New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-09
BEARS PLUCK UP COURAGE.
THE PRICE OF SUGAR STOCK RUN CP.
MONEY EASIER AGAIN-READING AND NE"'fN"'
LAND FURTHER DECLINE.

LAND FURTHER DECLINE
The scare OF the bears in Wall street subAded some
what yesterday. owing TO failure TO cohhrm '"es
dav,s r.ports that fresh issue OF Government bonus
was intended TO raise gold for the United states
Treasury. There htfh spasms OF srehe'n !"
the stock market owing TO the covering oil shorts o"
the demand subsidized and prices generay reee'eu
IN the late dealings The bulls IN American sugar
stock ran the price above 1913 on the decaratio" OF
The extra dividend on the stock and the rails
ing NJ the regular rate OF dividend to IL per cent
year. There was IL subsequent reaction. ana the Hn'u
price showed net gain OF only Iracuoh' i"e
hears loudly proclaimed that The distribution OF inc
surplus indicated an Intention OF the INSIDERS 10
.unlosd, and they also argued that the big profits
shown by the company would tend 10 hiN''e "oS''e
LEGISLATION In the next Congress.
The money market worked more easily Against
rates of about 81 per cent on Tuesday ana ""hes
day the prevailing quotations yesterday were ~ u
IS per cent and after principal demand had been
satisfied the quotation declined to per cent inc
banks reported cessation OF the recent hea'' NC
mand from the interior, but no confidence was en-
pressed that 1t might not be renewed any day Banh
srs laugh at the idea that is any combination
to lock up money and hoaid gold Inc ocPos's VI
the city banks in the last three weeks nave ai'eh
about $50 100000. and TO meet the calls OF deposit
ors for their money the banks have oeeh iorceo ~
reduce loans 1t is declared cmphaticay that no evil
depce or indication Is at hand OF any iochiieup
scheme II gold has been boarded 1t has been BY In
vidual action but 1t Is not believed In financial cr'
Giles that this has been done to any important eA'c'
The shipments Of West at this season nave
been Unprecedented. but II Is considered that 1t may
be due simply the unsettled feeling about tue IMAM
cal situation which has led the banks outsde OF New
York to withdraw their deposits here to strengthen
their home reserves.
M confirmation was ob;anrbe Of the rumOrs cur
rent ON Tuesday Of impending issue OF Govern
ment bonds. August Belmont disposed OF the story
that he had been in Washington on Tuesday on this
subject by saying to n Tribune reporter that he was
not In that city. Mr.. Belmont, however, declined 10
discuss The reports that Nc interested ir negotia
tons looking to the placing of q government loan
Some persons In Wall Street still firm in the De-
lief that an Arrangement has been made hy which
any bonds decided to be issued by the Government
will be sold abroad. DreXel. Morgan CO. ana other
promineIit bankers have Information that lends any
color 10 thes. ruinors Reports from Washington dis
credit the idea OF any bond issue At present.
The features of the stock market continued to be
PHILADELPHIA and Reading and New-lork and New
England The stock OF the former road fell to =. 'e'
closing 3-5 per cent lower at % 3-S Inc eeheia'
mortgage per cent bonds fell IA per cent 10 49, anu
the preference income bonds declined 1ol o-s per cent
shrewd Observers ascribed the declines to persistent
liquidation. DisquicDg rumors were III circnia'ich
to the effect that receivers certificates had been Issued
and more general mortgage bonds sold. The reports
cannot be confirmed. Indignation Is growing at the
delay OF the Reading receivers In Issuing some financial
statement The suspense leads 10 the widest sort OF
contectures to the actual financial condition OF the
company legitimate investors are left In the dark
as to the cause of the continual depreciation in their
securities. There is stronger feeling than ever that
A. A. Mcleod should not be permitted to remain us
receiver II his management has brought about such
condition OF affairs that the receivers may not make
public some exhibit to the Readings hances: Won
der Is expressed. too, that action To defend the IN
terest OF stock bond holders Is not taken by the
banking interests TO whom these investors look Tor
protection. ., oe
"a per cent. sales being made down In 2'n: , =.
There Is id be Gradual liquidation going ON when
is ascribed to sales ny The Mcleod party: Is SIN
thought tina, Ar. Mcleod and his fri"nds nave MOI
abandoned entire hope Of leng alic 10 maze some
deal before the annual meeting In order to save some
thing from their wreck. II Is believed by well
informed persons that the Reading receivers, who
assumed Mr.. McLeod's purchases OF New England
stock have been compelled 10 sell part Of these hold
ings "No compromise" Is stll the watchEord OF the
New-Yo New Haven and Hartford Interests.