New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-18
Total 90 eos os2s oo3 slO,497sJ2 Inc eGC9,s 6>
TLr WEEK AL TIE STOCK ENClLANGE.

w "A
There was a distinct lull in speculation last
week The transactions in stocks were 2,l6l ,s9i
against $,l36,G66 shares in the preceding Week
and there was corresponding shrinkagc in tie
dealings in railway bonds. Indeed. tdiS depart
,ncnt If the market Is rapidly reccdnG mo n
condition of inactivity witch is extremely as
couraginG The excessive abundance Of money
and the lack of profitable u.s., together with the
large earnings AMI prospective traffic OF the IaIl-
roads. ought 10 produce an active ana urscn'
demand for al classes Of bonds On the s con
January |, period in which the accumulation
of money has been most rapid.
In the stock market the movement OF prices
continued Irregular but it was generally down
ward. There werc symptoms OF uneasiness IN
any direction. and at tue declines there was no
increase in the supply OF si9cEs, IN o'nep
selling. and on the contrary. tended TO check H.
Excepting a few special movements the losses
that were suffered were light aud inssnlhcant'
activity was Missouri Pacific, and. although II
lost in the week only Is per cent 1t was eX-
ccptional among the leading stocks by closing at
q, lowest point In connection with the queru Gus
action of the representatives OF the company al
the quarterly meeting Of the Advisory Board of
the Western Traffic Association. the decline IN
the stock may not he altogether without mean
ing The informal notice Of Withdrawal from
the association given by the company may have
been hasty, but it deepened the uncertainty IN
which control ii. The iO-tponement of action
by the Advisory Board on the complaints OF rate
cutting which doubtless were lnsugaled 10y the
Missouri Pacific Company was just and proper
Under the rules Of tie association there was
nothing else for the Board TO do. The con;
cluson from the prompt notice OF wlthdrawa!
by the Missouri Pacific would seem 10 he mat
the basis of the action was largely speculative
1t is strengthened by the subsequent course OF
the stock in the market. and the comparative
strength OF other stocks which would be anected
presumably in an equal degree.
Onc OF the most active stocks was Phlladelpha
and Reading, which also suffered decline oi
hon IL. gff La. g.sn4
pany were also heavy and lower. The downward
movement was begun Immediately after the an
nOunccment that the company had declared ) per
cent on the first and ~ per cent on the second
income BOMBS. The Statement OF the company s
business in the year justified these payments. but
the effect was nullihed by the announcement made
at the same time that arrangements had been
made for the issue Of 81 1000 900 collateral trust
bonds. The ostcnsiblc use 10 which the proposed
issue is to be put is The Imprisonment Of thc com
estimation Of Wall Stree, whether repairs and
hetcrmcEts or interest payments are paid in cash,
so long rs they ire ACCOMPANIED by the emission oi
new securities. In spite Of the satisfactory report
for last wear, the position OF IN" NraIlhg 'om-
pany is not in some respects an envable one. To
avoid litigation il has 70 distribute is net earnings
among the holders Of its income bonds and II
cannot develop its earning capacity without meet
ing the combined opposition Of The other anthra-
cite railways.
Apparently it can materially increase its traffic
only Ivy cnlarTiHo 10 production OF coal, hut roy
increase in this direction beyond actual require
wO"d f eo profits by the 0T E prices
agreement by the anthracite coal companies in re-
gard to The output AID thc division Of business
for the coming year: No one anticipate serious
action OF tie Reading Company in relation to its
own financial affairs certainly does not improve
the situation.
One Of the most important Developments Of thu
wecl, was the increase Of the capital Of the Amer
can Sugar Refining Company by $4,000. 900. The
stock naturally declined losing nearly s per cent
IN, tIo hut s-oc With ms
great influence on the general market. II is
doubtful whether il will have any immediate in
fuence. The increase in capital places in the
hands OF the managers OF the company effective
instrument with which 10 control speculation
There seems to have been no good reason for the
increase. although it. was said 10 hc intended for
the improvement OF the property and the purchase
Of refncres not controlled by tho COMPANY.
The largest opponent OF the company has declared
that his rlineries cannot be bought by IT, and so
far as the affairs Of the company are made known,
there he possible prctcXt for increasing It's
present plant Tho stock may he issued, there
fore, according to the caprice Of the management,
or 10 fit its operations IN the stock market.
| 1t is not impossible, in fact that good
part OF the recent selling Of stocks
has been by. tic Interests which conir,l
the Sugar Rrfring COMPANY. in anticipation of
! the effect Of the unexpected and apparently m
justified increase in capitol In that case il is n
matter for CONCENTRATION that the reel holders
of railway securities have shown no inclination 10
sell II would he disgraccful il the course OF
prices should bo affected by the movements of a
! stock Ike tllr American sugar REFINING Company
At the time the absolute control 81 i'a nuctua
! tons is in tho hands Of men who heretofore have
| omitted no device in extracting money from those
who dared 10 speculate in it, The Stoc1 EX-
! change may vet have occasion. as II has had on
several previous times. IN regret that dealings in
! Sugar Trust or the preoent shares were ever per
mittcd.
Following is usual table. giving the number
Of shares sold Of all stocks the HIGHEST lowest
and final prices of The week. together with tho
final prices % = week ago, prchxcd by the average
prices Of January II. 1891:
WEEKLY RANGE.