New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-14

81 conn aqie as ss 0,o,sl7 Inc 81 s9l 5S9 20
: companies 800. 3ll,ol0 29s.s71 Dee. l2'ls' %
Total GO cos $50 4s as $50 ess Inc o. 37s 300 1877
TIE WEEK AT THE STOCK EXCHANGE.
Speculation in stocks last week was less active
or excited. The falling off in business brought
out in stronger relief the professional character OF
the trading. No public interest was manifested
at home or abroad and the course of prices was
controlled almost exclusively by sKilful manpul-
| ton. In consequence. the movements were IL
regular ana at times bpasmodc. Inc nuctuatloiis
were occasionally wide, ana the manipulation was
in favor OF an advance but IL was not III every
case successful. The final variations were d.
vided, but i'll spite OF the rather heavy ciosing
yesterday they We're generally small gains mi;
! The market generally ignored exlstihs condic
tons While many OF these, notably the state OF
foreign commerce, the large stock OF cereal
products. and the favorable returns OF railway
traffic there are still others which should nave
an opposite influence. Although the exports oL
gold last week were small. there is no certainty
that the movement has ceased. Al TINS ,i'ne aI,
year ago the shipments to Europe amounted ohiy
TO $3.50, 900, and spcc January H. this year,
! they amounted TO over $3.50, 900. The outward
movement did not become extensive last year I'M
| I'll the middle Of Apra And while The State
banks of England and France are our now onpr,,
| ing unusual inducements to secure gold. II wonId
| he n rash assumption, In view OF recent snip
mcnts, to suppose that further large amounts VIII
not leave the country. Temporarily, AT least, lhe
! European selling Of American securities has pc
come less urgent, but il may be resumed AT any
| moment II is beyond all question that the recent
advances in this market have stimulated reaiizihg
sales of stocks in which there was really no lack
| Of confidence. - -,
Considerable amounts of New-York Central and
Lake shore for instance, have recently been re.
turned from Europe for 10 other reason thnn tiat
the qdv2nCe in prices "SfHss these stocks viii
lie bought back. but only al material CONCESSIONS
| from the prevailing prices. ,.i,;..
| Entirely apart from the movement OF securities,
however. further shipments of gold may result,
from fears in Europe about the financial policy 1i
this country The free coinage OF silver Is nnI"N
| imminent but the action of the lower iouse 81
Congress in refusing 10 postpone conslderntloh OF
The Bland bill cxcitos uncertainty. while the sen,
tncnt Of the Semitic appears to ne isv2r2ie Wh;I
than opposed 10 the passage OF me pill' VIM
European opinion in favor OF the slng" ,b bon,
standard is constantly being strengthened. tnerr
is the possibility at least that this country may
throw open it's mints to the free coinage o' ''''
iris dancer. even if it is remote has not been
without influence on European holders OF A,heli'",r
20 ,urtics and in fact not absolutely dcNoln 81
inannnco in This country The statements OF tie
cit1 banks in the past three weeks nave pill ,ho
indicated that gold was being wlthGraWn io hn '
simp'c fear that Dyand-py III hisH' NV "
easily access lble. rr,is;nc .hot
there is no public buying oil railway W., ,bc
Narrower public interest is discouragrI ny va"
nrofcssjonal manipulation of prices when mas r.
Gently characterized the market. AthonSh me
bourtfu crops last year grGny CONDITIONS are
generally satisfactory. the advances OH nia,h
eh1cks have been large enough TO discount M
Improvement TO take only the stocks w"'. -,
uera prominent last week. Reading closed at
~ "A and yp0r aao il was selling o. " -
St. Paul closed al - "a. and year ago ~ % -
"a "a. lake Shore closed al 13j "a, ana year
ago at no. and Erie closed at rs n,om nnr
year ago at vds Is an A@T may Se found
| tho weekly range which is printed III aho.1'd
place. comparison is made wi]I tie plc, ,;,o " is
| year ago and very few stocks ~ 'ne r'' ,in'o
~ ,Io hoy ~
| IS Fnrope is seller rather than buyer, thc al
! vancos in the leading stocks may DC lnlS oIhS
10 the great improvement I'D inc 0"'''''
ioTI ~ omtbrecita coal stocks the centre OF
interest throughout the week Inc u" ,I t',aI
| in Reading alone were about one-tllrd .e wa
| hrsneAs After fluctuations covering nearly
var cent the stock closed with an auVan'c ,E pa
| / IL per cent. Tine strength OF i''duins u wall
| n.bcr coal shnres toward the end OF the WIZ
"' aS dno IN the massage of "a bill by the New
Jersey legislature cgaizin2, 50 far Us ~ can, WV
combination between the antnI9cie e oV1i -, hc
| u,nies The State Of Pennsylvania rrnaihs " w
| heard from on the subject, but the acton Oh Wv
Jersey was accepted an assurance Ihat III 7oii ,
yvnv fine treat Khading deal woud be carried out.
TtS onnositon of the State of Pennsy lyana may
| ne nnIificd in consequence Of the N-w,'Iersey law
| in WAYS which are familiar to railroad MANAGER.
| and their council There may pc no douDG ma
the combination will be made effective: Ait I.
calculations in regard to the earnings OF tiSs Read
| inc Company have been made, and a fml aiNi-
dcnd ON The stock is regarded as not al all doupl-
| Ti before the end of It's present fiscal year In
Ja pcd"ie of the minor incidents of the week has
been the large trading IN ue deferred inco n,r
bonds which are not cntitEu 10 MFRS sr cent
| The great gain in earnings when the-c SaH4uiic
| evncctatons involve is 10 be derived, accord
| inc TO the managers Of the company simply rom
ncsaNomirs in operation and the abolition Of mid
dlemrn There is TO be no advance in me price
| 81 coal 70 consumers, but the establishnleht Oh
central agency for the sale OF coal dlrcctS ny Wv
| COMPANIES is to bring untold wealth. The price
Of coal is TO be do fixed as the price OF postage
| STAMPS. II would be well 10 await the result
| of The eXperiment for it can ne considered noun
inc else The regulation of the coal trailIc Is an
old problem ard it is by no means certain mat
| a final solution has been discovered In any
| event the Reading Railroad Company has assumed
enormous obligations which 1t can meet Only oS
| making the plan complete success
Nexi to Reading the most conspicuous stock
| was 81 Paul Its movement was downward:
and although Their, was a partial recovery toward
| the end Of the week, its final loss was IL per
cent There had been no real reason ior eNpc,-
inc \ resumption Of dividends on the common
stock The further passing OF the dlviaend war
a popular disappointment, however, FOR the earn,
ing- Of the company afforded some niue 9touunu
| of hole The selling, when the actlon OF me
| directors was made known was checked by INSIDE
| support The subsequent dealings IN the STOCK
| must be considered therefore, largely aItlhciaL
The directors made financial report Tor the
| balf-year but issued what was generally CON
| edrrcd a vague promise 10 resume dlvidends on
the common stock at the end OF 'he Hschi Hea ,n
| As this result appears TO depend entirely upon
| the result of the harvest next fall the promise
can hardly bc considered good collateral security.
The directors of the Distiling and Cattle Feeding
Comnany reduced the quarterly dividend on that
| stoclt from ID TO | per cent. They also reduced
the price of spirits cent gallon. They issued n
statement that the business Of the COMPANY was
entirely satisfactory and that its earnings in the
1uartrr we're more than sufficient to pay the full
dividend They excused their action by their
fears of possible competition and OF the resnlts
Of a suit against tl. company which may have
been nstigated by some Of lis officers The course
of the stock after the announcement proved beyond
| =. No., 4 hat Insj
in the company were again buyers. The stock
holders Of the company owe thanks 10 their
trustees for the expression of confidence on their
cart i'm the earning capacity and fntGc pros
perity of the company. The shareholders have
not entertained doubts that. point, and they
ought to he glad that the trustees have gained
new light.
Following is our usual table, giving the number
of shares sold Of all stocks, the highest. lowest