New-York tribune., 1890-01-13
Total q co'ss1 500. 126 - O59 SIS Inc. sle9752
TIE WEEK N THE STOCK MARKET.

! LIE w VEIN ~ 1uL DlONh -hAhh~A'
The bond department at the Stock EXCHANGE
last week held its own both in regard TO the
volume Of business and generally. outside OF the
/ Philadelphia and Reading securities, III prices
The sudden and sensational decline IN the price
o. the Reading incomes, eAertei only momentaTY
influence upon the general bond market. 4
large business also done at tie offices OF large
dealers who since the new year began nave
brought ont new and additional issues. some oi
which. however, were SIMPLY issues at Io"ef
rate Of interest 10 prOvidt for the payment ol
maturing bonds which have borne 1ao per cent
In the stock market. however, the Reading
episode had AZ least the effect Of checking gen
eral speculative investment purchases. ana was
used for effect upon prices generally that eHect,
however, was only small. Out oi a N2.II VI
! i.277,59g shares Of listed stocks, Philadelphia
and Reading furnished 4S1.l90. It's priee de-
/ clinc1 i per cent 10 81 81. making some re-
covery so that the final loss WAS per cent
The first incomes in two days declined 10 per
cent and later further declined 10 6e, ana cioseu
al 80 II. Otherwise than this all the lni'u,
ences Of the week We're favorable to an increased
activity in the general speculation and Tor M9Lei
values The easement in money was an m
portant factor toward that end. The keadIhs
collapse however was sufficient for the time
being TO hold all other Influences In suOject0n
and % cause dulness and apathy to take Tie
place OF reasonable expectations.
II is beyond question that the managers oi IIie
Philadelphia and Reading Company unu "ltnIh
q week have given positive assurance that lne
earnings for the year would be more than sulll-
/ Gent 10 meet llf lLlf0FNl Oh lii' IllHt
js We have authority for saying that TINS
assurance was given IN London as well as IN
New-YOrk and Phia ielphia. OF course. IN the
absence Of the monthly statement OF the CoaL
and Iron Company. all such assurances had 70
he accepted faith alone. The seml-OncaL
statement which leaked out early IN the Week,
no one knows how. thar no interest on any class
! Of the incomes had been earned, was Therefore a
| SURPRISE and probably IS great surprise
| to the members Of the voting uuseesHp
! as 10 any one cl,e The attempt 10 hold }. Pier
\ ,rIArtt u
/ deceptive statements made in London and IN tins
| country seems 10 be entirely without warrant
| or foundation in tie facts. That Nr. Morgan as
o trustee for the stockholders should protest
/ against the payment Of any interest on the IN
comes. il II had not been earned. Is oDly cbar,
! IcicrstIc OF the gentemanS whole hnancla!
/ career We have reason 10 think that until
within "a few dJyS both the London and American
houses believed the assurances that the interest
ON tie first preference IS had been earned me
/ yotlu- trustees were appointed 70 eecI tAe
/ m1uagcme,.t. and Dr. j. not 10 he expected thdt
/ with their other manifold duties they should watch
/ lie current accounts Of corporation any
| more than does tie average stockholder. Ihe
! object OF This attack upon tie credit Oi others
/ unquc>tiouahlv is for the purpos" Of creaiin-
/ di,fra,t in another class OF securities.
In is singular that the other coal properl.es
should De- conspicuous for their advances dunn-
] thc week. After first sympatllzmE with tie
/ decline n Reading. De.aware. lacNawanna ana
/ Western. with final gain of 81 per cent; Dela-
ware and Hudson with "a final gain Of Is per
/ cent and Central Of Ncw-lcrsey with recovery
/ Of half IFS decline. For the " rangers tie
l Western specials prepared new passenger rate
war. which. however hai little special eject upon
+ their values. and by tie latest accounts seems
+ 10 have heen indefinitely postponed. The last
crn trunk lines were quiet with small huctu.-
F tions and imuatcral final changes. The Pacific
/ ami thc OREGON companies generally syupathHed
with tic movements in tie general list. and
record fr.l small dc ines but. IS IN tie
general li-r t.c feature wts dllnc>s rather than
c,.r-c .n figures.
Tire practical conp'ct ton OF tlc reorganization
~ the Missouri. kausa, and Texas Railway ande;
tic O.r0tf plan remove, disturbing element from
I tic speculative market We are informed that
| tnc Drr,e's of Philadelphia and the AmeSes oi
/ ro,ton have dero.trd their securities. All hold
efs ar. reminded tIat the limit for the deposit OF
securities nd slhs .fintIon 20 The new bonds eN-
/ wrra ou Wcdrcs iav. January l.. Is a syndicate
/ las guaranteed the payment of TIE assessment
npou t.c stock ard the subs rlptlon 10 the bonds
! a'y delay 10 deposit on or before "Wednesday vii
/ ~ least add penalty at the discretion Of tho r.
or.ani7atlou committee. II is 10 the interest OF
an partlc, that the reorganization ana the dehv
/ err oi the property suoU ii taNe place AZ the
/ earliest practicable moment Tie earnings OF
/ Tie ,ouuauy arc showing such large gains that
/ n cannot TOO quickly hc relieved from the charge
! Of rcccivershIp.
| Following Is oar usual table. giving the number
| of share, sold OF all stocks the CHEST. lowest
/ and final prices of the week. together with the
final prices Of week ago. preiiAed by the average
| prices a Jauuaw l., lsSg: