New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-23

conditions made by a false tariff policy and the
interests which they guard demand caution and
conservatism. Many banks have been loaded
down with bad paper and the policy at present
is TO accept no risks Rates for commercial paper
rule high and there is little disposition on the
part OF the banks to make purchases. but houses
OF undoubted credit have no trouble in placing
their paper. while borrowers on good Stock En-
change collateral receive all the accommodation
they desire at current rates.
The calling in by the Treasury Department OF
20 per cent of the funds held on bond account in
depository banks had slight effect upon money
rates and naturally created greater ease in the
foreign exchange market but as protective
measure against high exchange rates the action
was not necessary. The condition Of the foreign
exchange market does not indicate gold exports
at present, and when they do begin there should
be uneasness felt, because the Treasury Is
in a position 10 meet any demand exporters may
make upon 1t. The position of the banks reflects
the calling in OF the bond deposits and a slight
outward movement of funds both of which fac
tors have materially reduced the surplus re-
serves; but IL must be remembered that after
April a normal movement Of money from the In
terror should set in When this change begins 1t
Will be interesting to watch the course OF the
foreign exchange market The long period OF
dulness in the stock market Ia having an I'M
favorable effect upon values. Prices show the
effect of recent mercantile failures. and in dull
market such an influence generally produces de-
cl!nes. The market Is 80 narrow, however, and
so completely professional that there has been no
liquidation other than that forced among small
traders, and the declines have been small ana
unmportant. There were few new developments
IN the week which had any erect upon the course
OF values either way, and the greater part Of the
business was done by four stocks-American To-
bacco.. General Electric. Sugar Refining and
United States Leather The result Of each days
trading averaged less than 10000 shares while
daily price changes were seldom above fractions
The majority of active shares closed the week at
net declines. Northern Pacific preferred. Bur
lngton. Louisville and Nashville. Reading Dis
filling and Cattle Feeding. Tennessee Coal and
Iron and Sugar Refining all losing above / per
cent. American Tobacco under the IN
fuence of bull manipulation all the week. and, in
fact, there was little else than manipulation In
the shares which showed any decided activity
OF the total business 93504S shares. fifteen stocks
furnished 740,S63 shares. The bond market exhD-
tied the same sagging tendency as the stock
market. and. with the exception of some OF me
Northern Pacific issues. the closing prices were
ret declines. There was absolutely no outside
support in the security markets and commission
houses had little or no business OF any sort Inc
DISPOSITION on the part Of home investors Is a
waiting one. and the foreign element appears to
show a total disregard for the American markets.
except a small amount Of arbitrage transactions.
The announcement Of the reorganization plan
Of the Northern Pacific Railroad Company caused
considerable activity In Northern racine issues
the consos being especially affected by the treat
ntnt accorded them in the plan. An advance OF
several points was recorded and transactions IN
them amounted in par value to s@..37,0O0. The
plan has been fully discussed in this column.
ard II ia only necessary to add that II rs In
dcrsed by the financial press in general and by
the greater part Of all interests IN the property.
Third MORTGAGE bondNolders have not formally
accepted it. and there has been some grumbling
over its provisions. but as the majority Interest
in the company was practically pledged before
the plan made public. there seems no chance
OF any opposition being effective The consol-
dated mortgage is only fourth Hen on the main
lire but through ownership Of bonds of branch
roads IL is first lien over 900 miles or road.
ard though some Of these branch roads do not
earn their interest the main line without them
would have hard work In earning interest on
the second mortgage The consols. therefore.
stand in better position than the third mort
gage bonds. for In Of foreclosure Of the
second mortgage, there would be little left for
the thirds
The annual report Of the Texas and Pacific
Railroad issued in the week Is worthy CT some
attention. as the result Of operations In the year
reflects to a great extent Industrial conditions
prevailing in the Southwest The road derives
its largest revenue from the transportation of
cotton. and the shortage In the cotton crop IL
indica ted in falling off In tn" roads net earn-
ings Of $685. 7G7 from the preceding year In 1894
the company handled 672 376 bales Of cotton
the revenue from which was N.4l4.loS. and In
1895 only 455.G49 bales. the revenue derived being
$1.01.4s9. The shortage In the cotton crop was
in part Offset by the largest corn crop ever
raised In Texas In other particulars the COM
pany had successful year. and despite TIE re-
duced earnings. ended the year pra ctically free
from floating debt. and with a great improve
nent In the roads physical condition.
Another important statement made public in
the week was the New-York Centrars report
for the March quarter tMarch partly estimated).
Although not favorable as the December
quarter, II showed a vast Improvement over the
same time year ago. and for the nine months
OF the current fiscal year the report indicated
surplus Of 600 against a deficit Of S559, 90I In
the corresponding period OF the preceding year.
The following tables show the movements in
the week Of the chief active stocks and bonds
Stocks. High Low. Mich 81 Mich "A CHS Sales.