New-York tribune., 1893-12-29
c1.os1xG PRICES or PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Thursday, December S-p. m.
The tone Of discoura cement in to-days stock
market was out Of proportion to the extent Of
the/recorded declines. Perhaps this may have
L<en justified. however, by the character Of the
speculation. The only buying power came from
the covering Of shorts. and even heavy purchases
by the bears failed to produce more than few and
Intellectual rallies. Wherever liquidation made
progress the result was substantial! declines, al
though the average net losses in the prominent
stocks did not exceed l per cent The most
conspicuous instance was Louisville and Nash
Vile. which was the active railway stock
declining to 392. and at 40 showing final loss Of
81. per cent. The suggestion made to-day that
the directors might declare a scrip dividend OF
o. cent next week has no official sanction and
it Is doubtful whether such action would bene-
1T the standing Of the property abroad. An in
crease in activity on a moderate scale in Union
Pacific. another stock held largely in Europe.
suited in a fall from 1873 to ls5sGl7is. The per-
sistent reports OF the intentions OF owners Of
oregon Railway and Navigation securities TO
secure separate receivership for their prop
er,v merely indicate the difficulty that may be
experienced by the Reorganization Committee in
holding together by mutual sacrifices the varied
and conflicting interests embraced in this great
system.
Perhaps the most significant ueNelopHehN III
the day's market was the renewal OF activity
in Atchson, Topeka and Santa Fe, with de-
cline from 1879, last night to 12Gl2h. Comment
Of the London press the collapse Of Atchison
Is beginning to reveal how severe shock 1t
gave to foreign confidence in American securi-
ties. and how truly unexpected was the re-
ceivership at the last. The bitterness bred by
financial losses may be the secret OF the
venomous criticisms of English investors. but
truly the London suggestion OF an assessment
Of $25 a share on AtchisOn STOCK Is preposteIous'
IL is in no wise warranted by the hopeful views
advanced by Receiver Rejnhart as to the prob
ability Of reorganization within few months.
But il is clearly evident that vigorous measures
are necessary to revive foreign confidence in our
securities 50 badly shattered by such results as
are presented by the past financing Of Northern
Pacific ana Philadelphia and Reading WITH
out presuming to pass upon the merits OF the
case il may be said that the directors or the
Northern Pacific are 10 be commended Tor thelr
effort To secure the removal by the courts of the
receivers OF that property, II the directors are
able 10 substantiate their serious charges. The
record Of American railroad management this
year Is truly lamentahle in many respects ana
purgine Of every weakness or fraud whlch may
he ascertained is absolutely preliminary TO any
effort 10 re-establish European confidence III
American investments The advices from
abroad give strong evidence that the foreign
bondholder is wearying Of the system wnicn
throws the burden of necessary reorganizations
upon the creditors, and leaves the shareholders
exempt from painful but equitable contributions:
The local speculations OF the market presented
favv noteworthy points Large transactions in
General Electric after range from 3Si2Q34
10 34i,. left the final price only fractionally
lower at 32i2. Chicago Gas was notably strong
up to 62l. but a late selling movement left the
nrice at 6Oq6Ois American Sugar Refining rose
To- S27. but its last price SlSs. Western
Union Telegraph reached S3$s. but it. too, suf-
fcrcd a late depression To TSdSl4. Inc
early hrmness of the market was impaired by
the absence Of bull aggression. when the short
interest undertook to cover. and the closing
was generally heavy and near 10 lowest prices.
THE DAY IN THE BOND MARKET.
Government bonds were entirely neglected at
the Stock Exchange. but the gold issues are
shade easier. Final quotations were as follows;