan dull today being overshadowed bv Iho poslllons of We t Australians and uh Indlsposlllon to deal pending the general carryover Operators generally were very nervous and disorganized and homo failures are expected but It la a question whether they will bo of any Importance Tim general view IH thai Ihem will bo no furlher disaster compared with tho set tlement but that the Immediate fuluro depends greatly on what arrangcmenla alert be made with the creditors of the London Globe Finance corporation The effect of the bank rate and the ad vancing of discounts was short lived The struggle of the last few dava has often bnn to prevent Urn rato falling be low 4 per cent Continental houses have ijtcn Keen competitors for bills and bought them at 311G in midweek np purcnily In iidvance of the bank rule This has done mischief instead of good flnsiowhuig the bank return in connec t bit with lie treasury position lie Investors In-vestors Review expresses the hope that llui worst of the Govirnmonllnduccd credit cheapness Is now over and that the bank holds some millions of shortdated bills the majority falling duo during the current month It Is also understood lo be borrowing on UH mock In order lo reduce tIn floating supply Hopoa are entertained that thereby money will gradually become dearer and enable It to put up tIme discount rate lo iu Ordinarily Ordi-narily revenue payments would aid powerfully pow-erfully but this year It cannot depend on I them becuuso the wir demands of tho treasury sweep oft the money almost as fast IH It comes in The Jovernmenl balances are now under seven ml11lonn Ono competitor In the bull market which lends lo keep down rates IK Paris Hav ing a surplus of loanablo capital owing j to the stagnation of enterprise and spccu latlon JTIlnds London tIme most profltablo I market To employ It means a 5 per cent I bank nilo and somewhat elevated cx change but It does not point to enduring shipments gold Londonwnrd Tho Statist considers that If the value of monex In London la maintained two or three millions of New York gold probably prob-ably will come This Klronglhcnlng of tho Hunk of Englands ponlllon the fall In consols and nfteen British railroad I stocks tho floating of Government loans i below par and the Hubscrlptlon in America of half or ono of ten million issues have caused some English financial finan-cial observers und unfriendly foreign I critIcs to think England Is much less rich than hitherto supposed and that lie resources re-sources of time Ix > ndon bankers have been enormously exaggerated i The Statist taking up these reflections traces tho depression In consols to the Govcrnmcnt reduced Investments and in savings bank deposits which had aggregated aggre-gated seventeen millions yearly and lo ihe sales by large Investors lo procUre cash h for Immcnso expansions of trade TJio fall In railroads Is attributed to the rlso In tIm price of coal wages und ina tennis while the Government Is borrowing borrow-ing In England simply lo obtain gold for temporary purposes Weekly Bank Statement Now York Jan 12TIme weekly state mont of averages of the associated banks iiri Loans SOS023400 Increase fl042SOO Deposits ftS5raG200 Increase 14SCS Circulation 30J > 70WO decrease 11COO Legal lenders 7057 1 GOO Increase f3 514 SW Specie 1721 00 Increase 55133700 Tolal reserve 213530100 increase 11 018500 Rcseno required 221331050 Increase 3nOGi > 2o Surplus reserve 22202030 Increase S 031970 Time Financloi says The New York clearinghouse banks added 11CMSCOO lo Ihelr cash holdings last week and as the Increased reserve remilrcmenls called for only a lllllc over 3DOOoO the eirplus roc S031975 standing at 2loO030 which lig uro Is tho highest since September 1st I last prior lo the beginning of the crop movement The cain In cash was much larger than expected but tIm source oc expansion can bo traced directly lo in tenor rcmlllanccs and receipts from time sublreasury on current opora1 lon As the currents of supply now under way arc likely to flow In this direction for some time the Inference Is thai the surplus sur-plus will be added lo during time coming wcelts The one possible cause for a depletion of excess reserve lies In Iho probability of gold exports but It would require a considerable movement to counteract lie gains which the banks are now making Whether gold will go out Is a question but the chances ut present arc In fcuor of exports The movement of money now Is almost identical with the opening of last year when the surplus reserve of about S120wOX reported during the first week of January rose Xo nearly 51IV000OCO at the close < if Iho month Between January Jan-uary and the second week in March however there was a fall in surplus of 521000COO A puzzling feature of the statement la Iho slownow with which loans are responding re-sponding lo Ihf groat volumo of business of tho tock exchange Tin probabilities are that an oxlonsivo liquidation has been In progress or lint the trust companion have been handling a larger volumo of business than they have been credit for J The expansion of M3SC100 In deposits comes for the most part through receipts of cash Tho revelation of the strong position of the Now York banks under natural conditions v511 have a temporary effect on the money market although presant rates aro remarkably easy It Is not likely this will check tim tendency of Interior funds lo flow east as similar condlllons In past years have liltlo influence influ-ence inlhls direction Live Stock CHICAGO Chicago Jan 32 Cattle Rcceluls 200 nominally steady Good lo primo steers 330 000 poor to medium 3fiOtjfi2 l slockcrs and feeders steady to firm 52S5 iJ4 10 cows 2C > Sll5 heifers S27o l0 canners 200ir2GO bulls 275ff42S calves S4007iC33 Texas fed steers Sl10fj IS5 Toxas grass 5333 400 Texas bulls 2J ff350 Hogs Receipts today 27000 Monday 4000 estImated left over 3000 average lOc lower closing weak Top 3ro mixed and butchers 305 535 good to choice heavy SolfrSST rough heavy 300f510 light t505h30 bulk of sales 320fr525 Sheep Receipts 2000 sheep firm lambs weak Good to choice wethers 3S5ftMSO fair to cholco mixed 3GOt3So Western sheep 3S5M7n Texas sheep J2DOg663 native lambs 1231ji0 Western lambs 600 KANSAS CITY Kansas City Jan 12 Cattle Receipts CO unchanged Natlvo beef steers 1 751 C30 stockers and feeders 350tj46o cows and heifers 3OGIT10 i canners 225j3OO calves 150 023 bulls and slugs 5300 Q150 Hogs Rcceipla COOO 041Oe lower Bulk of sales 515712O heavy and packers 51frQ330 mixed 510 525 light V05To 525 yorkers JG20Jfa23 pigs iDOi500 No sheep OMAHA Omaha Jan 32 Cattle Receipts 200 market steady Nallvo beef steers SlOOfi 5 10 Western steers 375 140 Texas steers W00 115 cows and heifers 310 423 canners 17tvQ275 stackers and feeders feed-ers jJ3OOSWriO calves IGOGK bulls sUigs etc SL r0f40O ilogsReceipts OS Sc lower 1Icavy S17tiz022V mixed 5i74520 light t 515 t522 ½ imigs I0Zji00 bulk of sales 515 tfu2 < Sheep Recelpls none steady Fed muttons 54 qI0ilO Westerns M SiM 30 common and stock sheep 53C5t300 lambs 55 6iO 6iODENVER DENVER Denver Jan 12 Gallic Recelpls 250 market steady lo strong Beef steers S30 isO cows vOOSxl23 feeders freight paid to river SJOOvJ 10 stackers freight paid to river 32G < t 120 bulln stags etc 200 < 7323 Jlogs Itccclpls WO market steady Light packerri 3viir525 mixed 5520 52o heavy fo20fi5 Shcej > Receipts none Butter and Eggs Now York Jan 12 BulLcr Recelpls 2S51 packages easy Crcamory lOjiyc Juno creamery Ifc20l c factory ll < iiUc Eggs Receipts 3ilO packages easy Western average packed ut mark IDiriOc Western loss off 21c Foreign Market Now Tork Jan 12Tiie Commercial Advertisers London llnanclal cablegram flays The manteLs hero were quiet and cheerful today Most of the activity was In Americans which wero bought steadily stead-ily here particularly Ontario ct Western and Denver Rio Grande Berlin bought Northern Pacific freely also and Ihoro were numerous general buying order on NOW loric account it is saiu hero mat the Union Pnclllo will increase Its dividend divi-dend In April The bank received 20000 gold from Australia St Louis Wool Market St Louis Mo Jan 12 Wool demoralized demoral-ized and weak but unchanged London Wool Market London Jan 12rlie wool market during dur-ing the week was steady pending the opening of the auction aalos Im January 15th It Is expected thai the lost private rates will prevail at tIme sales ana an advance of C per cent is looked for In merinos The offerings next week will amount to 02000 bales February 13th is tho date announced for closing tho Drat series The arrivals of vool for ihe second sec-ond series ot smiles amount to 01J2 bales These sales will open on March lth |