The sun., 1893-07-25


| not declines were limited to hnlf dozen
stocks These we're Chicago. Burlington and
| ouincv. Atcbison Missouri Pacific, National
| Load. st Paul and Western Union. The last
was m ore extensively dealt in than any OF the
otbers and efforts to break tho price were
| most determined.
Tho report current few onths ago that
the Western Union Company's receipts are
falling OF materially because OF the suppress
sIop of poolrooms in this city. and which was
disposed OF definitely at that time. was revived
| to-day The story that tho Baltimore and ONO
| Railroad Company Ia disposing OF its holdings
of Western Union stock was also made to do
service again 1t may therefore be well TO
| state the facts as obtained from an authori-
! tHtivo source. which are that tho Baltimore
and ohio Company has disposed Of tho stock.
| 5000 shares in amount. which 1t received
| as n scrip dividend upon its holdings. but has
! not sold any part OF the block that 1t received
! in pnyment for its telegraph system. At the
carly decline n very large buying order when
! has cen in the market for some time. was
filled. and this helped to rally the price. The
| attack upon this stock was more vicious than
usual for the reason that number OF medi-
ums of publicity. including one that prldes
itself uron ta devotion to vested interests. lent
their columns yesterday to the preliminary
work OF to.day's campaign.
According to the whispered condolences OF
the street. legal papers were being drawn TO-
day for presentation to the courts, asking
them to take charge OF three OF the larger
railroad systems. The only basis Tor these COW
| ert attacks upon corporate credit 10 that each
OF the companies named is known to have n
floating debt OF SIS, 900. 900 or $6.OOO0oo. Ihat
o: the Eric Company is known to be cumber-
some. but the company has number OF stanch
and very wealthy friends- In the case OF MIS-
souri, Pacific the entire floating Indebtedness
is held by Messrs Gould and Sage. who have
no desire to change tho status OF affairs until
the market for securieties will warrant the
floating Of IN obligation into which this In
debtedncss can be funded The rate OF inter
est paid by tho Missouri Company for its pres
ont obligation Is 8 y cent. The Atchison
Company is equally fortunate. for the
rate It Ia payin. on the aggregate float
ing indebtedness OF the st. Louis ana
San Francisco and the Colorado Midland COM
paniee about S5.OO0OOo. is little less than
p cent. The bulk ofthis Indebtedness is car
ried in London on long time AMI the remainder
OF 1t here. Tho company had small loan
coming due to-day. which it paid. ana larger
one will be lauidated in the near future Pay
ment OF interest on Colorado Midland bonds
due Aug was announced to-day and other
small coupon payments during the next few
months are amply provided Tor.
These facts are adverted simply to make 1t
plain that the unscrupulous stock jobbers who
manufacture disturbing reports. and their
horde OF minions who circulate them, either
do not know what they are talking about or
are guilty OF wilful MISREPRESENTATION. Resort
TO such methods with prices at the present
level are as absurd as they are iniGuitous. for
fully hal. tho stocks on the list are SELL
ing Mt recevership prices. and many OF
those that pay dividends are selling on non
dividend-paying basis. Prices. MS whole.
have been crowded down until 1t can no longer
be claimed that they represent imitation. rose
ate prospects, or artificial values. All OF these
have been swept away, and it remains to be
seen whether a comparatively small handful
OF operators can force a natural downward
movement which has unIuestionably spent
much Of its force. to n lovel that will be practi-
cally an determination Of all values.
They are already encountering the resist
ance OF moderate yet continuous foreign de-
mand for our railway securities. The domes-
tic ABSORPTION cannot be as clearly determined.
but a movement OF that character is undoubt-
edly under way. And the question for the
home investor to consider at this time does
not relate to the monetary system OF the coun-
4 try and probable currency reform. but whether
I or lot the decline in securities that has taken
place has not more than discounted the very
: worst that can happen to the transportation
interests Of the United States.
Outside OF the half dozen stocks that have
been mentioned the dealings were large ir
only a few cases. and the net fluctuations tr
all were unimportant few stocks. notably
Northwest. Louisville and Nashville. and New
England. closed fractionally higher. while
& number OF others. among them Rock Island
Chicago Gas General Electric. and Sugar Re-
fning. showed distinct tendency to improve
whom they were not under the hammer Of tn,
4 hears The ostensible basis for the last drive a
the market was private advices from tho rest
OF bliChtng hot winds in the corn belt and heaV!
shipments OF currency to tho Interior Tkes
last were unusually largo. being estimated b!
bank officers at 81. 100000 to $1.500.00O. Th
u shipments were to a greater number of point
:, than usual Of late when they have been ap
z proximately as large Clearing House certifi
Gates to the amount OF S15O.000 were retired
ID but it is understood that a larger amount thai
that will he issued in the near future. Import
4 OF gold to-day were 100000 In bars from
y Europe and S270.O00 in Spanish coin. whic
will be deposited at the Assay Office.
Il One of the most interesting phases OF tn
" financial situation at the moment Is the heav
EXPORT movement Of silver. Bullion dealer
- here state that their offerings OF silver to tn
ss Government for a month past have been at
e normally light. and some Of them hav
. offered none, because London bids
Ss higher price for the metal than the Treas
ury. Their explanation OF the Euro
pean demand is that stocks abroad hav
become depleted. and that the threat {
r. American silver producers to close their mine
as has stimulated the demand. The foreign buy
or ing is regarded as speculative to an extent. br
'ls It is believed that the bulk Of the silver no
lit being exported is definitely disposed OF. Til
n closing OF the stock market was feverish an
'ie in the main heavy.
'ls Final sales compare with those OF Saturda
fl as follows:
,st Ju,y %. JuIg 2f Judy go Juiy 2
air aI4sdF d s5s s 80 "Tss" "Ts r. eS% com 's 81 's
on Canada south. a ~ North Pac. Pt al@ q
&C. 4 81. L. 80 atiq J. Central, i,sA "
nd .,h 2;;.. ;gss - .n,r, y; r,i'. "a, ~ n