, 1879-05-25

Friday 399 s9d g. @ Sss asa II
Saturday os~A.o@~ -oesSoA
~rotsl.............sa SEQ, sos, ,7s5 sl,ss5, a15
~ 1essi s.> 81, AIS, 1853 81, o5a, s76
Local securities are growing scarce. Even
the present high prices fail to bring any supply
to the market The situation now Is very dill
fcrcnt from what it was before the tire and
rauic- Then there wera dozens of local compa-
nies whose stocks we're bought and sold active
II, giving investments to local capitalists and
commissions to our brokers. This Is all changed.
These companies have most OF them been swept
sway. The stocks Of those that Eenain-the
city railroads, gas companies, etc--haTe passed,
torether with the majority OF the city and coun-
ty bonds, into the hands Of permanent holders.
The small capitalists too, have lost in the fall
ure of all but two OF three savings banks,-the
refuge of their accumulations. In the meat
while, people are saving andgrowing richer. Now,
The question Of the hour is, here as elsewhere,
Whist is to be done with this growing capttals
What investments is it to make! Fortunes will
be made by the men who have the sagacity 70
enttce this new exodus
Cook County per cents have advanced to
sales ut 1o2A and 10211 and interest There
we're sales of Cook County Is at 113A. Brokers
we're paying 1o31hz for 1efunding certificates:
Stocks were weak, and fluctuations were gen
erallv downward. There was no positive break,
but the market was kept in & dropping condl-
ton that afforded an almost irresistible tempta-
ton to operators with bearish tendencies. This
state Of affairs may have been produced
purposeiy to induce the shorts to en-
ter the market, or it may result nat
urally from sales to realize. Some ex-
tensfre sales have been made to pocket profits,
and not few OF these sellers are known to have
gone out Of the market for the summer. There
is q widespread disposition on the part Of opera
tors who remain to go short. They have "a
feeling that prices are too high" The present
break strengthens this feeling. But, with all
these bearish predlspositons, spectators are
afraid to sell short The market is in an unpre-
eedeuted condition. It is not ut all unlikely
that prices may be carried this summer By out
elders to point far higher than insiders think
possible. 1t has happened before now that In
siders going short after selling out on rise Of
their own manufa cture have .'been ruined.
This is much more than likely to hap
pen now when worldwide causes are
operating to raise the price Of investments In all
markets. Michigan Central opened Il lower, at
791f, but closed at Fridays price, 999; Lake
Shore opened q lower, at 1871, and sold finally
rs on Friday at ~. Northwestern common
declined from 62N to g, and the preferred from
94sS to 94]S. Bad crop reports from Iowa are
affecting Northwestern adversely. St. Paul
opened 39 lower, at 481sSS, sold up to 49A, down
to 48336, and closed at 4SM. The good effect Of
the fine Minnesota crops is said to have been
discounted too liberally1n the price OF St. Paul.
The preferred opened and closed at 69ss. Rock
Island was lower at 139, as were Illinois
Central at o6N, and Chicago, Burlington
q Quincy: at u6A- Union Pacific
was uaenon better at f4. ETC
advanced 1fom - TO fell away to 2fees, and
eola nnal.y. AT @'h' me preferred was down q,
10 ol18. g 1ae specu'auon III tr1e STOCK and
bonds laos-- wabash lost 4, to 38N, and St.
doc common q, 70 21A. Jay dould and the
Put4ts1 ~ ~ Tu4ue, nc aau " pe eneaee" Ia
ett k'e 1oi eae oo'ee>eion u auAS 1oao' anu
this report Keeps up tne STOCK, when 1t might
Union was one Of the few stocks that made an
idvsnce: It opened u lower, but gained x, to
o - a%4 ~ ~ ~ ot.te " l., aln eut-
ieut oe4eA .u0~ 4ss 9,t-' -; y. ~ W.. eoo4
be made per cent, instead OF q, WAS dull and
weak:- -1aefs vas a. ~ nfss ao.1 la ., ~ 70 4vA'
ally at 70 again Everything else
On the list was depressed In the coal s*osks
Lackawauua 7366, to 5e1f; and Jersey Central y,
to 4A. Kansas ~ g 1exas los. ~ 70 lea' Ran,
X X to q: St. Louis & San Francisco csmmon x,
to lo1; the pfelertea aa,1 ~ :" ~ Ano 'l's nt''