New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-27
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THE WEEK AT THE STOCK EXCHANGE.

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THE WEEK AT THE STOCK EXCHANGE
The collapse Of the speculation in the stocks
and bonds of the Philadelphia and Reading Raul
road Company was the conspicuous feature OF thc
stock market last week. The transactions IN tIi'
stock were nearly double the entire share capital
On one day they amounted TO nearly l,OO"'ooo
shares the announcement that the company
had been placed in the hands OF n receiver III"
confession of bankruptcy was startling surprisc'
and for il no plausible explanation has yet been
furnished The liquidation of the speculative
pool which controlled the stoc was all that had
generally been expected II is no wonder that
Wall Street surprised by the receiNcrshlp
Full interest on all classes of the income bonds
was PAYABLE on February |, and within three
weeks after that time the company was acKnow-
edged to be bankrupt. The president of the com.
pany. by whose mistaken judgment the company
had been brought TO this extremity, was nadc
one of the receivers No statement in regard 70
the financial condition of the company mas Net
been published but it is awaited with the deepest
interest If the management knew what ITS real
condition when interest on the income bonus
was declared 1t must be inferred that that actio',
was intended to be help to the speculative pool
in the stock and bonds. If the management was
ignorant of this state of affairs the appointment
ceivers was at least improper In one case ne
was the subservient tool of a speculative conni
nation and in the other he was united ny ms
lack of familiarity with the companys CONDITION
TO act as the agent of the court. untll man
cisl statement has been issued by the receivers
the state of affairs can not be known. IL may I've
were used for purposes not contemplated ny ~
charter and that it's funds may have been III
verified 10 purely speculative ventures lioii'IS
of the bonds and stock Of the company owe IL 10
themselves and 10 the pubic. here ana abroad
10 make a searching and exhaustive investigation
of the business methods OF the recent nlaiia2r-
ment They might also do well TO take lnm'1il-
ate stems for the removal Of Mr.. Mcleod from ms
present Office 1t is not at all likely that he VIII
voluntarily take himself ont. .,. ~,
Although Reading stock closed about per
cent above its lowest point its final loss was
little over per cent making the decline "a IVY
weeks 30 per cent The income oonHs o, SuIrC o~5
be ahsurdly low if the representation made ahout
the earnings of the company were well founded
The influence of such a breakdown IN stocks ana
bonds which are widely known must be t. chcck
speculation everywhere The European puyli2,
especially of bonds. which had been steadily grow
inc for several weeks, has come 10 sudden paus.'
and there can be little doubt that the dlsappolnt-
mcnt and losses in consequence Of the decline IN
Reading We're largely responsible for IT, New
York and NewEngland fell abruptly nearly a.
per cent the resignation of the principal oni-
GERS of the recent management, when Wd' sup
posed to be an admission that control Of IN" stock
was held in the interest of the Reading Eailr9ad
II is tolerably certain that if that company does
not control New England stock II will be found IN
brokers' Offices in the Street The transfer
books are closed in ANTICIPATION OF ' AM nnhI h
known absolutely where the control lies. IN"
friends AMI supporters of IFS wealthy competitor
have shown no desire to secure the property even
A still larger loss was suffered by Northern
Pacific preferred on a small volume Of business
The occasion was the publication OF the report
of the stockholders committee, which was fear,
less arraiQnment of the present management OF
the company. Official criticism OF the report only
resulted in a fresh confirmation OF the Tears
which Wall Street had entertained IN regard 10
the company The stock closed practically at
its very lowest point, with final loss OF ~ per
months have been depressed we're carried further
down by the break in the stock The three years
for which the present management was elected
will expire IN October and for the control OF
this company there may be soon sharp and
bitter contest. "
Second only to Reading in point Of activity
was American Sugar Refining which fell over | 4
Der cent from its highest point hut recovered
about half the loss. The transactions IN tins
tent the decline caused By higher rates for
money and discrimination in loans was not plain.
and its subsequent rally tended to confirm the
theory that a large part of the selling had been
for the short account Small declines were
su frered by many other stocks, but as II ruo the
general market displayed great resistance 10 the
unfortunate influences exerted by the most active
shares 1t must be admitted however, that the
decline in Readinx New-England and Northern
Pacific preferred was not due 10 general financial
conditions and consequently these have not been
modified in any way by the fall in thcse stocks.
Gold continues leave the country and the
season is close at hand when ordlharliy 'he stare
of trade causes a large outward movement. There
is moreover, no probability OF an immediate re-
neal of the Sherman Silver law, while the stock
of free gold in the Federal Treasury barely eX
ce.ds "a 100000
Following is our usual table, giving the number
of shares sold of all stocks the highest, lowest
and the final prices Of the week together with the
final prices of a week ago. prciXcd by the average
prices of February p, 1902:
WEEKLY RANGE.