The sun., 1893-03-26

any material variation In the curren
OF tho foreign trade OF the country The opera
tion OF that law aud the existence Of an Cd
verse foreign trade balance were the ostensi
bic reasons for the decline In prices. which. Al
a matter OF fact. was preclpitated by dis
closures as TO the actual financial condition o
the Reading. the New York and Now England
and the Northern Pacific Railroad com
panies. The financial status OF those
corporations IL now well understood. nnt
the price for their securities have been read
justed In accordance with their misfortunes
| But the circum stances affecting values gener.
| ally have not changed Hence the improve
! ment in prices which has taken place this
| woek must be attributed tn reaction from the
| pcssimistic view which had become too pro.
nounccd because of special Developments
The reaction has been due In rnrt to tho low
| prices that wcre recorded ten days or 80 ngo
for tho majority of securities. Those prices
| attracted actual buyers, and their purchases
finally alarmed tho short interest In conse-
Quonce there has been q fairly active demand
for stocks. which has advanced prices except
for Northern Pacific preferred. Missouri Pacl-
flc. md Chicago Gas. The announcement
by the Northern Pacific Company that the
management has abandoned tho scheme for
selling the companys holdings Of st. Paul and
Northern Pacific stock Is equivalent to con.
fession that the interest which proposed that
sale has anticipated defeat The plan OF
issuing collateral trust notes Into which the
floating debt obligations OF the company shall
be temporarily funded appears to meet with
favor. and IL would not be surprising II 1t was
carried ont.
The possibility that rower will be given the
receivers, ,of.rthe' Reading Company to issue
receivers trust certificates has caused good
deal OF liquidation in tho bonds OF the COM
pany. but has not affected the market for the
stock. Tho chances arc that tho Court will
have to assist tho receivers in financing the
property by allowing them to issue obliga-
tons which ordinarily take preference over
all issues OF securities made by tho
company. This possibility. however. ap-
pears to have been discounted In tho
market for Reading securities. It is possible.
also that other unfavorable Developments.
such as q confession OF insolvency by the New
York and New England Railroad Company.
have been discounted to large extent. for no
one except the blind followers OF Mr.. Mcleod
believes that the New England Company will
be able to maintain an appearance OF solvency
for any great length OF time.
The underlying strength OF the market for
securities is due to growing conviction that
the Administration and important financial in
forests have arrived at au understanding rela-
tion. There is no end OF gossip aGoat in Wall
street about conferences between President
Cleveland and Secretary Carlisle and Mr..
Perpont Morgan. but II Is simply gossip. and
hence OF no value In due time the Street.
as well rs the public. may learn that
tho Administration has taken advice OF the
most successful and influential bankers OF this
country. and with them formulated o broad
and comprehensive plan for managing the
~. 4,
Silver law remains in forcc. The details OF
that plan ARE still under negotiation. and until
every detail is definitely arranged 1t would
manitestly be impolitio to mako tho outlines
OF the plan public.
The moro important movements this week
have been in the Industrial stocks. Chicago
Gas. and few specialties. notably Manhattan
hallway and Lackawanna. The Industrial
group has asserted itself in q way that can
leave NO doubt as to the permanency
OF the position those stocks have ct
tained in the market. The Granger stocks
have been next In Importance. having
received attention on account OF the belief
that the properties upon which they are based
will earn unusual profits from the Worlds
Fair traffic. Besides. the agreement OF the
managers Of those companies to advance rates
in authorization OF q larger traffic has encour-
aged buying for long account
General considerations affecting the market |
are the lower rates for money. evidence that |
Europe is less anxious than heretofore to |
draw gold from this country. the unex expectedly |
good showing OF railroad earnings for the cur |
rent month. and. finally. the settlement OF the |
strike OF English cotton spinners. This last |
is regarded as important. since 1t is likely to |
result In due time in better demand |
for one OF the stable products Of this |
country. The final impetus OF prices |
-6ay was furnished By the bank state
me ntw which shows that the banks have gained |
over $500. 900 in lawful money At the same |
tmo they have reduced their loans 81. .S35. .OO0 |
These two changes bring the deposits down |
nearly S2.500.0Oo and the net result is an in |
crease In the surplus reserve Of $3.4OO. 900. |
In anticipation Of this showing the stock mar
ket was strong throughout. The noteworthy
net advances were in National Cordage. Chi |
cago Cas- United States Rubber. and General
Electric The remainder Of tho list closed
higher.
AS compared with the final prices OF last
the list Is higher. with the excep-
ton o! Northern Pacific preferred. which 10 l
u cent. lower. The more important net ad-
vances are in L. s. Rubber. 12li y cent: Man.
haitian. 8: Consolidated Gas. s: Lacknwauua.
81: General Electric. 3's; New England and
National Lead preferred. 81 each; National
Sordage. j: National Lead. 2S: burlington
and Quincy 2'.: North America. ~; Rock
Island and st. Paul. " each: Erie and North
west. ] y each: Atchson. Distilling and Cattle
Feeding. and Reading. tx each: American
Cotton Oil. IL: Tennessee Coal and Iron and
Union Pacific. ! each: Cleveland. Cincinnati.
Chicago and st. Louis. 4: Wabash preferred,
1. and Western Union. y d cent.
Final sales compare with those OF Yesterday |
As follows:
uarrh ~. Na,eh 25.I March ~ MareI rs |
Amer Cot. OIL ls,i 40 Nail Cor. pi. IosS 1osS
AN. southern. 81 b4it North Am Go. liz 1IX |
AN, Pacic... sahs rs Northw CON-. ll2 ll2L |
y. 4. T. a 81. I. 4iJs ApJa North. r. com. lGsi II"
w.. ". & 90. D5k yES North. Fac. pE A. <2k |
q n. Y lGNE |