New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-02
Total 90 cos.s7, 1734os s7377oo Inc. s2Oi, 493 &c
THE WEEK AT THE STOCK EXCHANGE.

n
Although rhe week was broken by holiday
close strong. The end of the year was gladly
welcomed in Wall Street which has not shared
fully in the prosperity of the rest of the country.
The closing strength OF the market was s.imu.
lated largely by the hope that after its ie-
assembling Congress will devote earnest atten-
DION to at nng, ,bs tic No
currency, but the immediate repeal Of the Sher-
man silver bill is demanded by all holders Of
Congress, and it should be considered the patri.
otto duty. of every member of both branches,
irrespective Of partisan affiliations or personal
present law. 1t will not be satisfactory to the
financial community that purchases OF silver
under he law shall be merely suspended at the
will be still greater disappointment il by it's
inacton Congress should compel an issue Of
bonds in order to preserve parity Between gold
and silver An issue of bonds suspension
of silver purchases would not strike at the root
of the trouble The prompt repeal Of the law
is required, and TO defeat II Will not rebound
couragement was also derived from the posi-
bility that the Interstate Commerce law may
be amended so far as to permit nrod Susf f ,S
maintenance of rates Recent reports OF net
earnings, which show increases in gross earn
ings and generally larger increases in operative
expenses afford excellent evidence OF secret
cutting Of railroad rates. modification or tho
law, in respect to pooling, would tend 10 correct
this evil ana enable transportation tSp hnt n,s 20
the expectation Of such an amendment, railway
stocks and bonds were strong and somewhat
higher although rather inactive.
The anthracite coal shares were q promlnens
feature of the trading.
on small transactions New-Jersey Central gained
A. Delaware and Hudson IA and Lackawanna
) 10 per cent Reading advanced early in tho
week, but after rise of 2 per cent yielded under
sales apparently OF long stock Athongh m9d Ter
cent It's early advance was caused partly by
the announcement that AT the beginning OF tn.
new year the business Of the Reading Coal and
Iron Company would be managed by the Finance
Company Of Philadelphia 1t was asserted, OF
course, Of the Pcading Railroad that this separa-
interests would be great benefit: Tie present
management always derives comfort from any
action it takes. The economy of the arrange:
menr is not readily seen, because the business OF
the coal company will he conducted by it's
present employees, while the Finance Company
will receive a greater or less commission for both
able presumption that the arrangement was made
solely for the purpose Of securing money with
which to pay the maturing interest on the In
come bonds. 4 he reported earnings OF the Read
ing Road JUSTIFIED fle payment Of the interest.
but evidently the money had been diverted 70
other uses Payment Of the income interest will
be naturally distinct advantage 10 the bonds,
but the amount which may be paid for the CO.
operation Of tho Finance Company must be to just
that extent all injury 10 tie stock The anthra-
cite coal combination may be affected materially
by the announcement made yesterday that the
Leliigh and Wilkesbarre Coal Company virtually
troed by the Central Railroad Of New-Jersey
the change of policy possesses more than ordinary
ssncance The reasons for the shangn arc
courts, and also the new arrangement OF the
Reading Company for the management Of in
coal business.
These may or may not be real reasons for tie
withdrawal Of the Lehgh Company. Since tho
Reading Railroad secured almost absolute control
Of the anthracite coal business OF the country,
49, 81 1afaf Nn1ln and
Central railroads. the Delaware and Hudson and
the Iackawanna companies have preserved their
autonomy. That they have derived immense al.
vantnges from the ambitious attempts Of this
Reading management 10 dictate the price OF coal
will soon be shown by their favorable statements
for the past year. II il limited that the results
will he nearly The best in the history of the COM
panies Ii is possible that the action Of the Le-
high and Wnkesbare Company, with the ap,,
slightly by the successful operation Of the COM
panies which were not brought completely under
the Reading Railroad In any event it's with
drawal from the combination must weaken the
influence Of the Reading Railroad.
First in Importance, perhaps. in the stock
market last week was the continued advance IN
Transit Commission to sell the franchise for an
underground railroad system was the ostensible
cause of the movement. The Stock advanced
steadily, and, although it closed over per cent
below its highest point, it gained II per cent.
This makes an advance in two weeks of % l-2
per cent. Based upon the present, dividends OF
the company, the STOCK can haIuly ne uouSn.
merely as an investment. wall Street liners than
the advance has some other and hidden meaning.
IL must be admitted at any rNte, that the greater
influence in the management Of the Vanderbilt
Morgan interest has created greater confidence in
the property 1t would not be surprising II
within 4 short time they should take still more
prominent part in the affairs of the company.
Outside the stocks already named the market
presented few features of interest Northern
Pacific preferred a conspicuous exception to
the general movement. Ii declined under bitter
attacks. presumably in the interest Of the Greae
Northern Railway. but toward the close or tne
week il rallied readily active Buying Tor potn
accounts, and its final loss was only small
fraction. .,hu.
Following is our usual table. giving the number
of shares sold Of all stocks. the highest LOWE. ~
and the final prices of the week together with the
final prices Of week ago. preiXed By the average
prices of January ., 1892:
ACTUAL SALES