New-York tribune., 1895-12-16

2s companies 4.sso.ess 1.i53o27 Dec. 327962 81
Total G7 co.'s 50 o,79.ssi So s3e22s Inc. s5c.s2o )
a Fs cotnSsnie. ps1f IN i9coco ss.oa Inc s4ss4 90
companies. l7il,5Co 1.o2oo2i Dec 1886 10
Total 20 co.'s So 21l 800 sG5o.5s, Inc s2oaois A.
THE WEEK IN WALL STREET.
The speedy progress being made in the reor-
gan.zation of bankrupt railway properties, the
renewal OF dividends among companies wnnh
have been out OF the dividend column ior the last
Two years and the satisfactory exhibits of rail-
way earnings are factors which make the si.ua-
ton replete with hope and encouragement Inc
Atch!son system has been placed III the hahds
OF capable and wide-awake railway men on a
basis well calculated t. make the shares OF IN. .ne
company again attractive investments. ING
Reading reorganization plan. after months Oi
diligent and expert labor. IS ready 10 De an
r,nunced and the fact that Mr.. Morgan has in
terested himself in the plan assures a success
for Il equal 10 that os the Erie plan which. by
the skill and ability # NJ. Morgan. mas placed
this great railway system upon souiu -
footing. The resumption OF diNidehds on Ihe , piy
ferrei stock Of the Denver ana NO Hrahcc I'ail
road was an incident OF the week OF ifnpoI
The week before the Northwest increase ~
dividend rate and in the near future Other roads
can be expected to reflect the industrial IN
provement by resuming and increasing ul'.
dends The beginning of active work OF lne NJ NV
traffic association Under the iai-reacHins -
which was recently adopted ana goes ll-o -
effect January l. was ahotheI IaCtoi -, -. .-iN
week OF great significance. ana IL may De p ry
said that the putting into operation OF tHlS PIaI
will be one Of the leading features bearing upon
industrial progress in the current ilsoas h...
Railroad earnings increased IT. -No~Nelltoe. ~
nearly 10 per cent over the same month !edl
ago and the exhibits Of most roads lepo' ne Tt
last week were far better than IN OSeoue, a. he
Granger anthracite and Pacihc roads mduS .'.7
best returns the decreased cotton tonnage , nui
ing the Southern companies IaRk "a -. .a5,3
showed for last week an increase Oh ~ pei Ne-
over the same week last December H., -
The stock market received htte attene,Y" atteS h'9 90
far as the standard shares were concern ~, uu'
11x- nT
triaIs were active on account of the heavy qui-
dation brought on by the stock JooDlng melhous Us
of the insiders in Tobacco, VINO succsTueu .. -, ,'i
making a turn OF great nnahciai lhIpo'. ~ -
them The market for railway stocks was uuIi.
There was no pressure to sell offerings "eIe
confined principally to the lowpriceu 10 -, i
which declined. Reading being actively dealt IN
and losing x per cent on account or the hedNy
penalties which will be imposed upon tne com ON
mon stock in the reorganization plan. ne ue i;
laration of the usual quarterly dlVldehus III
! Manhattan and Western Union gave strehstH
! 10 these stocks. while a determination on the
part of the anthracite coal roads TO restrict pro
duction materially helped the leading coalers.
baltimore and Ohio declined upon rumors aDoIt
the company's financial condition, and racine
Mail was strong on the satisfactory progress y.
the negotiations between 1t ana the FaHain'
| railroad. ..u,o 80
rates for exchange did not warrant specie snip
! ments 1t is probable that Tuesdays German
| steamer will carry out considerable OF the metai
in special transaction, similar to the snipiiehe en-
]
| demand by Russia for gold in connection with
/ its guarantee of the Chinese loans.
The gold export and currency questions
were again brought to the attention OF New-ior
/ bankers from the Administrations newsstand
| by Controller Eckels last week in an after-dlnne.
speech. in which the statement was made Una. una.
| there were ample funds in the Treasury to meet
/ present and future obligations. and that no
| amount of tariff laws would change the situa-
i ton and put an end TO the taking OF gold iroIi
the Treasury for export. Mr.. Eckels. like Secre-
tary Carlisle and the President, assumes tldt i
the Government could free Itself from redeeiI,
ing the legal tender notes. the whole trouble Woulu
! he solved. Mr.. Ecke.s apparently beheVes tlat
| II the revenue laws were sufficient TO yield an
/ adequate income 10 the Government. G gold would
! continue TO go out even though a merchandise
! balance were in this countrys favor. and that
! foreigners would send over enough securities 10
force about all the gold out OF the c9uMtry'
| Foreigners are not returning American invest
nent securities They have not been sellers III
/ this market to any extent fcr long time for-
eign selling IN this market at present IS pufeLy
sneculative and represents No liquidation OF IN
/ vestment accounts. Since last February large
amounts Of American securities have been ab-
sorbed in Europe, and every attrac.!ve ISSUE o.
railroad bonds finds foreign takers. NJ Eckels IS
| not we'll informed on this subject Europe ala
| not withhold its money FROM American invest
/ naents during the panic period on account OF ths
! Covarnment's legal tender note system, but on
! account of its fear OF unfavorable developments
! from the activity of the Popuists and silver ad-
vocates and from the general prOstraton the
! country was subjected to b, the tarif tnKerlng
of the Democratic Congress. -
/ Europe is not. to be sure. dong mucn IN thls
market at present for the disturbances abroad.
/ incIuding the crash in South African mining
stocks the decline in Turkish securities and
Spanish bonds and the Armenian riotng, have
strained the financial resources OF the leading
! countries 10 an extent which prevents much in
terest in our local markets AS mentioned before.
however foreigners are on the lookout for good
American railway bond issues. The strained
. financial conditions in Germany. Austria. and
France have forced a tight hold on their gold
reserves, which has resulted IN the taking Of it
from here TO satisfy the Russian demand. Were
the National Treasury not already depleted by
the unwise revenue law new IN force, a specla,
demand in this market for gold would be passed
by without notice, but at the present 1t will
finnish further weak argument for the anti
greenback people another reason for the re-
tirement of the legal tender notes. Mr.. Eckels
forg4ts among other things. that the recent pay
ing out Of greenbacks Or the endless chain,
as IL is called has been caus d by the insufciency
OF revenue and that this factor is responsible
for putting them into circulation again after they
had been presented for redemption, rather than
from the act which created the legal tender
note. The Democratic fnanciers forget that all
the recent bond issues We're due to the deficit in
the revenue. and not entirely TO get gold TO re-
deem the legal tender notes. The condition or
the United States Treasury, according 10 the
most recent reports. shows actual cash bal
ance exclusive OF gold, OF S74,994, ,696. reduction
Of sl6lf7379 since last February. when /: stood
S9l 1l2 G75. exclusive of the gold reserve. which
was then sS7.OS5,5ll. while cow it is s75,S52,95'.
The fscal wear TO date SHOWS a revenue deficit
OF $iSS7723l and for the month 70 date the deicit
is s30O7 9OS To bring 10 an end this revenue
deficiency the Democratic President and his sub
: ordnates do not advise additional revenue legis-
lation but the retirement Of the legal tender
notes as the sole remedy.
The following table shows the movements OF
the principal active stocks in the week:
stocks High Low. Dec. isDec. ch'ss SAILS.
| sol