New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-05
THE FINANCIAL MARKETS..
OPERATIONS IN SECURI1IEo'
CONDITION OF THE FEDERAL TREASURY
RAILROAD EARNINGS.

Sunday. April 4-p M
o,era;loas IN the security market last week
,rere conducted IN great part by in''"Se'"0"'
,,o, ,rsaers and n number Of bear SPeVu''''oiS'
,o ,,oao tho most Of the absence OF soou "u!
;rc ~ hammer prices. particularly !" 'ne an
,,,rooito ehsras IN which values were waterway
,,wornd Elsewhere, however net Vh""eos io'
,ho wool, woe not large. a conS'"e'"'e ""''''e'
80, gains being recorded operators 'or ioWcr
OF net e'''' no,,,oncy at the close in putting
~. ,urtber lines Of shorts In norman business
.,..o,,, T., lines like the present, when INDUS
, -.,,,,,o,s are gradually working toward
''''' ,.n.,.or,ent and trade expansion oppor-
-. Co... decreasing security values occur but
-, md when they do occur opefators who
-. ,nojr profits out Of other peoples losses.
Teton ~ utilize their chances. every concelva-
NO factor OF weekne asa being brought into play
o,d evarv known weak and unprotected spot in
,,o market being attacked with the utmost az
oressiyeness. The last two weeks have fur
,shad good illustrations of such a situation.
Professional traders who operate on the short
s,de CT the market doubtless realized upon the
announcement OF the Supreme Court decision
IN the Trans Missouri case that one OF those
unexpected opportunities had come as the
course Of the market since that decision has
no, warranted by the actual trade situation but
made possible by the temporary shock caused
hv the exaggerated ideas at first held regarding
IN, future Of traffic rates AID Of traffic a5so-
Citations The public suddenly withdrew from
.ha market The bear element put its machinery
&, order and although the number was small
some holders Of investment stocks were fright
o,od into louidation The fact that the buying
movement had been Withdrawn led the element
which makes money declining values to
invite every one into its false camera ooscuId
ana then it Sex forth in horrible detai 'he con-
6itior Of affairs alleged 10 eNlst III 'ie N@ii'"'
nartS of the world. -,
There were to be seen nothing but hoods IN lne
South. approaching foreign wars disastrous rae
.~oubies throughout the country, reduction Oh
T;,,idends and paralyzed coal companies on ac-
count OF mines being submerged and inundated
Other alleged factors, too numerous TO n!el'ivn
yre~9 nara 1e1 before the public. and though the
,,,oiorit, Of .hem were of the imagination only,
they served to shake out much lightly held SOCK
nd 70 depress values 20 a material extent. Now
However more settled ideas obtain on the rail-.
,oad situation fr relation TO the Trans~Mlssouri
decision. People see none or the nlshtiul any
chaotic conditions predicted by unprlnclPIeu
sDeculatOrs and as result the oppoIt uih'S Ioi
lowering values is passing away, ana II appears
safe TO assume that the upward movement IN
prices. interrupted by the recent supreme our
decision will soon be resumed. There was no
cause FOR the slump In the anthracite shares iast
week especially in Delaware and hudson anu
Delaware LacRawanna ana western AZ Is "
lie observed that the earnings OF the aith dS 81,
roads are increasing and that this industry, IKE
all others is beginning to feel the erect OF pe,er
times. the opinions Of the bear element notWlth-
standing Jersey Central has more than dis
counted a possible reduction in the DIVIDEND rate
his week and the attacks upon the com.
pany In the Street and in certain pupheatio 9ts
have not been warranted by the condition OF the
nronerty People who bought the coal stocks at
The low prices OF 1885. when Delaware and Hud-
son touched 662. Jersey Central 81 ana La e&ao
pOO6 DlrplaSeS those
Who have recently taken the same stocks at cur
rent low prices have shown no less wisdom than
those who bought In the slump OF 1879 Despite
the losses caused by floods in the South general
business shows Improvement, as reported by tne
commercial agencies A faVoraoe factor , re-
Dorted by these agencies last week was marked
decrease in the number OF business failures FOR
the first half Of the current calendar year, ana
besides these encouraging reports additional evil
dence OF expanding trade was furnished by the
daily dispatches from different parts OF the cooh-
try.
Sentiment in the financial community was
more cheerful at the close Of the week, the ar
rival of the Streets most prominent banker IN
London helping to create feeling or nope anu
announcement for the successful negotiation OF
many important financial operations The money
markets showed no material change. ana the
general conditions governing the financial sltua-
lion were not altered in any noteworthy par'icu-
lar The exports of merchandise continue large
and imports do not increase rapidly, although
for the week ending saturday the imports al
this port showed an increase in value OF more
~
the year to date, as compared with the same
time last year. imports have been nearly Ho'Voo.-
900 less. while merchandise exports have peen
about S2OO0000 greater. Money OF call ruled
in the week at 1IaGi4 per cent. with eXcep-
lions at Q per cent, banks continuing per cent
the minimum. In time money little business
was doing rates ruling at per cent for sixty
DAYS 2;b per cent for three months, . per cent
for four months, and 3d3l2 per cent for six
months. The city pf Boston was again Dor
yower IN this market for 81 100000 at low rate
Commercial paper was dull. the best names being
Quoted Of 3at6l41s per cont for all periods. In
London call money was li2 per cent, with open
market discounts at IA PER cent. The open mar
ket rate In Paris was = per cent and IN Berlin
9 per cent The Bank Of Englands minimum
discount rate remained 81 per cent The for-
cign exchange market was dun end firm. Only
a few commercial bills were offering whlie ma
turing slxty-day bills were offered in moderate
amount Posted rates Cor sterling were un"
changed at 50 S6i4QS4 SS12 for long and snort
bills respectively. Actual rates were:
Cables long Demand
Sterling 4S1i30iS7H 4SJ%Q4S9 4sJi<G4 HIls
-
Rechsmarl;s 1914 V1.5 ,o,s
Gladeis f'S ava WI
The movements OF the chief active stocks ana