New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-12

Monday, January lip IN.
The movements in the stock market daily be-
come more irregular This Characteristic is usually
the evidence Of an increased professionalism,
even il the moderate declines accomplished in
dicate that TO important liquidation is in prog
rcss. The principal consistency in the specria-
ton is the continued recession in tile stocks when
are listed abroad as we'll as here, and the foreign
exchanges again reflected tie cause in higher rates
and a frmer tone. The losses suffered in
Atchison, St. Paul, Louisville and Nashville and
Erie were made on a fair volume Of transactions.
Tie tll in St Panl is the more inexplicabc
because the report of earnings made to-day show
still further handsome increase. Even Rock
Island could not resist ue general tendency, al
though the movement of the corn crop will soon
assume large proportions
The securities Of Philadelphia and Reading were
particular teaturs The income bonds, which have
Just been favored with interest payments, were
down more than | per cent. The stock was I'M
usually active, the dealings asgregating l30.6j0
shares against 222,240 shares for the entire
record last week. The price opened up 3-s per
cent at AZ Is and soon advanced 10 AZ 7-o. The
afternoon trading was at a decline which became
accelerated the close approached. so that the
late sales were made al 40 l-2a4O 80. The break
was coincident with the announcement from Phll-
sdeip4ia that the company had declared per
cent on the fItt preference and Is per cent
on the second preference income bonds. Probably
this was due to figuring in the Street on tho
available figures for the fiscal year, showing
practical exhaustion OF the surplus to meet these
payments OF decided effect was the official an
nounccment that arrangements had been made
for the issue of $40, 100000 collateral trust .
per cent bonds 10 provide for improvements.
rouipment etc. An increase of $500, 600 year
in charges must have influence when contemplated
after a sharp speculative advance. The silence OF
Readings president the question OF the coal
policy OF the year not rciished. although
the creation Of new bonds may make Cancellation
advisable OF no ofsetting effect was the de-
c;sion of tie Delaware and Hudson management
10 maintain for 1892 the same rate Of dividends
az in ls9l-namcly, per cent.
Excepti NAL features OF strength were New-iorS
and New-England and Union Pacific; both stocks
reacted sharply from top figures, but yet main
tanned net gains Of l-2 per cent. Other crratlc
movements that contributed 20 thr ragged appear
anre of speculation rise Of | per cent IN
Chicago Gas and fall OF nearly per cent IN
Dstilers and Cattle Feeders. The market, as n
whole, opened with indications that the reaction
begun las: week might be checked. The favor
able news was the unprecedented ircord OF I'M
cage east-bound freight shpments-l i4,545 tons,
acairst 30 597 toms in the same week OF sOl ltlt
the advance IN forrign e. hance was n danpeDlng
influence and when the break In Reading started
the whole list began to recede. The closing was
unsettled aud heavy, although the net declines
were not generally material in extent
THE DAY IN THE BOND MARKET.
Notwithstanding sales Of Government - q