New-York tribune., 1897-01-13

Tuesday. January 12-p. m.


7.,s s,gni,e- Of the arbitration treaty between
,h,s country and England created favorable
impression in Wall Street to-day. encouraging
tho belief that the effect Of the future war
ecares would be minimized by the understand
irg now existing between the two great Eng
lish-sneakiug nations War scares have had
long rim in Wall Street but in the future they
should not be the controlling factor in specula-
,ion for current developments indicate thai the
disposition Of the people or TINS country II u
settle their international disputes Dy pe"celul
and civilized methods rather than Win Dall anu
cannon as occasionally suggested by small
number Of legislators in Washington Inc coih-
pletion Of the arbitration treaty with Engiahu
is one of the favorable developments which VIII
help promote the prosperity Of this country anu
is in line with the general course or recent IN
cidents which indicate the return OF solid ana
substantial evidence cf enlarging industriai ac-
tivity and National content evidence oI an
oxnandinp security market does not accumulate
r.ridlv bur investors carefully Watching
The situation. and that they nave thelT eyes
omen for high h-grade investments was rehecleu
IN the bids for the 81 .pOO,OOO ) per cent canai
in,nrovament bonds OF this State opened TO-DAY
The aggregate amount of bids was 81, io'"vo
at prices ranging from !Suo' 10 io' -. IN tnc s
r.iIyav bond market there is fair inquiry lor
ers,-class issues and in the stock MARKET Du)-
ORG are not wanting for the highest price Sc
curities which from time 70 tlIne hoIueis are
corDelled TO realize upon. Speculation continues
,arrou and there Is no important outside Duylhs
hut sentiment is generally cheerful ana lle
ctrast believes that with the inauguration or
Major Mckinley as President ana tiis pdendee
~ a tariff bill for revenue and protecuon'
,narked change will appear In the business OF
tho country The large amount or ldle runds AT
this should at no late date ma rn,p'G
,nent in business enterprise and IN security IN
vestments and with the condition OF the money
market abroad. which ENCOURAGES the buying OF
long sterling for future use. the conaItion .,
fnreign trade about precludes the possibility or
any eold exports to Europe or any fallinS OH IN
the Treasurys gold reserve. which Is now AT
nearly S14O.0oo.ooo' , . A., as
strong and toward a higher level. with net
gains in the majority or issues. baitifIore % nliu
Ohio Illinois Steel and Wheelns ana LAKE Ere ~,
furnishing the only important excfpuohs III
tho last-named stock a loss OF more than per
cent in the common and Gls per cent IN the pre-
ferred was made on selling due to unfavorable
minors about the financial condition or the prop
or,v interests identified with the company
nlaced such rumors to the account OF competing
concerns which they alleged We're endeaVorins
TO impair the Wheeling ana Lake Erie creul''
and thus force a receivership. the talk or re-
ownership proceedings being current IN the
street to-day The condition or the solt coai
earnings. has not been satisfactory recently put
os far as can be learned the officers OF the com
pany do not expect any unfavorap,e ueveiop,
ments in its actual position ana the ,aih Vi
receivership proceedings Is discredited IN re-
snonsible quarters. The Industrial STOCKS were
al higher rejecting the improvement in the
trade outlook and the railway stocks were
strong at fractional net gains Unich faeinc
rscovered on covering Of shorts Regarding the
tt,a,oent of the Governments claim against
Irnton Pacific and the reorganization or the
property. it is encouraging to bear In mnd INA.
tbe Administration is now left IN posit9h
lne - 4, will take some action, and that the
peoreanization Committee Is prepared to handle
~ nroblem which may be presented when the
,,,arnr,ent begins the foreclosure or its ne:i
cus Irrion Pacific Reorganization is in the hnnd9