New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-14
MnNEI INN ELNINLSS.

Wall Street closed last week with feeling
of gloom which. except rs Il reaction from
prcyiou, excess of confidence, was hardly war
riutcd No one need be surprised that stocks
declined last week, from IN average of Sbl GG
at the close on the 9Th To an average ol so p
ot the close on the 18th, for the removal of the
greatest fortune in the world from active Use
~ Il sustaining power would alone have aC-
counted for g. greater reaction. When it Is
added that only the wccl, before, hc who had
been next to Mr.. Vanderbilt, the largest hold
or of securities in the world announced his
withdrawal from the market 40 that hc could
no longer be expected to intcrp0Sc as I'm active
sprculatOr and that stocks had been rising for
months to a point - per cent above their
average year ago, the change thus far might
be- considered, as IT is by some, evidence that
the sustaining power of the public demand is
very great. At the close Saturday the average
was still - per cent higher than u year ago.
II does not appear that Mr.. Nandcrbilt'4 death
lessons the value of any property with which
he was connected Many think that success
sors less combatiyc in nature may manage
great trunk lines, with the chief obstacles
removed, more proiilably than Mr.. Vanderbilt
could during the period IN which those OBJ
staccs had to be overcome. Nor Is 1t likely
that his heirs will feel confident that they can
find safer investments for any considerable
part OF his estate than the securities he So
lcctcd. Thus there is neither reason 10 expect
that the propcric, will 20 to the dogs nor that
they will be thrown on the market. The chef
influence of Mr. Vandcrb's death is in the fact
chat. the past advance m stocks having been
i'm "A measure a discOuntnS of the future
his death leads men to stop and think whether
some reaction is more probable now than il
was before
COMPARISONS are now with tine very worst
period of last year, and Of amy year for long
time. Speculation is more active than it was
then. though recently checked. Exchanges ut
Ncw-Yorl last week exceeded those OF the cor
responding week last year by 34.3 per cent,
but the sales of stocks were 70 per cent larger.
! Compared with last year, the increase IN cX-
! changes at Boston, Philadelphia and Chicago
| was 23j per cent during the week ending the
| 9Th. and only 12.j last week. At st. Louis,
Baltimore and Ncw-Orlcans the increase was
/ 80 per cent during the week ending the 9TH,
| and last week there was a decrease of pa per
cent. The general level of prices is higher
/ than il was Il year ago, so that the same
! amount of exchanges means larger business
in quantities transferred, but only IL per cent
higher. The railroad earnings showed larger
increase in November than i'll any other month
this year, partly because November, 1881, was
81, 500 900 below the same month III 1888
But the increase of st. Paul. Northwestern,
Canada Pacific and Denver and Rio Grande
is 1873 per cent, with only per cent increase
in mileage. All the other roads report earn
ings of $15,23O,942 in November, against
$14, 600 $3.50 last year, gain of 3.S per cent
and the increase III their mileage WAS only