New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-15
WHAT WAS DONE IN STOCKS.

lue~u0y, may lH-p III
The professional traders said that they looked
for n la2 per cent reaction today, particularly
os Yesterdays Trading had been conspicuously
artificial" II was thus that one OF tho local
news agencies this morning voiced tand probably
lruthfullyJ the opinion Of average stock s2ccn-
lators, both great and small Our General List
shows how e0sy IL is for professional Traders
to or: in thclr diagnosis Of market which Is
narrow in its Trading qualities and yet Is broad
in an interest which is measured by national
investment: while during the last two months
tho iron industries Of the country have been
depre ssed" to such an extent TO be guarantee
of "a speedy change for the better, and they
already have turned the corner; while the condl-
tions for the growing crops and for the sending
Of later crops have been unusually favorable,
Wall Street spectators have continued 10 listen
10 and 10 repeat the songs Of tie pessimiSt I'LL
IL would seem us IL. with the close Of the Nations
first century all the countryS brain, its enterprise,
and It's hopes OF prosperity had departed.
novice and there arc plenty Of them In
speculative circles, reading the testimony OF thr
ruroad prcsidents before the United States SENATE
Committee, and reading nothing else, is justified
in holding the belief TINT never before had stock
and bond holders been confronted with
railroad problem in this country. We have
seen several which were more rulnous In their
Character Ihhn tue present oHe hoNch Without
univcrsnl destruction. We have been through
antiGmnger legislation several times before, aud
have seen the bonds and stocks OF the companies
directly affected more than double in value and
placed upon q permanent basis Of prosperity.
The law VI compensation is beyond all legislative
control, as j. the law OF supply and demand.
A year of Encouragement his passed and the
talk OF railroad presidents before the Senate
Committee should be read AS one reads the ties
umony Of Il witness who claim" the benefit OF
the statute which cXcmpts him from terminating
himself
The point Of special interest NJ the time Is the
contest p for control Of the Oregon TranscOn.
tincutal Company. The book Of transfer for
the election Of directors to be held ia lune will
close on May II. In connection Herewith there
have been some strange movements. The secret
action $50 for as the majority Of the New-lork
directors Is concerned Of the executive committee
in authorizing the issue Ut 81 100000 preferred
per cent stock seems 10 indicate that the pres.
Company does not hold o control VI the
SI0,O0O,0OO outstanding common stock. An is.
sue OF 100000 preferred stock. sold 10
themselves NJ par, less commissions, etc. P prob
ably would fill the gnp. II is proposed to pledge all
the assets Of the company to guarantee the pay
ment Of the per cent dividend on the preferred
stock. The proceeds OF the sale are 10 go 10 the
! payment Of the company's floating debt about
! Of Northern Pacific stock, which is about as far
! removed from the prospect Of dividend as is the
/ stock Of Missouri Kansas and Teas OF course.
| II this scheme, which has been CniUned, should
| be carried out, the value OF the common stock
! would become mythical. At present there seems
little prospect o. the present mBnngementB success
! in continuing in control OF the property.
The general market ruled dull yet firm closinQ
| strong with some reactions from best figures
THE DAY IN THE BOND MARKET
| Government bonds were duh and firm 90 quo
| tatious as follows: