New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-20

n. :, saG % 1s ISL 10, D .isGis F rs
5 eo%ps"ics..... Ioii,5l5 9OS''5o lo5,s1o 10
10 companies. s., ,9C7 $259o2Oo sl22os AS
THE WEEK AT TIE STOCK EXCHANGE.
The overshadowing feature in the stock market
last week was the heavy liquidation in Phlli-
dclphia and Reading The transactions III thih
stock are reported at l,ll2,044 shares OUT Vi
"a total business of 2,S65,27S shares. Inc move,
ment was abrupt, the transactions In the last
two DAYS being about 100000 shares. IL dc,
clned without effective opposition ana closc -
virtually at its lowest point, with a loss VI
about ~ Der cent. There was il similar Iiqui-
dation in all classes of the companys Income income
bonds and even its general as DID not ESCAPE
material loss The movement is understood 70
have been started by the sale OF securities helG
bv the Mercantile Trust Company as collateral
for a loan This fact is of little Importance
beyond showing that friends OF the COMPANY
had exhausted their resources Or their patience
Tho linuidation was enforced, but there Is 10
reason to doubt that it would have occurred 1T
some time, even with poorer excuse. ,ng IN
suit of the enormous transactions Is sun III
doubt The control of the property Is ul'-
doubtedly involved. but it is not certain w M
it may fall. 1t is generally believed IN va" az
Street that the bankers who rcorgalilLcu ,I'
company few years ago have secured 'ne co.,, c
troll. hut it is not impossible that II may sun W
in the market The cause for the collapse !,
evident 1t is only year ago that the prcScn,
management annourced with great flourish
its leases of the Lehigh Valley and Ncw-JcrscN
Central railroads. The management ana not az
tenDt disguise the TACT tnat tHcN "iSi'" "
control the anthracite coal trade of tn" country
and 10 fix the price of the product accordi'%
10 its pleasure. OF course there was me uSlII
talk in such cases Of the great economies whlGn
mel, o. concentration of management would
bring about but the price OF coal was r a5,'u
nevertheless a short tim" aitctwaru. In ~
confidence with which the comnna,ioh WIZ ~
oeived was shown plainly by one OF the condl,iohS
in the New-Jerscy Central lease, by which pay
ment of rental was maze monthly ms en-
panson of the company's business might have
aitbuuoh fle the t.
ported earnings of the company dli not loll"W
closely the advance IN the lrcc OF ctal. NJ tlc ehn
of the year this increase i'll business apparently lst
fed the payment o! full! interest OF the income ouil"S
but unhappily, the money HAD diverted TO other
PURPOSES and the company was forced by pledge OF
valuable assets to raise funds T. UischarSe con
tingent interest Even this mistaken policy mlsht
not have been disastrous, hut In the ambition, eli
dcavor to monopolize the coal trade the comrany
reached out to secure unnecessary connections Ia
the New. En.anG States. 1t bought "A sufficient
interest in the Boston and Maize Railroad TO Sc
cure the election OF It's president to the executive
management OF that corpoatloE. there was no
connection, physical or otherwise between the
two systems, and the Reading management then
sought the Newly Oi ard NcwEneland Railroad
as a connecting link This attempt was frustrated
by the obstinacy Of the present owners OF that
property, willie ii also excited the aninosity OF
the New-lork. NewIldvcn and Hartford, which
resented the incursoI into territory which it calls
its own. Under conservative and prudent manage
ment the Reading Railroad would III time become
q magnificent property. Under rash and spccull-
tive management it has invariably met with
disaster
England stock. The dealings in it were not eN.
ccssively large, but il sustained IA final loss OF
over s l-2 per cent. II was inferred reasonably
that friends of the Reading Railroad. who had
claimed and still claim 10 hold control OF the com
pany were compelled by their financial necessities
to sell the New-England stock which they mad
acquired Aside from these two stocks ,he mar
Sugar Defining fell ii per cent or so. and III
spite of smart rally Yesterday closed with
loss Of l-2 per cent The decline did not arouse
much curiosity. because the entire movement
seemed TO be professional and purely speculative
IL was not based. so far as could be learned.
upon the condition Of the company, its present
or prospective earnings or even upon the chances
of hostile legislation With the exception of 81.
Paul and one or two other stocks the market was
quiet and firm. On small purchases. louisville
and Nashville rose ! l-2 per cent. Northern
Pacific preferred was practically unchanged, but
the report of the special committee Of stockholders
was not made Ru b ul der ,nG cISe E %i
the speculative committee as far, fearless AMI
intelligent report of the condition OF the company
The discussion OF the currency, QUESTION was con
tinued without abatement. Early in the week the
decision Of the Federal Government against
present issue Of bonds for the purpose OF cniorc-
ing the TrcasuTys stock Of gold caused some
anxiety especially when il WIS known that the
city banks unwilling to extend further aid
70 the Treasury There is a wide divergence Of
opinion in regard to an Issue OF Donas ine
is apparently clear, but the adoption Of the Shcr
man amendment, which yesterday was passed by
the Senate. will remove any question. The
Secretary Of the Treasury has repeated his state
ment that he would sell bonds whenever there
was danger that the lcgal-tender reserve should
he violated. lie has renewed his expression Of
confidence that at present no necessity for sale
of bonds exists If the Government by further
Withdrawals of gold should be forced to make
issue there is some question whether the bonds
should be sold in this country or abroad Bank
ing institutions are hopeful that the bonds will
not be allowed to go out Of the country. IL is
argued Justly that the stock Of gold in
circulation which perhaps is now kept
carefully out OF sight, would be released in cy-
change for the new bonds and especially by the
renewed confidence which would be aroused by
the absolute certainty that specie payments would
be maintained On the other hand, there is reason
TO believe that large banking houses with Euro
pean connections are anxious 10 secure the loan
whenever it shall be made and that they will
be i'm a position to offer rather more favorable
terms The large offerings Of sterling bills in the
last few DAYS may have been in anticipation or
an issue OF bonds 20 be taken by domestic and
foreign syndicate II would seem u be necessary
however in case the bonds should he sold 70
Europe that the Treasury should receive some
guarantee against their immediate return. As
surance of the kind may have already been made
In any event the issue Of bonds is only tenn
porary expedient and the repeal OF the silver law
Of 1900 can alone afford permanent relief.
Following is our usual table giving the number
OF shares sold of all stocks, the highest lowest
and tho final nricps of the week together with tho