New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-10

The continued movement and active demand
for railway bonds both at the Stock ENchansc
and over the counters of the large dealers were the
principal feature of the Wall Street markets last
week The stock market was a trille more active
than in preceding weeks, the Transactions Tor
five days having a G. t6ares oT i5e
lation little that was new was deveI
oped. Speculativcly, the principal fluctuations
were caused by the turnings and twlstings OF
operators VIII oare short of stocks While there
unquestonably Is a more confident buying for the
speculative account than there has been hereto
moved temporarily IN e,tler direction with little
cffort. small pressure, hastily driven, does not
fail to mark prices off or per cent: but the
instant the pressure Is removed prices reco N'l
The stocks sold for effect the recovery Is RAPID
Our friends the /" bears" still refuse to recognize
the situation. In times Of the greatest disas.
ters there have only been a number oil holders OF
securities who became panlc-stricken and sold
what they held without thought or consideration
of the prices 10 be obtained -,
Only when brokers Offices were loaded with
stocks carried upon margins and their loans were
enormously large 1t ever possible 10 create
a scare and produce unlimited selling. The SIM
pie facts which now have been so clearly ucihoh-
ncver before were so well distributed among thc
class of people who will not be scared, ana that
brokers' Offices were less burdened WIN Sc
entities and their loans never we're III bcllcf
shane And vet tho.e operators VINO nIc sirug
nGnro for Iover values, who dictate much Of
the oral and written stories with the intent OF
creating "A scare, continue their romahcihs anu
their operations exactly III thc same
manner as they might do with some hope OF sue
cess if every brokers' office in the Street was
loaded with cats and dogs, their loans unsalciy
expanded and their offices full OF clients ready
TO be influenced by the tmldlty Whlch comes
from the knowledge Of insecurity Such are no1
he conditions of Wall Street to-day. Inc pnDiic,
both American and European, are In inc S'Hck
Market to a greater extent than ever before, pue
not as spectators carrying stocks III lher proheia
offices. They have purchased securlues-i
been doing so for twelve mOnthS-have palG l9f
them and carried them away Those observers VINO
realized this condition of affairs last spring were
not among those who considered prophet crazy
who in June predicted an advance of 10 TO 10
per cent without daily sales exceeding 'oo'ooo
shares
| The usual effort TO depress prices again was
made last week with ST. Paul the centre OF attack,
and its price was driven down about per cent
| from the highest OF the week. Preparatory
to the movement there was much
GOSSIP derogatory 10 the company put in
stock worthy Of notice beyond that put out by
the bear clique London WIS large buyer OF IT
at the low price, and when the bears ccastd
selling its price gradually recovered and closed
only "a per cent lower than a week ago a
strange halluclnatlon possesses the minds OF many
opera concerning st. Paul stock. II 10 be
admitted that 81 Paul Is as badly of its enemies
say IL Is. there would seem TO be little reason III
making 1t the special point OF "a speculative at
tack when there probably is not s. 900 900 Of the
stock floating In the Street About $50 600. 900 of
IL is in Europe, and it is a small estimate TO say
that there is s. 600 900 of il in the possession Of
! investors in this country A stock so held is not
subject TO II IL does not during the next
SIX months N 'nally improve, its earnings over
will slowly drift back TO Wall Street; but it has
been purchased because of what IL is expected TO
do, and until those expectations tail Of realiza-