New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-24
Total 50 co.'s. IS Cs5.5l1 s6l6s7I4 Inc. s+732oa s.
on THE STOCK EXCHANGE.

Total SO CO.'S. IS Gs55ll ssl6s7I4 s732O3 SO
ON THE STOCK EXCHANGE
Trading in stocks last week was not active
and for the greater part of the time the market
was under the influence Of the professional ele-
ment Surface speculation was the chief char
acteristic Of the market In the early part Of the
week there was a good commission-house de-
mand for stocks. and its influence with that OF
improving trade conditions prevented any serious
declines. and despite professional manipulation
values were fairly well sustained The market
was typical summe. ore. and there was little
in 1t OF any particular significance Although
this is the period Of the year when general busi-
ness slackens. reports from all commercial and
mercantile centres Show falling off In I'M
provement In the business situation; and while
the approach Of midsummer will bring with 1t a
decrease in the volume of business the prospects
are that actual conditions will continue to look
up. The railroads reporting earnings last week
show encouraging returns. and the companies
are beginning to get into condition where the
expenditure Of part of their receipts on neces-
sary improvements and construction account is
possible The railway situation at present Is
most favorable, except In particular. and
that Is in the generalization of traffic rates
brought on by the rate-cutting which appears to
be growing more alarming every day In the
last six months the managers OF all the large
roads have held repeated meetings, have drawn
up castiron rate agreements, have pledged
themselves to the maintenance or such agree
ments only to break them almost soon as the
doors have closed upon them Eastbound and
westbound freight rates are more demoraliZed TO-
day than they have been for the last few years
and we have the authority OF Chauncey NJ. De-
pew for this statement According TO Mr. De-
pew the only remedy for the present state or
affairs Is a pooling law. under which the rail-
roads can make contracts. with proper penalties
for their enforcement.
The reports Of bank clearings from all the
principal cities Of the country for last week
show an increase OF per cent over the
preceding week and one OF Is per cent
over the corresponding time year ago
Crop reports are growing better ana the
favorable advices from the West last week
made the speculative holders of wheat liqui-
date their contracts. The bulls In the wheat
pit are not talking quite so loud just now about
81 wheat. and the big speculative frenzy on the
Produce Exchange has subsidized. The ran IN the
price OF wheat had a good effect upon the West
ern railway shares in the early part of the week.
and London selling and local profit-taking sales
only prevented them from making net advances
AS 1t was. the Granger shares wei sus'alheu
their values, and changes In them were only
slight fractional declines except in ST. Paul.
which lost a little over per cent. prominent
feature Of the railway list was the Southwestern
rroup in which there was considerable activity
and general advances Missouri. Kansas and
Texas preferred. Missouri Pacific. and Texas and
Pacific which have been inactive recently,
doomed into prominence and were attractive feat
ures all the week. In the case Of Missouri Pacific.
purchases were made for interests identhed with
its management and the prospect OF a successful
refunding Of the floating debt OF this company
and the good crop situation in the Southwest ac-
counted for Its attractiveness the most con,
spicuous gain was made by Tennessee Coal and
Iron, which advanced 4% per cent on the good
outlook in the iron business. The shares OF all
iron and steel companies were higher. and the &C
tivity OF the iron and steel men who held several
meetings In this city during the week helped the
market value Of the shares OF their companies
Sugar Refining stock is becoming more active
and promises to have a season OF its usual sky
rockety" performances. 1t lost In the week 3as
per cent, and closed at 1l4h.
The return Of J. Pierpont Morgan from Europe
has attracted interest to reorganization plans
and in the course of the next month the street
will undoubtedly see tie Southern Pacihc ana
Erie plans announced from Mr. Morgan's office
as we'll as noting the passing of the control OF the
New-England road into the hands OF the New
York. New-Haven and Hartford: active opera
tions in settling the Cordage difficulties and
plan for ending the differences between the
anthracite coal companies. Mr.. Morgan is oelng
looked TO by Wall Street as the master VINO VIII
bring to a satisfactory settlement the ahairs or
the bankrupt properties and the troubles OF me
warning coal men. In the settlement or the south
ern Pacific reorganization plan serious opJecu0h
will come from some Of the security holders who
do not approve OF turning the property over to
the Great Northern road, rival corporation. as
proposed N the plan which was made public In
part some time ago. and an objection Will also
be met in the Cordage plan from the frst-rnort-
gage bondholders who do not care TO make a
sacrifice Of their holdings as required by the
Man already announced The anthracite coal
carrying and producing companies have heId sew
erai conferences recently looking to an agree
ment on the percentage and rate question. and II
Is understood that Mr.. Morgan's powerful AID
will be sought 10 put the finishing touches 10 an
agreement Wnch VIII DC sa,isi"0'"iS ~ a., =,
cerned. Long Island Traction reorganization Is
about ACCOMPLISHED as far as producing a plan
for rehabilitatng the company Is concerned.
This plan provides for the formation OF new
company an issue OF 100000 ten-year per cent
bonds and an assessment OF SO a share on the
common stock. New and strong interests VIII
be represented In the board OF directors and the
prospects OF the company have been rejected IN
the stock market. where its shares are strong
and advancing. Bond syndicate operations are
being carefully watched at present. and the re-
turn Of Mr. Morgan will most likely bring to light
new phases Of the work OF the syndicate which
has been so successful in restoring the gold re-
serves and creating confidence abroad in Ameri-
con securities The receipt OF over 81, 900
from Europe yesterday puts the Treasury's net
gold holdings above SOL 100000.
The following table shows the movements OF