New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-25
WALL STREET AGlTATED.
,r,n1vG NEW ENGLAND AND SILVER.
r,ps HAD THEIR OWN WAY AT FIRST
THEN THE ErLLS TOOK CHARGE OF THE
MARKEr

MARKET.
rs.,. was a turmoil in the Stock Exchange
.'..,dav which upset more speculative schemes
hove been set on foot for many months.
w.. h.ar and bull factions were discomlited
- tho DAYS developments tremendous liQu-
,'.;or was started by the attacks Of the bears
=. tho opening of the Exchange. but before the
s., .rded there an extensive covering OF
~. contracts. which carried most prices above
-. financial quotations OF Thursday. The specu-
,..,re transactions were on large scale and the
=. changes in values were important The bear
.,v was successful in accomplishing heavy de-
tines but there general rout of this
~n,rr before the close. Prices ran up rap
- An various favorable rumors, which could
rot be confirmed
.h.roe brought out official statement from
". non 70 whom investors in Philadelphia and
v..ains securities look for protection. Nor could
~. .,ockholders in New-York and New-England
.,d Northern Pacific find consolation i'll the OF
att, u,terances made or concealed. The actual
,,pation of affairs in the properties that now
,.mnsnd public attention was left TO the prey
A, sneculative operators. On top OF this condl-
aon came as a depressing influence the fears that
.Y,st In financial circles respecting the cur
,encv problems of the country. The bear lac-
40, IN the stock market has been encouraged in
q, attacks on values by the possibility oil scare
~, tha silver problem. and this seems TO he the
rot.nt argument relied upon by the men VINO
m,ke profession of depressing values to aid
them In efectng depression in securities in when
,h.v NAV be particularly interested. Late IN the
a.r q rumor was started that transaction had
49,, completed by which the Treasury could
.l, l.lpl in l,A
government decided that 1t was necessary to
,..u. bonds to protect the gold reserve. 1t was
said that private banking contract had been
r,.a. for the purpose of assuring the delivery
A. r,h in return for the issue of bonds There
$50. M information 10 he obtained in banking
.,,c,es IN this point and there was no news that
wonld lend countenance 10 the idea that the
Administration had decided to exercise any
authority on this rNint
Tho foolish rumors respecting bond issue were
based mainly upon the fact that the free gold IN
the Treasury had fallen to little more thah
sl0400O, 900 But there Were no engagements
Of eold for export beyond 100000 taken from the
Sub-Treasury for shipment by the French steamer
to-day II was said in well-nfOrme1 banking
circles that on next Tuesday at least 81 l,OOO,O0O
cold will be shipped There Is a general cNpecta'
ton that more than this sum may be sent ABROAD
The foreign exchange market was strong Ne>FI-
day, but there was represslng influence III inc
supply of bills which are reported TO be based Oh
sterling loans If there had not been free sup
ply Of bills Of this character the demand lor god
for shipment by the steamers advertised at present
might have been larger than now seems prcoable'
The question remains unsettled whether the CITY
banks will be willing to transfer any further part
OF their gold reserves TO the Sub-Treasury. II
they chose TO ask for the gold represented oy thc
leeaLender certificates that were turned lnto ule
6utTreasury two weeks ago there might De an
encfoachment upon the sentimental Sloo,ooo,ooo
reserve. There are no indications, however, Una,
any such action will be taken.
There were exciting scenes on the hoor OF 'he
Stock Exchange when the stock market opened
yesterday. But there was no panicKy leelihg Ill
spite of the heavy transactions. First prices "erc
low and there were some important 0ccilIfs III
yalDes. but where losses of importance were
shown they We're applied 10 particular proper
ties The transactions of tie day amounted to
nearly 500. 900 shares. The largest dealings were
in Philadelphia and Readng-l $4,000 sharcs-at
a range in prices from 2S 3-sa27 5-S to 80 lisa
30. the last price showing net gain of nearly
nor cen, from Thursday night The trading ia
American Sugar Refining stock aggregated more
w
carried down 10 III l-2 there was recovery 10
ZIG Is The sales of New-York and New-En2-
land amounted % about l2s.000 shares, ana
price went down from sc to % 3-4a20. against
81 ON THURSDAY. The whole market, however,
in the nte trading exhibited panlcky demand
from the bears, which carried prices in most IN
stances far above Thur:day's closing figures.
There were no new developments respecting
the affairs Of the Philadelphia and Reading Com
many There wr,e conferences between leading
representatives of the DrexclMorgan interests ana
the Pennsylvania Railroad, but the results were
not announced Frank Thomson, vice-presideht
Of the PENNSYLVANIA Railroad Company, was AT
the office of Drexel. Morgan & Co. Important
conferences were also held at the Office Of Spcycr
& Co From neither Of the two firms could any
official statement be obtained. II is UNDERSTOOD,
however that the pressure Is growing d2dis'
the bankers who have recently ioaNen inonGS -
help the financing of the Reading RAILROAD -
take some action that will terminate Mr. Mcleod
connection with the reccivershp OF the company.
The pressure of Wall Street opinion Is slfon& ulao
there should be some pronounced Ieaucfship III
an effort 10 displace Mr.. Mcleod.
There were numerous rumorS IN wan street vi
a receivership for the New-York and New-England
Railroad The only foundation for them was the
break in the price Of the stock. 'hafies idiHpn'
said that there was no truth IN the story ulat
connected him or his friends WIN any hoN'
ment Of this sort Mr.. Parsons also saia 'hal
the condition Of the property was such that no
possible excuse could be furnished for an appcI-
ton for a receiver Even if a concerted attack
should he made against the credit ot me coil-
pany, the financial conditions would lrcciuue VIZ
possibility Of obtaining a rcceiVershlp Oh any
such grounds.