New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-01

WHAT WAS DONE IN STOCKS.

Tuesday, Jan. Sip. m
The stock market was much less active but
decidedly steadier to-day Although the leading
industrial stocks retained the leadership Ill actVlF
there was a manifest inclination on the part Oh
railway shares no longer to submit to their in
duence The final declines were restricted TO
industrial and special stocks while railway stocks
almost without exception recorded substantial
gains In view of the enormous losses involved
in the recent decline III Distilling and Cattle
Feeding the market displayed pralssworthy
strength and confidence That stock resumed It's
downward course and on transactions that We're
hardly two-thirds of those yesterday II suffered
still greater loss. Its last price was practically
the lowest and it showed a decline for the day
of 5 3-S per cent. This movement was III spite
of Official denials that the company was III need
of money and liable TO d receivership or that the
managers had msused III speculative ventures
the trust funds which rightfplly are the property
Of the customers of the company AS these
questions may be settled by congress committee
if not by court of law. official denlals ana
asseverations, which undoubtedly have specua-
tive motive may no longer merit attention
partial change, AT least, in the nianageinent OF the
company will be necessary before the stock mar
ket shall De relieved from the malign influence
now exercised by Dlstilmg and Cattle Feeding
American Sugar Refining was second and like the
leaders. it rallied only small fraction from lts
opening price, but unlike II, recovered a part OF
the subsequent decline and closed with loss OF
less than per cent. The selling may have been
largely for the short account because the stock
commanded a premium OF about lilo per cent
The recent prominence of these stocks has ten ted
to check speculation. Public interest Is likely 10
be discouraged when speculative contests ALSO
lutely preclude just and intelligent cstlmites
of the intrinsic value OF stocks. II will hardly
be pretended that the movements III the leading
industrial shares have been based the earning
capacity of the properties which they represent.
The general market was quiet but strong. Ihe
opening was al slight advances in consequence
OF higher quotations in LONDON and very per
ceptiDle demand for European account. The up
ward movement was helped 10y decline in rates
for foreign exchange ana the hopes aroused by 1t
that exports of gold had ceased for time. III
the decline had been caused b. ireer supply Of
commercial bills the hope would have had better
chance OF realization, but III splte OF arbltrage
transactions in stocks and the admitted ne2ota-
tons of railway bonds, the offerings of bankers
bills may have been in advance Of gold ship
pentS. Tie exports Of merchandise in the last
week smaller by nearly $780, 900 than
those in the same week last year, and in the
month the shrinkagc in the merchandise move
pent amounts 10 nearly Sl0.500,OOO The pas
sage by the Federal senate Of the Anu-Option
bill may have important influence on foreign
commerce, but II certainly Will not increase the
value of exports while II may tend TO dlsqulet the
security markets.. The condition of the National
Treasury seemed TO alarm Chicago, where some
Of the banks were reported 10 have suspended
gold payments, but allowance must be made for
the speculative pIoclivties Of that entcrprising
community. The apprehensons which were
pressed were indicative only of Il large short in
terest in stocks.
THE DAY II THE BOND MARKET
Government bonds continued 10 be neglected
at the Stock Exchange but the market was firm
at unchanged quotations as follows:
nd cHa1