The sun., 1896-03-15

CHICAGO CLOSING QUOTATIONS..
LATEST LoSroS ororATroN,
SATURDAY. March IA

a sufficient number Of events OF more than
| ordinary interest have taken place this week to
| have caused an unusually active stock market,
had the interest in speculation been more than
| local. Among them are the alliance between
| the General Electric and the Westinghouse COM
panies. the increase in the dividend on st. Paul
common. an easier foreign exchange market.
and the audacious and apparently successful
campniEn against the shorts in American To-
bacco In spite of these incentives to specu-
lation. the transactions on the Stock Exchange
for tho week averaged barely 200. 900 shares a
day. AS a matter OF fact. they have been. as
such dealings are usually computed good deal
less than that. as large proportion ofthrm have
been in American Tobacco. which is half stock.
Impending developments o. the first i'm portance
chief a-:ong which is the promulgaton OF the
plan for reorganzing the Northern Pacific Com
pany. have also failed to stimulate activity
The market, as whole, must be described as a
waiting one. but it is impossible to specify with
p0stiveness the circumstances or conditions
that hold IT in that attitude
AS n rule a dull market for securities is the
result of unfavorable conditions. present or
prospective. and it usually induces lower
prices. The present market is an exception
to the rule, for prices. with few exceptions. have
been we'll maintained The only noteworthy
net declines this week. and they have taken
place during the last two days. have been in tho
Northern Pacific stocks, holders OF which are
beginning to realize that their shares prac-
tcally OF no value. except as emitting them to
buy an interest in the successor company upon
less advantageous terms than an underwrt-
ing syndicate. The holders of Northern Pacific
stock must now see that they cannot escape
draining the bitter dregs of the cup they pre-
pared for themselves by perpetuating VII
lard and his associates and their meth
ods in tho management OF the property.
Present indications are that they will know
the full extent Of their misfortune early next
week. The publication OF the Northern Pacific
plan of reorganization may be followed by
further declines in certain OF the junior
curit!es OF the company; but the fact that from
this time on aggressive steps will be taken
to rehabitate the company. both physically
and financially. is likely TO have a desirable
effect upon the trans sportation industry of the
country as q whole.
With the reorganization of the Northern Pa
cifc Company advanced to n point where the
cooperation Of the security holders is invited
the Baltimore and Ohio Company remains alone
In the field awaiting rehabilitation. The
only tangible progress in the affairs OF
that company so far consists Of the appoint
mcnt of committees to protect certain interests
The floating debt creditors of the company
consisting chiefly OF bankers in this city, were
first in the field with n committee. and now
certain local interests In Baltimore have
also put committee to the front. Holders of
Pittsburgh and Western securities are combin-
ing, and with good reason. since the worst ee-
ment OF the old management OF the Baltimore
and Ohio Company has been pcrpetuatcd by the
courts in the management oT tho company's
affairs. 1t is safe to venture .e prediction that
no substantial progress toward rcoTGaniznG the
baltimore n nd Ohio m \yill hp fla mt
| frank, trustworthy showing is made of the
actual financial condition OF the concern.
1t should also be true that no committee
that undertakes the reorganization can succeed
which lays itself open to the suspicion OF con-
donng tho offences OF the old management.
The broad considerations which arc generally
regarded as holding speculation in check are
the eagerness of Congress to subordinate the
business OF the country to politics, and par
| ticularly it's indifference to the fact that
| the revenues OF the Government are in
sufficient to meet the appropriations which
| Congress itself is making. Uncertainty as to
| whether tho two great politica, parties will
| separately take positive and unequivocal posi-
| tions relative to tho maintenance OF the gold
standard In the impending Presidential
campaign is another deterrent influence.
| The attitude of the State Legislature
toward certain vested rights and even the dis
|
| of the sound common sense OF its constituents
are minor influences, yet nevertheless mpor-
tant. which unIuestonab!y make local capital
lists thoughtful II not absolutely pessimistic.
| The situation, however. is not entirely sombre
| Though business Is generally described ms dull
aud hesitating, railway traffic returns show a
decided improvement over last year Tn.
| gross earnings OF more than half of tn.
railroad mileage OF the United States for
| February show an increase as compared with
last year Of more than l3i9 per cent and fol
the two months ending Feb 20 Of nearly In,
per cont. To lie snre. comparison is made
with rather light traffic returns las,
year. but tho improvement. together
with tho handsome earnings last autumn
and the prospects Of fairly good business fol
some time TO come, have enabled the rail.
roads to mako larger expenditures thar
for long time for new equipment. bet.
tcrments. and repairs Those expenditure.
have stimulated activity in many i'm
portant lines. and though profits may no,
be large. it should be remembered that increased
activity means the employment OF larger mum
Der OF people than heretofore. whose wages fnL
their way into the various channels of trade.
Still another gratifying occurrence Is the sag
| ginG tendency OF the foreign exchange market