New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-24

WHAT WAS DONE IN STOCKS.


To-day's developments have removed one more
stumbling block that has stood in the way of a
stock speculation Although the result was clearly
indicated here a week ago, it was not till to-day
that the Union Trust committee for the reorgani-
zation of the Missouri Kansas and Texas Rail-
way actually retired from the field and left the
entire matter in the hands of the Olcott committee
Such depositors as had deposited their securities
with the Union Trust Company will in due time
receive notice to withdraw them free Of cost.
This leaves the Olcott plan the only one before
the public and means an early foreclosure under
that plan The second mortgage bonds, under the
Olcott plan, are to be income bonds; that of
itself implies that interest on them is to be paid
If earned but to satisfy the Union Trust commit
tee. it has been stipulated that the face OF the
bonds shall express what may be charged ahead
of their interest. This is the modification spoken
OF.
So. one by one, the clouds roll by, and even
the towards of the Stock Exchange begin to see
patches of blue sky, and to realize that the pes
simists, who for twelve months, have ruled
them with an iron hand. are an infinitesmal part
of this growing and prosperous country; that
the loud and wise takers, in and outside Of news
agencies neither toll nor spin and contribute not
one penny toward the large annual increased wealth
of the country. 1t is just dawning on Wall Street
that "Qualsers" have been more plentiful than
brains; that " il can't run q mill with the water
that has passed it, and that repetition day
by day and hour by hour of fasified history is not
the indication of the future. No one spoke
more harshly Of the Burlington and Quincy man
agement than we did when it worked for ruin
or rule. 1t nearly ruined many of its stock
holders but we have yet to learn of one OF It's
managers that has lost a moments sleep because
of losses. Those times have passed, and there
has grown such healthy public opinion IN regard
to the responsibilities of trustees that 1t is
scarcely possible that the wrongdoings Of 1855
osa he repeated. Burlington and Quincy for the
year 1885 probably will show net earnings equal
70 per cent on Its stock. while 1t only paid
per cent
speculation it is only necessary to cite the Lake
Shore stock for several years its earnings have
exceeded by from to per cent the amount OF
dividends it has paid, and that surplus is repre-
sented by olean-cut cash in its treasury Ats
business, like all lines since January l, has been
unprecedented, and 1t cannot, with its enormous
equipment promptly handle the business offered
to it. Yet at times four-month infant can go
into the Stock Exchange and mark the price OH
l-4al-2 per cent without meeting any resistance
The stock, however, is gradually being absorbed,
and there Is no side Sy ID with and
S cSase. So " it Is with ali dividend
payers and those which promise 20 be dividend
pa.ers in the early future, genuine desire to
purchase Chesapeake and Ohio stock now after
L has been executed has effect on the immedi-
ate market 1t may be offered down per cent;
and the later buyers will give it no support till
they are ready to make further purchases; Union
Pacific and Oregon Short Line, which should be
selling at approximately the same figures. are
of their intrinsic merit hut the buyers are not
spectators, and therefore TT their prices may be
however, must have its ending. Whenp The
market Of the last three days indicates that the
ending is not far of. The bears are both
nervous and mad. Bruin is not in good humor
and shows his teeth.
To.day's market ruled strong for the greater
part Of the day. but in the last half hour there
were some reactions, and the methods by which
those reactions were forced have been explained
in our earlier comments, The time to kill bears
is when they armed; the time 10 buy stocks
is when everybody tspeculatively) wants to sell
them.
THE DAY IN THE BOND MARKET.
The Treasury purchased $4,000 LIZ per
cents at l04 5-s AT the Stock Exchange about
$50, 900 4 per cents sold at lea ga. These bonds
could have been sold TO the Treasury last Satpr-
day at 1875. The decline of Ia per cent, with
the Treasury out Of the market. SHOULD be q hint