The sun., 1888-10-28


SATURDAY. Oct 81.
The poor showing OF the Reading companies
for September gave the bears another oppor-
tunity to-day to attack the market The state
ment would not be regarded SO unfavorably
were It not for the fact that 1t shows that the
company must have been run Very hard last
year in order to make an unusually good show
ing upon which 10 perfect the reorganization,
and also that there is no possibility of the
effects of the strike being overcome during
the present fiscal year. The most that the
holders Of Reading securities can hope for in
the way of income for the current year is the
payment of interest upon the first and second
preference bonds. Certainly, those sanguine
friends Of the company who have burdened Wall
street with their prediction that q dividend
would be paid upon the stock within year af-
ter its reorganization will have to modify their
views very materially. Aside from the special
considerations that have been influencing the
market for Reading securities for some time
past, the fact is beginning to be patent to
every one, despite interested denials, that the
coal trade Is about to experience reaction.
Both prices and production have been forced,
and there are no reasons discernible why
the coal trade should be exempt from
the operation Of the immutable law Of
supply and demand. 1t is hardly possi-
BILE that those most largely interested in
the business will permit tho trade to become
demoralized and the only way to prevent such
o condition is by restricting production. a
course that, however wise it may be for the
producers, will not meet with favor on the part
OF the miners or consumers. The Reading
Company Is, according to all accounts, spend
ing good deal of money in putting its plant
in good shape. go the chances are that another
year will furnish tho basis for revival Of
speculation in the securities of the company
Aside from the selling of Reading, which re-
suited in net decline Of moro than 2 cent.
there was very little in the market deserving
comment Among the specialties the price Of
East Tennessee ID preferred was lowered ma
terially. and Richmond Terminal preferred
reacted sharply. The movement in these
stocks was unqestionably due to the threats
of the Norfolk and Western people to try to
involve the Terminal and allied companies in
a lawsuit that they may thus express their
disappointment at tho loss of the East Ten
nessee system. Papers in a suit to restrain
the Richmond and Danville Company from
leasing the East Tennessee will probably DO
served in day or two. 1t is difficult to see
how very much can be accomplished in this
way, as the lease has already been made and
Is in operation. The only step remaining to be
taken is the ratification Of the transaction by
pany. and there is not the slightest question
about their doing il. About all that need be
SXPeGted IRON IRON ne ne threatened itiGatlon IS ad
revenge is not good business.
Unusually heavy dealings in New York Con-
tral this morning attracted good deal OF at
tenton. and with reason. The movement really
began yesterday and has its origin in London.
ment Of some men masntudo has r Just IS be Begun % In tic
less active Vanderbilt stocks. based presumably
upon the probability that with the present year
pleted its extraordinary expenditures out of
net earnings for betterments and additions to
nh viii vse9s Be- decnpea
Vanderbilt stocks would bo Of very great ad; nd
be based upon merit.
The weekly statement OF averages OF tie AS
changes. The loans are. practically stationary,
but the banks have lost in lawful money u little
over over s2999999 T., This last With decrease OF
crease in the reserve of sl,2O0.OO0. a change of
no Importance; considering the amount OF the
surplus, ana the present condition Of the
The week in Wall street has not been charac-
baye ey any greas asfy th"
ments. The first, both chronologically and In i'm
portance was tho transfer Of the control Of tho
markably good showing, Of .ihe Union Pacific
company lur tuo IlTSt Idli Ol tNe calendar year.
owing to further realizing in Missouri Pacific
and q less confident feeling regarding tho inn
mediate future OF the anthracite coal proper
ties. The latest reason assigned for Mr. Gould's
sale OF Missouri Pacific 10 that no has had to
St Louis. Arkansas and Texas roads. His con-
troll OF that property was painfully apparent to-
day In sharp break in the price OF the com
panys bonds. Politics and "a number Of incl
dents that have injured the Boston market
have have reprossed speculation: The intrenehment
list, and their seeming feeling OF confidence MS
TO their position is to au extent guarantee Of
greater activity whenever tho bull leaders SEQ
tit TO change from the defensive TO the offensive
terest in the Presidential election is. perhaps
beginning TO be- felt for the first time. The
trade reports arc not OF any retrograde move
ment, still they do not note any increased nc
tyity; The most unfayorable feature Is tho
tinue on u fairly large scale. 1t is estimated
that for the nine months ending Sept. 80 the
excess OF our Imports over exports was nearly
$90.OoOOOO. Gross railroad earnings are not al
together satisfactory; although rates have been
tho closing Of navigation. as welf as to the
movement OF the corn crop, encourages the
view that before long rates will be established
upon profitable basis throughout the country.
AS compared with tho final prices of last Sat
urday the majority OF tho list is lower The
more mere im@portant @ not declines Mi are In Pullman
2a; Lackawanna, 2L: East Tennessee I'd pre-
ferred and Norfolk and Western preferred, l4
each; N. Y. and Now England, IL; Reading,
lH;, Northern Pacific preferred, Is; Chicago.
Bprlingtqn and Quincy Northwest. l., and
vile and Oregon Transcontinental, Y each,
and Texas Pacific. u y cent. But q few impor-