New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-09-27
MONEY AND BUSINESS.

"
Tho stool, market after rising steadily Tor
four weeks, and during the last TWO "echS WIN
unusual rapidity. showed the effect OF some
roaliz;ne on Friday and Saturday, and yet closed |
roarlv 81 per share, in the average Tor Sixty |
active stocks, higher than the close 1or 'ne
previous week. The advance has now averaged
So 65 per share for the entire list, ana IL d
little more than three years since inc icNci
of prices has been as high as 1t was iaSC Nech,
Reading has risen within the four weeks $l3 -
per share of 500; Pullman, Sl1 20 Lacka-
wanna. $40 81 Jersey Central, 50 81 Canada
Southern, 50 80; Western Union, - 30
Michigan Central and Union Paclllc' 20 ~
each st. Paul. Central Pacific and San frih-
cisco preferred, SO II each and eleven o'hcr
stocks from 81 to So each. That there shouiu
be some realizing after such an advance Is na'-
ural, and it would 10 strange II consideraolc
sales on foreign account were not rcported'
But if foreigners have sold securities whch
cost many millions this year, they have DOT ye'
taken back in the form of.money or merchandise
either their profits or principal, anu Ihcic 10
| room TO conjecture that while some nave SOU
| others have bought. For the foreign conlih-
| gent, like the army Of home SPECTATORS mas It's
laegards as well as It's skirmlshers. In inc
| homo market there is evidence that large
amount of money formerly invested In Govern
mcnts has been put into railroad secufites'
and that some money idle for long time mas
talcn the same course but there has been no
s,ch general ard widespread rush to buy sccur-
;tos rs there was in 1879 and 1850, nor has inc
control Of cqucs ceased TO account Tor inc
| movement Of many stocks.
Whether the upward movement has cuimi-
na,cd or after the shifting OF hands VIII 20
ON much further, is asked every day by inc
| Strcct There is visible at present ausoiucy
nothing to cause reaction except ~ the par
t;allv unreal and unwarranted character OF the
advance. (2) the natural tendency to reallze
whom considerable profits have accrued, ana ".
tbo fact that the Western trunk lines nave as
vet failed to accomplish the desired setuc-
mont Last weeks agreement to postpone dls-
nuted questions until October IL might equal
" have been favored by men who were sure
| ,bot notbinp could he effected in the end, and
Inv mon who knew that all obstacles could ana
would Inc removed. In either case the state OF
traffic or the state of speculation might have leu
a. desire for delay. The Reading settlement
hos nowe,fully effected the coal stocks, though
Il is still uncertain in what precise terms recon
st,uction can lie accomplished and msah"hiie
the advance in the price of coal, and the cur
.,;,,ort of the output for October to 3l2,OOC
toms loss than the actual shipments Tor Thai
month last year. incite the miners TO protest Ill
, meeting At Wikesbarre this week. Thus fal
This wear the output is 10000 tons less than
| T. was in 1888 to date, but nearly as large IL
in 1854, and larger than in any other year
y Neither in the money market nor In th'
general condition Of business are there suci
. unfavora5e signs as TO warrant Apprehension
- The gold receipts last week, over 10 per cen
: Of the total receipts at New ork, continue
n show public confidence in the monetary future
S The Treasury lcssened its stock OF goia O.
81 100000, while increasing its STOCK OF ie8a
tenders by 81, ,OOO and the banks repoi
r. an increase Of S2,55OOOO specie and loss
oulv $4,000 legal tenders. Possibly som
C are reporting specie silver notes, OF VINO
a the Treasury put out S4,OOO,OOO more Ids
,r week than it took in but in all money caicui'
&c ton for the future 1t must be considered 'h'
NJ the Treasury has power to borrow great ulau
millions by putting out the new small SnV'
:. certificates and thus TO initiate the paper cltc'
N lation. Last week the banks withdrew o.
100000 OF their three per cents ana depoSile
in for circulation only 100000 OF the tour ana
" half per cents and 100000 OF the four p
Of cents. but the extinction of the banking sys'e
k i a thing eagerly desired. and regarded as
I'd public blessing, by those who have controlI'
in recent legislation.
i'll In business circles the defalcaton OF NJ
bartholomew has caused some disturbance.
be i, not strange that the oycr-conlidcnt ieclll
he which often attends rising market Tor secu
he tiles should be chilled by such recurring CIV
He deuces of unsoundncss where the most mph'
i'll trust has been given, but the direct erect
he this disclosure, as of the Boston dcialcatl(
ire docs not seem to he great. Just now the ban
re are not losing reserves or contracting loal
&c if they should begin there would soon
ed much said of the dcfalcations and the nc
an Of great caution. Last week exchange rose
he as TO prohibit imports of gold, and the rise "
na attributed TO sales of stocks Oh foreign accou
al Lut Imports OF merchandise continue to exec
De- hose ol last year more than l3 per cent, WI
ish exports for the past three weeks have exceed