Omaha daily bee., 1885-10-26
A STRIKING STIR IN STOCKS,
A Wonderful Weeks Business Done on the
Exchange,
READINGS REMARKABLE RISE.
A Profitable Bull MoVcmcnt-Satur-
days Grain and Cattle Report
from Chicago Continued
DuIIness the Rule.
The wcel on the stock Exchange.

New York, Oct 25.-ISpecial to the
BEE. THE New York stock exchange sell
dom had larger weeks business than
in the one Just ended. One of the
objects of the bull campaign Is certainly ac-
complished. The public is in the market to n
greater extent than at any time during the
past three years. 1t only required encour-
agement to bring them in. The bull combi-
nation counted on this and laid their plans
Ii is altogether probable that the engineers of
the movement unloaded their stocks and Sc
cured their profits in the early part Of the
week. Many experienced operators looked
for an inevitable reaction on Wednesday
last. In this they were disappointed. Even
the threatened danger TO the new trunk line
pool by the Baltimore. Il Ohio'S refusal TO sign
the passenger business agreement failed
more than to depress the market a little.
Public buying supported the market, and
prices closed at an advance over last week.
In the present speculative temper of the pub
lie farther advance is easily possible But
when the public get through buying there
will be pretty liNelv slump. The fall in
prices will then only he measured by the de
ont, and the extent to which the new short in
terest has been formed togiyethc market sup
port by buying when the frightened public
begins to throw its holdings overheard.
The speculative furore is always unreason-
able, but this one is more than usual. A few
days ago Reading was regarded as practically
worthless, and so d at the lowest recorded
price. Foreclosure and an assessment equiv
alent to wiping ont the stock appeared inevi-
table, This week however, Reading sudden
ly began TO jump. The market was appar-
emily filled with buying orders, and up 1t
went on immense transactions to a5e. At the
same time rlmors We're out in force that Van
derbilt was buying the stock with a view of
completing his control, or that the PennSyl-
yania was bnying with the same object. II
looks now very much as if some one had mar
keted lot of stocks, and people were not
way of his Reading holdings. The senselesS-
ness of the movement in the stock may be
shown by the fact that there is an issue of
Reading bonds superior in lien TO the stocks
which are selling ut q lower figure than the
stock itself.
Another striking illustration of the same
Illogical nature of the speculation is shown
in the fact that New York Central stock
closed at S1.024. The stock has been paying
dividends for the last two quarters at the
magnificent rate of 4 per cent, or 2per cent
per annum. Even the most eXtraNagant bull
will hardly assert that for some time to come
the road will be able TO earn more than 8 per
cent on the stock. Nevertheless the conf
pany's dcbentures, which are an absolute
promise to pay interest. at the rate of per
cent per annum, are selling at $l05, or only
21S per cent above the stock.
The telegraph situation is very peculiar.
The Gould party and insiders generally talk
beariShly on the property, and party identl-
fled with the fortunes of the Baltimore y
Ohio think Western Union not such q bad
property after all. 1t would not be sur
prislng ii there was deal concealed some
where.