New-York tribune., 1896-01-07
CLOSING PRICES or CHICAGO srocKs.
OK THE STOCK EXCHANGE.
IanLnnr, & n

Monday. January 6-p III.
Secretary Carsles invitation 70 the public -
subscilbe 10 a 800 100 900 bond issue was some
thing Of surprise to Wall Street. as 1t was gen
orally believed that the announcement would not
he made before the Senate had taken final action
upon the Bond bill Higher prices on the Stock FIX
change. except a, the opening, did not follow the
call for subscriptions. In fact general weakness
prevailed and closing prices for most shares were
at ~ubs;antial net declines from Saturdays last
ne7,res Wall Street expected that the public
would not De allowed to have an interest in the
issue: II expected that powerful syndicate
would take up the bonds al once and that there
would be no delay In completing the transactions.
As it is, II will be a month before the operation
will be finished. end It IS argued In the street
that during that time uncertainty and lack o'
confidence as to the success OF the issue will pre-
vail This should not be 90. II does not seem
POSSIBLE that the public will he as backward in
subscribing 10 the issue az il in the case OF
the first bond issue in January. 1898 and even II
II is the bonds will undoubtedly be taken by the
,yndicate which was formed FOR that purpose last
week Ar a matter Of fact many people believe
that the syndicate will get the bonds, despite the
fact that the public has been invited 10 subscribe
The terms Of the proposal give the Secretary the
right to reject any all bids. Nothing Is said as
10 an upset" price as In the proposal Of Janu-
sry 1893 when llT923 named a. the limit
under which 10 bids would be received. and no
restriction is made as 10 taking gold for the bonds
from the Treasury in return for greenDacks
The syndicate will undoubtedly make d bid for
the whole issue. and This bid may be more al
trdctive 10 The Secretary tnan individual pfeiS
Al all events the syndicate VIII most probably
be compelled to pay a better price Tor the DOnhs
than 104z for there will doubtless be many offers
at III and higher. inasnuch as the present per
cents selling at ll4i3nll7 Continued Dor
tlf1.-
II affords no permanent cure to a Nations hnan-
cal troubles In the present case Wall street Is
not concerning itself with the possible good an
issue of bonds will accomplish. but whether or
not the issue will be successfully placed II the
Street sure that the proposal for BONDS
would go through without complications Sc
curity values might behave differently. Then
again foreign holders of American securities are
not favorably impressed with the new IDEA IN
finance that constan, borrowing leads 10 pros
perity. 1t is reasonably safe 10 say that had an
announcement come to-day that the additional
revenue bill had been passed by the Senate and
approved by the President. instead Of fourth
call from the Secretary ~ the Treasury for a
Government loan security values would have
gone up instead OF down
The call for public subscriptions has stopped
the small premium on gold There IL now no
necessity for intending sui {srribcls Ia buy gold
at a premium AZ they can taHe II ifonl 'he
Treasury greenbacks People VINO have Deen
buyins the metal premium ara somewhat ia
the dark 10 their own positions. and the gen
eral situation so far as gold ana foreign "N-
change
the unexpected action Of the Administrator.
The uncertainties" as Wall Street terms the
various factors I'm the situation were responsible
for sharp declines I'm stock values after strong
openjnQ and the majority Of active shares cosed
at net Losses ranging between ll2 and 22 per cent
There was considerable liquidation IN Sugar Re-
fning American Tobacco. Burlington. ST Paul
Huntsville and Nashville and Western Union. the
selling in Sugar Refining being due 70 reduc-
ton In the price Of refined sugars aud report
from Washington that the Senate would make
London sold 81. Paul and Louisville and Nash
vile 10 q considerable extent and moderately Of
other international shares. Reading was again
weak selling down TO 25s OF the active shares
American Tobacco. Sugar Refining Rock Island,
Burlington. Northwest. General Electric. Louis
Vile AMI Nashville. Manhattan and Tennessee
Coal were down at the close 2Q217 per cent. To-
DAYS decline in prices places the general level OF
values little higher than the low level reached on
the decline Of Decenlh"r 20 and 81. With few
Keep ions the market closed at about he lowest