New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-27

the total amount required for the first bond
payment. 1t Is Interesting TO note that the
Ireasurys net holdings of egal-tenders in the
last two weeks has decreased So 057 The
condition Of the foreign exchange market does
rot point toward arge shipments of gold in
the next few weeks. and at the present rates the
margin Of profit on gold exports is very small
Considerable Of the metal for import to this
country from abroad was engaged in the week
and one wel-known bond house Is understood
to be contemplating an unusually large importa-
ton of gold from England.
Foreign political news in the week centred In
the report Of alliance between Russia and
Turkey. but the speculative temperament here
and abroad was not materially affected BY It,
British consols declined a fraction. and there
was some foreign selling in this market. which,
however. was followed by buying Of moderate
proportions. In fact. the greater part of the
week the English speculative temperament upon
American stocks was bulsh, and the course
of this market was invariably shaped by that
IN London. London operators are convinced
that the good nature, generosity and patriotism
of the American bankers and the public at
large will insure the success OF the Government
loan. despite the fact that the constant Dor
rowing methods OF the Administration are Of
fensive to the popular conception OF Govern
ment fnanciering, and here 1t may be we'll TO
remark that the willingness of the people to
help the Treasury out of it, plight is evil
dence that they approve of. or eager 10
buy Government bonds twice year. United
States bonds are good conservative Investments
as long the country does not periodically
increase its bonded debt and at the same time
allow It's expenditures to exceed It's receipts
not care to be loaded up with low-rate bonds
when stubbornness and ignorance the char
acteristic features in the National councils
The childish theories Of silver agitators ana
the hazy wisdom Of those who declare that
protection BY means Of tariff is uncons;itu-
tonal cause uneasness and fear. and they help
to destroy confidence in the Nations ability
to meet its obligations. The present Govern
ment loan will be a success because the peo-
pie will not allow the credit of the United
States to suffer, not because they arc crying
and begging for Government bonds and tum-
, bling over one another TO get them. To-day $
reports from Washington indicate that the SEN
ate may yet pass the additional revenue IN az
urc without silver amendment. If so. the
President II have the choice between the viii
of the people as expressed by their repre-
sentatives in Congress. and his personal
ideas on the tariff question. 1t will be rare
opportunity for Grover Cleveland Since Janu-
airy l the excess of National expenditures over
receipts has been 1852 $50 and since the be-
ginning of the fiscal year s21.o41.4S9. and even
in view Of these figures. the men whose theories
lead only to bankruptcy assert there Is no need
for more revenue
There several favorable Developments in
the week whose influence upon stocks would
probably have been more effective II there had
been more Of a genuine market. The meeting
of the anthracite coal presidents. the resump-
ton of the dividend upon the preferred stock
of the Pittsburg Cincinnati. Chicago and ST.
Louis. the declaration OF the full > per cent
dividend upon the Nickel Ilate' on the first
preferred, out Of the profits Of 1895: the excel
lent reports OF railway earnings for the third
week In January. and the election OF new
president FOR the Baltimore and ohio Railroad
Company. were all encouraging and helpful fac
tors. The new presden, OF the Baltimore and
Ohio is an able and aggressive man, whose
influence on the property ought ard doubt
less will be productive of great improvement
in the company's affairs II Is understood that
the present floating debt will be provided for. a
part Of the amount being furnished at once 10
meet current expenses and the fixed charges
falling due February l. SO much Of the floating
debt remaining after deducting the cash ad-
vance. will probably be funded into collateral
trust morris gage. to be secured by the bonds and
stocks held in the company's treasury syn
dictate composed chiefly of New-York bankers.
will. ii is presumed underwrite the mortgage.
Trading in stocks was purely speculative ana.
while changes were not large. they were gen
orally advances. which in few stocks
amounted to 2G4 per cent. American Tobacco
the only active stock TO close lower than a
week ago. Several requests having been made
for Information relative to the position Of values
in comparison with the high and low level IN
1895. a table has been prepared showing the
high and low prices OF twenty-four active stocks
in 1895, compared with yesterdays closing. The
average loss OF prices OF these stocks at pres
ent from the high level Of 1885, Is about ~ per
cent but. ieaving out American Tobacco which
lost 40 per cent. and United States Leather
preferred which lost "a per cent. the general
average Of the remaining twenty-five stocks
is only u per cent lower. The table follows: