New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-12
THE FINANCIAL MARKETS.
LIGHT SECURITY OPERATIONS
CONDITION OF THE FEDERAL TREASURY
RAILROAD EARNINGS.

Sunday, April lip. m.
Bear operators on the Stock Exchange ex-
pbited less spirit and more caution last week.
conducting their transactions on basis more
within the bounds of safety and more In SYM
aa,hy with the general notion OF existing cohai-
lions Although the country has not experienced
that degree OF Improvement hoped for, ana while
there are some discouragng factors whlch tend
20 keep alive the feeling OF uncertainty. there is
no adequate reason for pessimism, ana no
sucscicnt cause for stock operators to venture
Dor on the short side Of the market The move
cents in securities in the week reflected an over
oia condition OF the market and considerable
ooxiatv st times among operators who sold
.,ocks short to cover; but the strength OF their
.solutions to leave alone operations for the
short account was not constant by reason OF
TIE absence OF good support from current TRAD,
ing In this way prices advanced one ia! hno
dnrlined the next with the net changes for the
week about evenly distributed between net
losses and gains. The public was not lactor
~ the market but in few stocks there was
so,,a good buying, as In the Vanderbilt shares
and IN Delaware and Hudson The recent &c
lines in security values placed many high-sradH
Investment shares at a most attractive ieVei lot
Investors and buyers who always appear WneA
stocks have been driven down, a consideraole
s,noTrt 81 such stocks as New-York Central ana
Delaware and Hudson around par, North"es,
and omaha being picked up by far-see'ng ana
careful buyers. .,.
parbans il is unreasonable to expect active
dealngs in securities at a time when business
slough based on strength in underlying cohoi-
,ions is held in check by the impending tarlI
cbanee by the possibility of more serious re-
suits from the foods in the south, py th9 tem-
S4ncy among some legislators TO entertain foPu-
lis,ic ideas on labor and capital and by the IN
disposition OF business men in general 10 enlarse
their operations until the Senate mas nhaI! uis-
,,ossd Of the tariff question. These factors are
Considered only temporary obstacles to TRACE I'M
nrovement however; but as long as they exist
there is likely TO be feeling OF uncertainty, aIu
consequently a restricted movement in security
operatons II nothing unexpected happens tnere
should he a marked change for the better beIoVe
many weeks. or. at least graoua uevelopin ne,,
~ business improvement; especially as the con,
ALTON Of foreign trade and Of the Treasury Solo
reserve preclude the possibility OF rear over
Treasury conditions, ana as De,1Ie m,a my
months the Government will be receiving an H.
come more commensurate With It's expenses;
Inst as soon as business enjoys marked revival
security operations Will broaden An! Pr
rounced onward movement in prices, excepting
Il be based on sheer manipulation, VIII indlcate
trade expansion. and When such sItuatIon
makes itself known Wall Street houses VIII not
saU ia share in the benfts. The fact that every
one reasonably expects industrial activity Is ar,
gurnent enough 10 convince investors 70 hoIo
their securities; and II is encouraging 10 nole
mat -he majority Of actual holders or STOCKS
and bonds show no disposition 10 throw over
their possessions in current bear raids upon the
The extreme dulness in the stock market has
afforded the financial community opportuhi!
10 help with small degree or sallslacuoIi' ..ie
nraiseworthy efforts or the Stock Exchange the
rostoffce and Police departments in RIDING the
Street of bogus brokers and notorious pucket-
shops The exposures IN connection Win the
end of 40 many bucket-shops in the week showed
losses aggregating thousands OF dollars sus-
tainod mostly by country investors VINO thoushl
they could make So out OF 81 by sunsc.Inlrs "a
the syndicates and pools. market registers anu
safa systems so beautifully and attractlvey SET
forth in the alleged market letters. aliegeo HnaH
cial papers and seductive adver,iseneIIs, IN IN,
t~it aTfn
the stock Exchange to clean the street OF ,ne
rernicious element which operates on peopls
imaginations and creduty; TO discipline us oMh
members also who are found In company WIN
This element and TO compel this element 10 re-
main absent from the Street under penatE Vl
criminal prosecution: wan o'I poi,ce Denart
rnent is free from ordinary crooks, and IL Wouli
he well il the same careful attention "eIe s .;en
70 the operators Of discretionary poo,s .,e erndi
money making machlnes anu Co-oP0t
cate transactions
THE MONETARY SITUATION.
IT.. ,.oo, ,oorar markets continue easy, and
greater ease is noted in foreign money cehties
in London the Bank Of England reducrns ne
minimum discount rate in the Wees az ci,v
open market rate again declining IN Inal cisy
ond on the Continent. In New-Nork call nOney
representing bankers balances ruleu at I72e ,i
per cent with the majority OF loans at ,he SINAI i.
Tgure Time money was per cent for slXty
devs oIsG3 per cent for three months . per ceiit
for four months and 3q3i2 per cent IoI sis
months The supply Of commercial paper -
I'LL 70 res remaining az 324 "A per cent for the
iast names for all periods. In London call money
closed at q per cent. and open market discounts
sor sborr and long bills at l 1-lGql!s per cent
~ poris tho omen market rate was rs per cent
and in Berlin "a per cent The foreign exchange
market was dull and unchanged in general leal-
ures in the week. Long sterling ~aS IN III, -, ,
- aas,, discounts in London. while the hght sup
nly a. commercial bills contributed 10 ns
Strength. Rates for actual business cIosed 1Ie
week AT Sc and ASIA for long and snort sterilhs
bills respectively. ..o,.,a
The following tables give the movements OF the
chief active stocks and bonds in the week