New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-09

market has been in the bond department, where
moderate demand has developed for various
issues Of merit including Government bonds,
which in the last two days Of the week were
strong and extremely active There was fair
amount OF foreign buying Of stocks. but 1t. too.
was chiefly on professional account. The result
Of the weeks trading. both in stocks and bonds.
showed higher prices for the majority OF Issues:
despite generous taking of profits, and II is well
to note that speculative sentiment remains
the bull side of the market 1t Is not believed
that the disposition Of the Cuban question VIII
materially affect values or that any further In
fluence upon prices will arise from the settle
ment of the Venezuelan dispute. Speculative
sentiment is favorable, shaped by the large
Treasury balance and by me excellent returns
Of railway earnings but there Is lack OF life In
the market which can only tie explained by ref
erence to the deliberations of Congress. The fact
that the Cuban resolutions and the Baltimore
and Ohio receivership announcement had no APP
probable effect upon prices may be due to the
lack OF genuine market. out 1t Is more en-
couragng TO believe that II was due 10 tne
strength Of general conditions rather than TO an
ertire lack OF genuineness in the market.
Both OF these elements are present. however.
The course of prices for over month demon
strates the strength Of conditions bearing upon
stock trading, and the character OF the trading
shows the market hardly genuine. The operators
who are in control cannot afford serious decline
while holders Of stocks as investments ana LOT
future advances see reason for quidatlng
Just at present they ale not increasing tneir
lines. for the reasons before enumerated, but
unless some National catastrophe should happen
they will not part with what they have When
favorable conditions of general business VIII
doubtless be more potent factors In determining
the value Of securities. as well as an Involvement
for the public to take an active interest In the
security markets. For the present the small IN
tereet in the market and Its stationary strength
may be judged by averaging the prices Of rail-
road stocks on February !, which showed $49 -
per share, while since then they have not taIel
lower than $40 &c. nor risen higher than you 10
The four stocks referred to in the beginning OF
this article making up a good part OF the
weeks business were st. Paul. Burlington. Amer
lean Tobacco and Sugar Refining. The opera
tons In Sugar Refining and Tobacco need no
comment unless Of the last-named it may be said
that the course OF its price, while rejecting the
usual manipulation. again served to call atten-
ton to the financial condition OF the properly
The interesting feature in ST. Paul and Burling-
ton was the crossing in stock valuation
of the last named by the first FOR the
first time in the history Of the roads STU
dents OF market conditions have been watch
Ing for this event for long time. as the az
ference between the financial conditions or the
properties Is great, and their stock values nave
been gradually nearing each other The relative
values Of the two stocks such that the advance
Of st. Paul Burlington seems logical re-
suit Comparisons Of the earning power OF the
two companies are In favor Of ST. Paul, and this
has been constantly accumulated in the last year
showing something like per cent earned inc
crop conditions in the Burlington territory nave
been poor while the st. Paul territory has
brought forth abundantly. but the outlook Tor
Burlington as regards crops In the coming
n.cnths is better, and the greatest misfortune
the company has undergone seems 10 be In the
action OF its management in paying dividends
not warranted by earnings ST. Paul gained |
per cent in the week to r. and Burlington lost
IA per cent. TO 1854. Louisville and NashVilie'
Missouri Pacific. General Electric and western
Union other stocks on the active ISL 10
show conspicuous strength.
The progress OF railway reorganiZations was
noteworthy in the week. II Is not expected that
the Baltimore and Ohio reorganization plan VIII
be forthcoming without the expenditure OF con-
siderable time and labor but the appointment OF
a reorganization committee last week and other
favorable incidents indicate that no time VIII he
lost in putting the property upon lis ieet 10
reOrganiZe a system which has been FORCED mo
bankruptcy through years OF acknowledgement re-
quires most careful and thorough work ana IL
may be year more before the efforts OF the
strong reorganization committee are completed
The activity and advance in Northern racine
bonds are evidence that this property VIII coon
be placed among the reorganiZed properties. ana
II Is generally believed that Mr.. Morgan VIII De
the guiding spirit in the rehabilitation or the
company AS 10 Mr. Hill and his pretersions re-
garding consolidation between the Great N0rth-
ern end the Northern Pacific. there is no reason
for believing tina; his claims Will be recog-
nized. Sales in Northern Pacific thru coupons
and the conso IS amounted In the week to the
par value OF 81 ops 900. The various interests IN
the Oregon Short Line and Titan Northern Ran
way Company have united upon a plan OF reor-
ganization which will be ready for publication on
TUESDAY and a plan for the reorganization or the
Memphis and Charleston Railroad on lines which
will continue the road as part OF the southern
Railway was announced on Friday and the
Union Pacific reorganization prospect was some
what bettered by the presentation or Inc pIan Dy
the committee to Congress
The following tables show the movements OF
the chief active stocks and bonds in the week: