New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-17
SEEING LIGHT IN WALL-ST.
THE SITUATION GROWING CLEARER.
AN OPTIMISTIC TEMPER AMONG BROKERS

AN OPTIMISTIC TEMPER AMONG BROKERS
THE GOLD SCARE" HAS SUBSIDIZED.
The speculative situation in Wall Street begins I"
see light. Movements on foot that may re'
suit I'm important developments. I'VE STOCK n"rAc'
reflected this In the sharp rally the short interest
which was a feature Of the late dealings The harhet
Z opened weak, and there We're some sharp dechhes'
but before tie close OF business hours the bears were
tumbling over one another in the effort to get back
stock which they had sold. While there were ho
Important advances in prices, the temper OF 'he
community In Wall Street was more optimistic at
the close yesterday Than II has been In several DAYS
The money market ruled at uncomortabiy sun
rates the general range being 6 10 10 per cent Oh
call But bank officers were inclined 10 beie'c
that the recent stringcncy was relaxing ine
stuaon in this regard Is not conceded 70 De clear,
however and while there has been cessation Vi
the demand for cash upon the New-iork banks rom
their country correspondents to decided extent
there is still a moderate movement OF money 10 'he
Interior. Some anxiety Is felt with respect 10 'he
shifting OF loans incident to settlements on April l.
but the recent liquidation Of Indebtedness mas maoe
bankers feel more eaaness Of mind with respect 10
the usual settlements on that date. laere Is I"
fear, however that any material weakening III '"e
money market might be followed by renewal oi
gold exports. The Tribune announced some u's .
ago that arrangements had been made by the AUS
TRAN Government for further supply oil American
gold to carry out pae plans OF the duai n'o""i'"'
for the resumption Of gold payments. IL Is ""u'
stood OH good authority that at the hrst iaVor'oe
opportunity afforded by the condition Of Tie Ahieri
can money markets, steps will be taken oy WHICH
gold NAV be exported for the Vienna Treasury Con-
tracts were made for the shipment OF $o,OOoooo py
April l. and the amount yet to be sent aproad Ill
order to carry ont the contract Is an uhoe'erhheu
Quantity in the problem OF the foreign cAcha"seS'
There is an increased movement OF gold INTO 'he
National Treasury which Is welcome. lhere w"s
gold furne
nv two hanks 100000 being In exchange Tor cur
rency 10 be sent West and the remainder Deihg eA-
changed In the ordinary course OF business. 1ne
gold scare. has completely subsidized
The outside news of the day was somewhat con
aicting as regards its influence upon spccumuoh'
rbero was n sharp advance In Northern Pacific pre-
ferred and the demand to borrow the stock ran TIC
loaning rate UP to 1-32 per cent. Ihe-So"p""9
books close to at O'Clock for the meeu"s VI
stockholders to be held oil April ~ 10 cohsiuc' e
proposition for the sale Of the stock OF tue ST. fi
ana Northern Pacific Railroad held in the Northern
pacific treasury to the stockholders Of the Northern
Pacific The object of the sale Is to provide 1or "
reminding of the Qoatng debt, and the oher To- '"e
stockholders has been underwrtten by epeyer
Co. When the proposed transaction was hrs' an
nounced the investigating committee OF inc s'och-
holders composed of Henry Clews, Hrayton Ives ana
Jaw Cooke, IT,. of Philadelphia, denounced IL as
,oohte, q, assets that was in line with the policy
Of the Northern Pacific management that the cohi-
mittee had scathingly rebuked. The committee ~
mort was a severe blow to the market value Vi '"e
companys securities because 1t placed IN omeiai ion
the charges OF mismanagement tnat had P'e'iou'',
hAen only mentioned in private or among wall ouee.
qossips But since the issue of the report IL Is saa
that the revolt against the dominating influence vi
tho chairman of the board, Henry Willard mas bcep
growing Mr.. Willard is now In Ashevii'e' ~ ~
where he Is taking lest. Ills rtsishauoh lio'' '
pNorthern Pacific Is by means assured. IL Is HOT
to be concealed that there is strong opposition OF
important stockholders in the Northern Pacific TO MI
willard 20 The question of refunding OF the hoa'hg
debt is now the vital topic OF discussion among '"e
-a,.ou. ona investors Earnest efforts have been
made to bring capitalists into pan Ior 'o'"po
bensve scheme Of financing that would put he creai
Of the Northern Pacific above Ieprcaeh. oosu''cS
have been met In different directions which nave
created the conviction that change in management
,you,d facilitate the restoration Of confidence II Is
rohobe that the question Of the disposition OF the ST.
paul and Northern Railroad stock may resolve isei'
into contest for the control OF the Northern faci0
Company. .,,. ,r,,h
THE favorable influence In connecuon WIN
raiwSy matters was the evidence Vi tue ave-" 49,.
6 interest ON the part Of the secuIiyhoders Oh 'c
In,,odeInhia and Reading shown By the committee
=, tho general mortgage tondhoders OF that compS'
A meeting of the committee was held at Tue -"o'
camille Trust Companys Offices yesterday, o. i
Simmons President Of the Fourth Nauohh D'i"'
presiding. The committee tOON ho "e'
lat It received assurances that the London Donu'
holders Of the Reading would cooperate WIN It, III.
Trbune Yesterday printed the demands which had
been submitted by the counsel OF 'he ooh"'''.
N the PENNSYLVANIA Company for the Insurance Vi
Lives and the Granting of Annuities, when Is 'he
trustee under the consolidated general Per .oi'
mortgage. The counsel OF the Pennsylvania COM
many assured the bondholders counsel that the trustee
would see that no ''snap" action was taken Ill resa
70 the issue ct receivers certificates or any INNS
else that would imperil the rights OF tie mortgage
bondholders The other demands OF the commit@S
i. would receive due consideration. John X. DoS
Passos counsel with Charles B. McMichael Tor the
Residing general mortgage bondhoders, said yesterday
that the answer Of the trustees counsei was sa''9
factory so far II went. but that every eHor. wou
he made to guard the interests OF the Dohdho"er''
me demand made upon the trustees for the securing
Of 10 cents a ton coal scld by the Keadihg as 3"
sinking fund against the general per cent m1r,s"se
Is not based upon any mortgage clause. hu ucc ~
a said that when these mortgage bonds were heeo-
dated the Readings president, AHstin Ccrbin, gave
nsxGs The pledge is said to have been disregarded
under President Mceods management OF hea ,i,
70 wait reasonable time for action by the trustee
Tor their protection but 1t CONSIDERED ProDc oHa r
Independent steps to remove Mr.. MoLeou a' ie'e'''
Of the Reading may have To BE- taken. .. =. nm
The news from Hartford. Conn.,. YESTERDAY OF ~,
attachment upon the property Of the r anu
part of plans TO secure the removal OF Mr. McLc3a
as receiver OF the Heading the o as 81 at
tSs attachment secured by the firm was no part OF
any ght between the Pennsylvania and Msadh ing
Pennsylvania's coal. The firm had been supplying
the New England road with coal Ior several !eao;
1t was owed 100000 on coai, sou o., , ~, GEmo
wanted It,
CRIPPLED BY THE ATTACHMENT.