New-York tribune., 1895-02-11

TIE bond business cf the United states GOV
ornment occupied the miad Of the financial com
munlty to the exclusion OF almost everything
else The announcement OF Friday as 70 what
the President had actually done came by bts.
md was not well received. II had been supposed
tina. 800 900 900 in gold would be borrowed. and
the assurance that only s65 100000 would be
gathered in was a disappointment, The high
rate Of interest which the Government has to
pay 3a. was regarded as likely to affect the ous'-
ness interests OF the country unfavorably. by
depressing the prices OF sol urt.es ~ municipal
ties and corporations now outstanding. NO one
believed Congress would help the president To
get better terms within the next ten days by
authorizing gold bond as he suggested nut
every one agreed that somebody woul nave 10
settle with the country eventually for the SIC
17477o extra which Congressional depravity has
forced the Nation to agree 10 pay for tE's Treas
ury gold. The syndicate represented by Messr'
Belmont and Morgan viii get tho per cent
,hirty-yoar bonds al 04i9. and supply the T7efs-
ury in return with S5oo.ooo ounces Of gold coin
arA they will continue the process as long "a i
is deemed necessary Most Of the gold II 10 be
obtained abroad. and ev-Cy effort will he made
10 keep the reserve from depletion. Obviously
the President, perhaps rnisIed by his Secretary ~
eminent soon 10 increase satisfactorily; but this
is the weakest spot OF the bond arrangement
Brokers generally look upon the whole business
a bear point, and many Of them assert tnat
prices for stocks and bonds must go still lower.
On the other hand. ii is the almost unanimous
opinion Of the bankers that the Presidents ac-
tion must have a beneficial effect upon foreign
confidence in our credit and upon the business
of the whole country. and ultimately must affect
stocks ana bonds favorGbly.
The market dqrng the week was dun. but fair
~ steady Professional traders alone were acliyr-
Is Interested The most noteworthy movement -
the five full business days was the sharp decline
after the bond announcement Friday. The
storm on the same day had a depressing influence
also as II emphasized the effect of the l)sses
which the blizzard must be causing the Granger
roads. Yesterday Northwestern began conspic-
uous decline on the strength Of realization Of
what the monthly statistics OF that company
show for the earnings OF 1894 The Granger
group. and indeed the whole market sympa-
thized. One bankrupt road NOR, less. appar-
emily does not matter in these days: at least re-
ceivership for Norfolk and Western had little
effect upon prices. even for its own stocks. These
are hard times for the coal properties. despite the
cold weather, az quotations show.
The Industrial group was the most active"
Sugar was not the real leader. as usual and iia
place was taken by Chicago Gas which moved mp
and down according 70 the Interpretation @ placed
by traders upon the changes In the directory Of
the companies Distilling ana Cattle Feeding
closed the week in decidedly better condition than
for a long time past owing to the needed fnange
of receivers Lead was weak because nobody be-
Ieves IL can wisely declare a dividend on thc
common stock at the meeting soon TO ba held 10
consider the point. II General Electric IS grea'
and good stock, 1t does not act much Ike u
Cordage as usual. failed 10 do anything for Itself;
but Rubber was higher on the declaration OF the
div,dend on the common stock. Tho general list
was neglected; but international stocks showed
activity and some strength, In response 10 thc
fayora bic sentiment In London. tniW racine.
however declined naturally after the defeat of
the Union Pacific debt-fundlng act Little mas
been said about the Freight Pooling Dill. bu, ex-
cellent authority declares that II has no chahce
OF posing the Senate. Priva,e reports from ON
Washington indicate that generauy speaxnk. 'ne
members of both houses are utterly indifferent 10
public sentiment. and are amusing themselves III
an exchange OF social courtesies' apparently ur-
fermIned to have a good time so long as life re-
mains in the LID Congress.
The bank statement Of Yesterday was w.thou,
much effect and the market for the week closea q
ueai' and irregular The following condensed
table shows the movements OF the speeini''eS'