New-York tribune., 1886-04-01
CLOSING rRIces OF PaiLA OeLPHIA sr00KS

WEDNESDAY. March 3l-P. VI.
The prices OF securities dealt in at the Stock Exchange
may be too high or too low when measured by the
ordinary rules of valuation. That is question about
which there NAV be an honest difference OF opinion
professional spectators well in the minds
OF the general public and that difference TO large e1
tent will arise from the different methods or anayzng
corporation reports aud from tho faith lack OF aith
IN the truthfuncss OF the figures presented Another
important item in the speculation in securities
is the general conditions of trade which prin-
cpaIly is conrburory to the prosperity OF the
corporations whose stocks dealt In, ana
also to the probable movements OF money AZ
they affect the rate OF interest. This Is true 0e-
cause speculation. either for rise or fall. always
attempts to discount the future, with the expectation OF
reaping Its profits when the events anticipated are
realized without expressing an opinion upon
values as measured by merits, may say that If now
they too high it Is fashionable to write, tney were
great deal TOO high in January when 1t was fashion
able to write OF 900 for Delaware, Lsckawanna ami
Western and 10 for Lake Shore. Since then prices
have been materially reduced By persistent efforts to
distust the monetary situation; by exaggera
tions OF insignificant port Of god by continuous
talk about the poor business OF the railways and
finally by the real aud tangible labor troubles ana
strikes not only the railways but in other industries
As matter of fact the situation other than the
strikes has much improved since last November ana
even since January. There Is moro stability developed
last autumn then 1t was uncertain II the improve
mcnt was anything more chan furry; now 1t Is con-
tnuous and more solid ground As TO tho strKes'
they lead only ends, either settlements or chaos
IL any believes that the latter can occur In TINS conn
try the question OF values has little interest for him.
So viewing them from a conservative point OF view,
their da effects ike tornadoes, are confined TO
comparativey small localities The about gold ex
ports-gold beng one Of products like wheat and
silver-s well nigh exploded As 70 tue monetary stu-
atiop 1t would be more encouraging II 1t developed
greater activity The bank statement this week prob
ably will show further loss Of cash. but the statement
Will be made upon rising average and unless afected
by artificial methods succeeding statements for sew
era weeks will steady additions to the total re-
serves Tomorrow the Treasury will begin the pay
ments of 900 called bonds aud the interest on
the Der cents amounting 0000 but these pay
ments will have little effect the bank averages for th'
week AS they will be published on Saturday AS 10 tue
much talked about "poor business" OF the railways
further comment than reference to the reports made s
ary considering tbs disturbing causes-lack OF
demand for exportabe products strKes' etc'-lho
returns are remarkably favoranie ., -.
or todiy's markets there Is very Httie 10 po s",u
They oprncd considerably higher on the report tn he
strikes on the Southwestern railways were hna setea
disturbed by c0nnctlhg reports irou lo
eat of war which conveyed Impression OF doubt ana
uncertainty. aud withal were extremely uulL EalS
prices were sustained but the closing marks some
hna gains for all OF the active stocks. Union Paclnc,
Northern Pacific preferred and oregon ana lralsconti
II, ntal each recorded gains of over l per cent Inc
sacon. amounted to a'
against 34G 292 shares yesterday and the market closed
steady. ,,, -. a..
Bids for the 4s advanced y per cent AhheAeu axe
the closing quotations.