New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-17

which will be accomplished In the future, pros
Eerlty Will be complete. AS TO the necessity Of
foreign capital to protect American industries, 1t
has been emphaticay shown that this country
can be Independent Of foreign funds to a con-
siderable extent. We shall receive all the capt.
tai foreigners choose to leave here. but We
get along without II. The response TO the call
Cor subscriptions 10 a new Government loan
demonstrated the financial power Of this country.
and 1t materially improved the complexion OF
American investment power. There are no con-
ditions in the business situation which are argu-
ments for lower prices OF securities, ana with
the exception OF the slump in December, the ma
jority OF stocks have been strong for the last
eight months Holders are not liquidating. Oper-
ators for lower prices have been endeavoring 70
raise a scare account Of the gold With
drawas which are being made from the Treas,
Dry fer bond payments, but this Is useless, and
Characteristic Of the narrow minds of certain
bear traders. The terms of the Government loan
forewarned the public that certain amount of
the bond payments would be taken from the
Treasury's gold balance. because there are so
many people who do not consider themselves
under Obligations not to pay for bonds IN me
Treasury's own gold. The patriotism of this
kind of people is reckoned In dollars and cents
but fortunately the number is small ana there
is no reason to believe that the geld Withdrawals
on bond account will become serious Specu-
lators in bullion and bonds are the chief OFFEND
ors None # the large subscribers to the bonds
will take gold from the Treasury. Bullion deal
ers are prospecting at the expense Of the Treas
ury. getting gold for par and selling 1t at
premium
The course Of prices the Stock Exchange
developed considerable rregularity in the week.
hut was generally toward a higher level In the
early part Of the week. there was good outside
buyine and London bought more than II sou;
but at the close, there a dimnution of pub
lie interest trading going back into the hands
of surface traders. The temptation to take
profits brought on declines on Tuesday and Fri
day, but on the other days generous advances
were scored. The success of the Government
lean and foreign buying were the controlling
factors There were other developments. how
ever the effect OF which not lost upon the
market.
The Canadian Pacific Railroad resumed its
dividends declaring one Of l12 per cent on the
common stock. thus rejecting the great improve
ment in railway affairs. end the companys re,
port for the year ending December 81 showei
a surplus Of S42. i25. against deficit in the
preceding year Of g 40S 692. Various railroads
reported favorable earnings in the week, among
them the most important being st. Paul North
ern Pacific Louisville and Nashville. Chcsa-
peakc and Ohio and Missouri. Kansas and
Texas St Paul. from July 10 February l.
shows a gain in gross earnings OF s3,S0S,133. ana
Northern Pacific in the same time a gain Of
S1S56S3S. The last-named company for the SIX
months ending December 81 shows surplus OF
s50l24s9 an Increase Of sl520Se2. This is ex
elusive Of charges not assumed by the receivers
but IL shows great Improvement and reflects me
increase in traffic business in the Northwest,
The annual report Of the Jersey Central. pub
lshed yesterday. showed surplus Of oV r
500 900 after the payment Of all charges ana
dividends. against deficit last year of over
5000 900 Government and railway bonds were
strong. sales Of the as OF 1925 amounting 10
s3l26500 most of which represented the new
AZ on twenty-day contracts. The following tables
show the movements Of the principal active
stocks and bonds during the week: