New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-19
BEARS STILL BUY STOCKS.
FALSE RUMORS ABOUT ERIE.
ovs OK GOLD ExpoRrs-CoNDITIoN GOV.

.,,,ops OF GOLD EXPORTS-CONDITIONs GOV
rRxING NORTHERN PACIFIC's DEBT.
wall s,,cct markets continued buoyant yester-
dsr an eager demand to cover short contracts.
-, huls, were cheered by the recent relaxation In
or.v rates. and dreamed OF many rOuts OF the
~r Numbering In his unguarded tent The Turk
-. worried In a most narrowing way. for he aroused
r,nssu sufficiently to cover big hne Of short con
ut, resulting In n rise Of per Cent In stocks like
,,,,,.rn Union. Northern Pacific, st. Paul. Missouri
,,.ec Iackawanna and Chicago Burlington and
ou,,cv New-York and New England advanced over
, nor cent on the idea that the Reading combination
..,ns, the Morganvanderbilt Interests wonld be sue
sos,ul The shorts were dcmoralized and covered
,.a,v. The old party in American Sugar Refining
,nsd ND and sent the price hitting" nearly per
.,nt. rush TO cover was made by all the unfortunate
horts and the result a market closing with gen
.rsl gains all along the line
There were some malicious attncks that weakened
an. arguments OF the bears who cOnended against the
.anc tendency Of values. Erie common closed shade
Mver and the bonds were easier. The bears have
circulated many stories against the property. even
ming so far as TO suggest a recevership. 1t may
;. stated officially that ground exists for these
stories. The finances Of the company In better
condition than they were year ago. There Is no
cueson that the July coupons upon the second con-
solIdsted mortgage bonds will be- paid. The net
earnings in January and February better than In
in March are satisfactory. The Enes coal business
,s constantly enarging. and the from this
source are likely TO show decided Improvement no
matter what policy may be decided upon by the other
coal companies. The bestnformed people In Wall
street are assured of the strong position of the Erie
Company. the bear rumors laughed at.
The Wild bull carnival in Northern Pacific preferred
m Friday was not duplicated yesterday But the
bears at = disadvantage and the bulls carried
the price up per cent. The street has accepted
as a fact that radical change will occur in the
management that will give the control TO the inter
est which has objected - the continuance In power
Of the men who are held responsible for the present
unsettled condition OF the company's affairs 1t Is
not known, however. how far arrangements have
sue for the funding of the floating debt Of the com
pany. A rigid reticence was maintained by III"
members Of the stockholders committee and by the
bankers who last concerned In negotiating the
inances Of the Northern Pacific.
$ The Tribune has given the >itua aS II exists
There Is plan foot outside Of III" direct orS ma'l-
arement 10 have the floating debt of tdle Northern
Pacific Company placed In permanent form uh'i
;t,e company realize upon lis d"~"'N "i'hou'
,scr1dce In the existing unsettled ndiii oi imam
DIAL affairs. The plan involve, the iaring "i new
money In order to prevent the Heed oil fresh re-
course to borrowing call The plan will avert
The sale OF the assets involved i'll the scheme lor
The disposition of tn. stock OF the 81. PAU ana
Northern Pacific by offer To subscription To STOCK
holders II successful this scheme VIII relieve the
Northern Pacific from the need OF botherng aDIu'
enrrent loans and will give il opportunity 10
accumulate net earnings fer the development OF
fhe property The bears in Wall street use Win
malice the statement made by the company for the
first seven months Of the fiscal year. They bring
charges upon the idea that % per cent OF operating
sxnnse, IS sufficient to conduct r)ad mat hah oi
the time suffered from blCchades and severe
weather conditions.
The financial aid offered to the Northern Pa
ci6c Company is based upon radical change III Inc
management TIE funding of the floating debt Is
condtioned uuon the control OF the company by the
In mixers who will advance the new credits lhe du.s-
zion az the relief Of tie Northern Pacific from the
need to devise occasional loans no" rests upni tnN
Willingness of the present management 10 SURRENDER
control TO the Lenders. II l. confidently believed
that there will be compromise which Will put me
finances OF the Northern Pacific upon IA stab" basis.
easy this week The bank statement was hailed
with 10Y nv the bull operators In stocks. II showed
only q trivial loss I'm cash. while loans ana Deposits
were heavily reduced, that the surplu, reserve
Increased nearly 81 .jOOOOO. Tie loans SIN re-.
NAMED within about f3cOOCO0 OF the amount oi
deposits and the future course Of the money market
va, considered TO b. somewhat problennfical. There
announcement that shipments OF from 80
600 10 81 100000 OF gold had been arranged for next
Tuesday II could b. learned what banking
louise would make the shipment. Tile present rates
Of foreign exchange do not Justify export, OF goa
But bankers that these rates are aruncaiN ie
pressed by the supply Of loan bills. and II !. de
CARED that the demand of the Austrian Government
slipping point was reached in foreign exchange quo
tations The money market promises 10 BE- ea>v ms
week, but the lower rates the more certain Dr.
comes the prospect OF gold exports.