The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-29
THE STOCK MARKET.

Steady Decrease in the Volume OF Business
The Street-Railway Troubles.
Special to the indianapolis Journal.
New YORK, Aug 28.-The continued tight
ness of the money market and the steady CON
traction of stock loans by the banks continue to
seriously affect stock speculation The volume
of daily business is steadily decreasing and
whatever there is of it is mainly confined to the
room traders. At the same time prices are
slowly declining for almost all securities except
one or two reorganized concerns like the East
Tennessee, Virginia s. Georgia and the Manhat.
tan Elevated stock, which, after a considerable
advance. which it made about fortnight ago,
suddenly jumped up per cent. in two days.
The first advance was attributed to the maniru-
laton of Cyrus w. Field, who had just returned
from Europe. But the second one can no longer
be attributed to the same cause, for he is away
again, this time in Canada, inspecting, it seems,
the Canadian Pacific road, at the request OF
some English capitalists interested in it Mr..
Field, however, is not the only celebrity who is
just now inquiring into the resources and pros
poets OF the new transcontinental road The
grandnephew of the first Napoleon Bonaparte,
Wise by name is doing the same thing People
connected with the management of the elevated
roads aver that the advance in the price OF Man
haitian has by no means eliminated, and that
will soon look very cheap, when the projected
development of the property will become known
and high dividends declared the strength OF
the steadily increasing earnings 1t would ap-
pear that the Manhattan system comprising all
the elevated roads of New York. earns this year
an average of $3 600 day more than last year.
It is more than likely that the reduction of fares
which has recently been made on the Thirdave-
nue. line will compel the surface roads to reduce
their fare, too and this, in its turn, will prob
ably lead to an attempt to cut the wages of the
drivers and conductors The present strike on
the Broadway and Belt lines has nothing TO do
with the question of reducing fares. It was the
consequence of an increase of the number OF
trips which the managers of the roads tried to
exact from the employees. The nature of the re-
lations between the latter and the former is such
that strikes and lockouts will probably form
feature of the New York street traffic for some
time to come The temper of the men working
on the street-cars is pretty we'll illustrated by
little incident which occurred at the close of the
last big strike some four months ago Tho
writer jumped on one side of the front platform
of Broadway car, whilst Irish workingman
jumped the other and addressed the driver:
''Well, Pat. I'm glad to see that you have fixed
it, and that after all you got the best of itn
"Well." was the answer, wait awhile. Well
give them another whack if they declare
fat dividend" If this basis of responding by
twhacks" to every declaration of q fat dividend
is adhered to by the elevated road employees, it
would be nothing surprising to see Mr.. Field and
his associates of the Manhattan management
compelled to reduce instead of increase their
dividends. RiGoLo.