Evening star., 1895-06-21
Mr.. Morgan on the Attitude Of
Foreign Spectators.
DECLARES IT TO Be SATISFACTORY
Advance in New England the Fea-
ture Of the Day.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, June 2l.-The main features
OF the pecula, i've anc financial situation
were not materially changed from yester-
day, the professional character of the mar
ket being still pronounced. Pending some
expression of opinion from Mr.. Morgan
traders were disposed to proceed with un-
usual caution during the early trading
and but few changes in values were re-
corded. 1t is likely that the reorganization
of Erie and Northern Pacific will he un-
dertaken without delay. and that negotia-
ticns relative to Reading may be resumed.
The shareholders of these properties are
likely to be called upon to defray the ex-
penses of the reorganizng process. and no
immediate benefit except to the holders Of
the better class of bonds will result. Spec.
ulation in these securities is consequently
likely to be spasmodic. and unless present
Indications modified activity will
scarcely be in the direction of higher prices.
Mr. Morgan is quoted as being entirely sat
isfied with the attitude of foreign financiers
relative to our securities, it being generally
conceded that the government has pledged.
ltselt to strict maintenance Of the gold
standard.
He has as yet found no accurate esti-
mate of the local situation, but believes
that surface conditions are favorable for
Organization schemes about to be actively
undeStaken.
A sharp advance in New England, as the
result of covering and further manIpula-
ton, was the most conspicuous event of
the day. Opening at 45 Is, the price was
advanced to A 1-2 on only a moderate vol
ume Of business. The sentiment Of the
street is decidedly opposed to short selling
at this time, otherwise the stock would
attract liberal trading for the favorite ac-
count of the peSSmiStic element.
Tennessee Coal and Iron fulfilled early
predictions by selling up to 40. the highest
point yet reached. While these figures
were selected as the probable high-water
mark for the week. they are not considered
adequate to the expression of the real
value of the property, and are likely to be
further improved.
Distillers was IN good demand at a 1 per
cent advance as the result of purchases at
tributed to a probably satisfactory ter
mination of present complications.
Traders were disposed to resort 20 re-
dictionary efforts during the afternoon and
were successful In forcing concessions at
almost every point of attack. Northern
Pacific preferred was sold down in antici-
patton of a probable recommendation for
substantial reduction in the capitalization
OF the property as the first requisite to
successful reorganization.
The per cent bonds of this company
would. in the event of such action, become
one of the most desirable securities con-
nected with the property. Reading de-
clined ! per cent under sales suggested by
the yielding tendency Of the market, AMI
almost with no exceptions the lowest prices
of business There is little likelihood of the
movement continuing beyond the close OF
the week, except in those stocks for which
cause has been shown above.