New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-28
WHAT WAS DONE IN STOCKS.

Monday. February - p m.
Two unhappy features weic 20 hc noted in The
stock speculation to-day. One was tho confident
selling by the bear brokers. and the other IN"
absence Of any strong ralynC power. TIL" two
features are undoubtedly connected. but II was
impossible 70 solve the riddle. II the activity Of
the brokers who usually execute orders COR m"
large bear operators an attempt - conceal
liquidation, the further depression in values j.
easily explained. If the operators for fall w"rr
responsible for the declines. it would seem that
some interests were still in position which mad"
easy the covering Of short contracts. for loaning
rates on stocks indicate that there has been Il
considerable liquidation OF the outstanding short
interest. The market, as a whole, however. did
not move in unison, and perhaps. this may b"
the of the refusal Of values to furnish the
generally expected rally.
Something like structural weakness" may eX-
plain the persistent liquidation in Philadelphia
and Reading which carried the stock down about
per cent the days losses in III" company :
bonds being little smaller. Confidence IN this
property would be hard TO sustain under orl
narv rcccvcrship conditions but the scandal 81
the insolvency the impo--,bilitv of obtaining
any idea of tn" company'- financial situation. ana
the continuance in the management OF an "lhe"r
who has been either incompetent. or worse, are
facts which demOraIiz" public sentiment. Inc
street is full Of rnmor- of the most dlsparaglng
character, and vet 30 light Il TO be- OhtaInrH
from the management Of Reading. which has
been established in the courts. and the movement
for the protection of investors expected from IN
tercets directly concerned, ags II L. the unknown
uuivtity in Reading which distnrbs holders whc1-
ever the breath Of suspicion is directed AGAINST
other properties. Perhaps some OF to-days sill
lister riim0rs max indicate the elimination Of OPP
eratiOns for depression
Next 70 Reading the stock that commanded
most interest was American Sugar Refining. This
stock rose 70 % and after reaction to ~ -
dustrials were weak, and General Electric. alter
unusually largo transactions closed down more
than per cent. Tho demand 70 cover shorts LETT
New York and New England and Northern Pacific
preferred with net gains Of per cent. There
was obstinate strength in 81 Paul and Mon
Pacific, but among the other active stocks Chicago,
burlington and Quincy Rock Island, Erie, Lacka-
wanna and Western Union were depressed per
cent or more
The cancellation Of the engagement Of $500, 600
cold for exuort Tomorrow was probably due to the
reduction in sterling exchange, but that is 70 bc
credited 10 bills drawn against sterling loans,
rather than 70 any change in the commercial or
strength Of this market. Money on call was
higher not because Of any lack Of funds but rs
result Of the precautions now generally taken ny
undcr the influence Of renewed free selling Of
Reading
TIE DAY IN TIE BOND MARKET
Government bonds were firm, the bids for the
A nor cents being raised 4 per cent, although AZ
the Stock Exchange cash sales were made OF
50 600 registered As at llJ. FINAL quotations
were as follows:
Us Ais 1891 col. Us cur'os 1872 1872 i9,
:?Rs e. sss. 3ss H
BIZ col 3.Gj iSyiIiI@ IA
state bonds generally were neglected. but in
the early trading considerable transactions took
nIacc i'm Tennessee settlement 81 at Is -4a7' 80
a75 IA There were salcs OF city bank stocks
The GENERAL bond market WAC fcverish and un-
sotticd Liouidation in the Philadelphia and
Reading issues effected a decline OF l-sa2 5-A
Der cent the general mortgage A. failing To 30 -
the first preference incomes to 30 ~ me SECONDS
60 y: IL and the thirds to % j-s. Chicago and
Northern Pacific rsts declined Ia to "A ~
but Northern Pacific consOls showed net loss
incomes dropped 81 per cent TO 40. and Ere
second, are down per cent at lO2 ~. Atchi-
son seconds, Class 4, declined II per cent TO
3D. There was large variety OF Issues dealt IN
and prices were lower as u rule. reference IL
made 10 OR full report of BOND sales -
Money on call ruled higher, owing to the as
trust of lenders. The rate barely tonchch yer
cent. but a large business was done at per cent.
in tbc afternoon The late quotations below
these figures were without significance.
The Clearing House statement was as follows
Exchanges, So? ,O4s,4ss: balances, S4,1l9,s3'.
The Su6-Trcasury was debtor 20 the Clearing
House S26GS7G. Its net gain on balance slnc"
Friday was S7Gs.3os. made up by gains Of $40
! Al in currency and 81 0s.lG7 in coin. The two
DAYS operations included Receipts, SOL l';o66
naymcnts S5,347 .6js resulting in q general bal
ancc of SI0j .503,f00 consisting Of Ssi.l7921s
coin and S24.414.?32 currency =,
The Treasury purchased @joo9o 4urces OF sii-
,oG 900 ounces, but the prices Of the rejected bids
were not made public. The Mercantile Safe De
nosit Company OF this city, reports Dol ounces
r. siIvcr ON had 10 SECURE outstanding ccrtifi- /,
cates. c - ,r., n. U.sh;,o,on
.eccived to-day Sl23,ais National bank notes for
The customs receipts were $sso2sS. the internal