New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-27
WHAT WAS DONE IN STOCKS.

Tuesday, December % p. ILL.,
Considering the shock to confidence involved
In the rcceivership of the Atchison' IopeKa anu
santa Fe Railroad. the stock market to-day suf-
fered only moderate depression. Except IN lhe
Nrst hour and in the last half hour of business
,,a snoculation was dull and the average OF net
docnes in the prominent issues was only lGl1g
nor cent Fortunately. the magnitude or the
short interest which failed to furnish the basis
of any substantial rally in the last lew weeks
proved a sustaining factor to-day when all o'neI
support was lacking. Not far from nan Oh ''ie
DAVIS transactions took place in the hrst hour Oh
business when the lowest prices OF the uay were
generally made. The covering OF short contracts
counteracted somewhat the effect OF hquiuauo"
and an interval Of dulness was attenueu ny
moderate rallies. 1t was only in the late UauIHs
that the selling movement was resumed anu ie"
,.oo,, sno,s were uncovered. These consisted. in
the main. of international stocks like Lou>sVliie
and Nashville, Union Pacific, and Philadelphia
owl Beading. which have for some time ruled
comparatively firm while other foreign ldNo'l'e'
were suffering from European selling
rho maximum fall in Atchison was less than
o nor cent the taking OF profits by the pears
furnishing the element Of buying ana the net
decline was only rs per cent The lu'il'Y Vi
the present glut Of money as a specuia'Ne
stimulus is proved 10y the collapse OF A'cl'iSo"
which could not borrow slO.OOOOOO on 4V'VVV
miles of road while money i'll wan Sueet 0oHl
n,anded only 1M2 per cent. 1t is credit, not
ronnev strngency which embarrasses Ioaus
struggling with heavy floating ueot, anu ~ ~
abroad earnings not the idle surplus OF the Nv
Vnrl, hanks which unhappily effect restric'loh
If confidence. The days railway Ietui..'' III
spicuous among them being those Oh mot neinfui
and Louisville and Nashville Wets no1 NY" III
30 resistance to the discouraging erect OF Atcil
sons insolvency The sanguine hopes Vi GU
carly reorganization Of the Atchlson - n,
IL red
inc projected rehabilitation OF Richmonu ,5eiH
nal Reading Northern Pacii1c ana Union ~
I-nbonnilv Inc situation at Washington u ~,
'nduci-s to a view which enables the lihahcldi
world 10 look confidently TO that turn III - 80
ness conditions which would mean 90 intei
10 s,s ~ railway earnings. upon Whlch an! NJ ~
Veent schemes of reorganization must resi-. IN "a,
sid.ring the ignorance as 10 the actud Sc ~,
the finances Of AtchisOn, when VIII uoup'l' 80
are d,m,. rerovcl under the direction OF the
courts the view Of the situation taken Dy ~, nc
home investor cannot be said 10 De peSsl,1,;[
II is IN be hoped that when the foreign haI r
reonan after their prolonged holiday IL VIII NC
found that European interests are equa"S '''''
The renewed liquidation in New-York and
New-Fngland under which the price ai'er d
ally ia l7l declined 10 lji4, rejected an au
verse opinion as 10 the apillty ol sne c1,,rse
arrangement TO provide funds to avert Iecou' -
IN the protection Of the courts. The removal VI
This company finally from the c0ntrol OF u.'-
bridied stock-jobbing may prove an uiu ,.H'
benefit to the entire railway system Oh INC ~"
EnqIand States and it would surely IeSSeH
Wall Streets opportunity to suffer severe sPctu-
,ativa losses The industrial group to-usy iialIl
aimed it's reputation for versatility Disu6nn ls
and Cattle Feeding, for instance iell TO is ~
s0I. against 23A at Saturdays Close, ana tn.
Gao Gas declined from 6l& to GOSs. On the
odbcr hand, American Sugar Refining after
ronee from 7sSs TO S25s. held net gam OF owe,
per cent at S15s at the close Whle W" 1 "a,
Electric, after selling at S'Ss, SHOWS d H9' '0''
OF only "a per cent AT "O1s. -. ITO u,
The weakness Of II market at the ciose Was
general but il was due to vague app hn 9
S,hich NAV have no better basis than inc uIl-
sasincss naturally aroused by the developments
Of the Atchison bankruptcy. We underst ,,,np
that in the most prominent instance III Tdnhf
onxia.v was felt there is no occasion 10 uouo'
that the January interest will promptly be met
THE DAY IN THE BOND MARKET
Government bonds at the STOCK EAc 1,s Ter :
were dun. with small sales Of the IS at ~ lTi
H. counon and 1l3 for the registereu poiu''
tHnof Ouotations were unchanged as loiloWs'