New-York tribune., 1896-02-03

question aDOlt the ability or the country 10 get
along without bond issues. AS To this there
really IS no such question now. but Democratic
nnancierng has piled UP monstrous revenue
deficiency. and Democratic dnanciers affect 10
believe that the way out of such deficiency is 10
increase the country's bonded debt
Populists and silver cranks. born and reared
IN absolute ignorance OF the functions of finance"
as well Of the principles which unIeriic
the only stable financial structure for Nation.
are doing their utmost at present TO promote
rear and lack q confidence among the people
and This is another strong and potent reason
for Tho absence Of the investing public from the
security market. There is no occasion. how
ever To lose s,eep over the passagA in the senate
by the enemies OF sound finance Of the bill for
tn" free coinage Of silver. The measure will be
swept aside and buried in the House. and the
only effect which ii may have upon the present
situation Will be to frightcn off intending foreign
subscribers to the new Government loan. i
repre- sentative in this country of the Dcutsche
Bank. OF Germany. has the power To bid FOR
round blocl; of the bonds. and representatives
Of other foreign institutions similarly sitli-
ated. but the frantic shrieks of the silver ma
joriy in the Senate and the passage OF thoig
pet measure may te the means of Withholding
these bids. This Will not interfere with the
Government getting its sl000o0,000. but it will
have an unfaVorabe effect upon sentiment
There has been little news concerning the Gov
ernm"nt loan in the last week. but the general
opinion is tha; it will be ovorsubscribod This
means success from Il Government viewpoint:
but there is unanmty OF opinion 10 the
success Of the loan as a factor in the general
to modify the view taken in this column at dif
fcrent times concerning the first payment for
the bonds. which has heen that the money for
this laYmcnt Is in hand or. in other words las
already been Withdrawn from circulation. but as
to the ultimate effect Of the withdrawal Of go
much money from circulation no on" at present
ventures To say The present situation IN
financial circles is cncouraging however. and 1t
Is Well TO take . bright View Of the future. To
court success requires llGhtness Of heart. ara
inspiration may I've had in the prospciO Gus con-
of l,,ri % h.,
The troubles which may arise from the Admin
istrat.On's attempt TO finance the Treasury can
not be 90 long standing. The country IS large
and great, and wisdom. judgment and ommon-
sense Will soon take the place in Washington Of
ignorance. stupidity and aggravated absurdities.
The agreement among the anthracite coal
companies to restrict production and the ar
rangement for equal distribution OF tonnage.
and the settlement Of the Northern Pacific re-
celVership muddle were among the favorable
developments in the week. 1t is unnecessary
to point out the cost TO the anthracite prOduc-
Ing and carrying companies Of their reckless
disregard OF their own and their stockho oiders'
interests in the last two years and the benc-
hts 10 be derived from the present agreement.
These are matters which every one is now CON
Vcrsant with. Nor Is il necessary to enter into
the details OF the long and unfortunate differ
ences among the various interests of the North
ern Pacific Railroad. which have now been put
aside and which have been succeeded by a de-
termination to give the property thorough re-
organization. Northern Pacific securities were
somewhat lessened just now for they have
hanging over them the prospect of heavy as
sessments. Reading stock and bonds developed
the greatest activity on the list. and the stock
scored net advance for the week of per cent.
while the bonds We're UP l&05b per cent. The
anthracite agreement and the constantly bright
ening prospect of successful reorganization
We're the determining influences. The returns
OF railway earnings last week were encouraging.
and especial attention should be paid 10 the
statement OF the New-York Central for the De-
cember quarter. the ST. Paul for December and
the six months from July !. the December state
ment OF Southern Railway. Chesapeake and
Ohio and the annual statement OF the Della
ware ana Hudson and the Delaware Lacka-
wanna and Western. ST. Paul increased net in
December s335,6l2. and for the six months 81 $685.
522; Southern Railway increased sl43.G90 gross
and $42.405 net in December. and Chesapeake and
Ohio $l29,37 gross and S52. 900 net The Della
ware and Hudson. despite the poor coal year.
earned - per cent on It's stock. and the Iacka-
wanna 5.l1 per cent. The stock market closed
the week with all active stocks higher. except
Leather preferred To show the upward move
ment in stocks since the first week In January
when prices re the lowest of the year
the following table has been prepared. giving
the lowest price on January and the closing
va M a her n eha