The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-25

8 y cent, Witch makes tA6 nee lee IN price
fer the week nearly saaal to the advance
scored by Sugar Rsnnins. These tvo stosks
literally nonopollEed speculative intsres, to-
DAY. The only other feature Of the msrsst
was nee deeIlns Of two points In National
Lead on very lleht transactions
The absence OF activity In railway shares.
together With the comparative immobilIty Of
the market for them. can logically be con
strued as evidence that the holders Of that
class Of securities have come to the conclusion
that the worst that can happen to the trans
portauon industry IL now being experienced
and has been fully discounted. The work Of
reconstruction and Reorganization has been
begun and though II may be long and tedious.
some satisfaction IL derived from the
promptness with which II has been
undertaken. as we'll az from the
progress that has been made In q
number Of cases. notably In Erie and In Read
ing. In the majority Of cases. however. very
little can I've accom- plished until the business
OF the country begins to improve and that. as
every one knows. depends upon q revival OF
confidence. And upon this point the state
ment cannot be ret eated too often. that In the
opinion Of the great majority Of business men
the only serious obstacle to n restoration Of
confidence 10 the delay ~ Coma ress In formu-
lntinR and passing an Intelligent and honest
revenue measure.
Present indications are that some progress
will he mnde next week. toward advancing the
pending Deficiency Revenue bill; hut Wall
street expects very little OF n satisfactory
character from Congress for months TO come
hence the steadily Increasing gloom that has
settled over the Street. which 10 not dissipated
even to the smallest degree BY the occasional
Wide fluctuations in two or three stocks
based upon industries which may be
materially affected by changes In the
tariff. The future OF those stocks will
be watched intently by disinterested OBJ
servers. for. in addition to the manipulation
which Ia every day narrowing the actual mar
ket for them. the corporations themselves
have Incurred tho persistent hostility Of such
a large number OF politicians ana their con-
stituepts that persons Of average caution will
be constrained eventually TO ignore them en-
tirely.
A fair Inference from the circumstances sur
rounding the two groups Of stocks mentioned
would seem to he that when speculation re-
vlves It will make its appearance first. and
also be most pronounced. In railway secu-
rites. The little revival In busine ss that has
taken place abroad. particularly on the Lon
don Stock Exchange. has been In railway
rather than Industrial securities. q fact that
may possibly foreshadow q similar course OF
events here. And II may be noted
that practically all advices from London
relative to the condition Of the security mar
ket there speak hopefully OF symptoms OF an
awakening OF interest in American railway
shares and bonds At the same time the opin-
Ion 10 expressed that the movement will not
assume large proportions until our own mar
ket furnishes evidence Of q revival OF conf
dence here.
A fairly quiet yet steady advance In the for
eign exchange market this week has caused
some discussion as to the probabilities Of ex-
ports OF gold this spring. The consensus OF
opinion amo1T those best qualified to Judge Of
tho situation 10 that vsry little II any. gold WI
be exported In the near future although the
rates for sight sterling are higher than they
were when the last i'm portant shipments were
made. This view Is based upon the facts that
tho United States has liquidated Its Indebted
ness abroad to . degree that WAS probably
never before reached In It's com m ercial history,
and that there Is at present no special
demand abroad for gold. Minor factors are
the very low rates for money at European
financial centres and the evident downward
tendency Of those money markets. Though
the exchange market 10 strong Il 10 very mar
row. the demand from remitters being very
nearly as limited As the supply OF comm sreial
bills Even q moderate demand from abroad
for our securities would unquestionably work
. wonderful change In the foreign exchange
market
As to the possibilities OF such demand. It IL
worth noting that the better class OF railway
have fully held their own as to price
throughout the distressing and depressing
events Of the last twelve months. . eircum-
stance that should be taken into consid Grafton
in Determining the desirability OF railway Sc
curties for Investment. A comparison re-
Gently made by the trustee OF a large and we'll
known estate brought out the interesting fact
that the premium on long list Of investm ent
bonds. purchased nine and ten years ago. is
greater to-day In spite OF their advance to-
ward maturity.
As compared with the final prices OF last Sat-
urday. the list 10 irregular. "he more impor-
tsnt net advances are American sugar Rein
Ing. 4 \ cent. American Tobacco. 3; General
IL; Burlington and Quincy. =: Tenn.
Coal and Iron. q. and Western Union. = y
cent. The noteworthy declines were In Dis
filling and Cattle Feeding. 81 y cent. National
IL; New England. l; Canada Southern,
"a; New York Central. =; Chicago Gas and
Louisville and Nashville. :. each. and Rock
y 4 cent.
Final sales compare with those OF ysster- |
day as follows:
ID. 9S fsA Ell IsA az Fs6 r.