New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-08
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HE SJOCh MAlthEI lIONAht
Notwithstanding that after the first day in the
week the stock market suffered some reaction from
its extreme buOyancy and values gradually settled
so that the lowest prices OF the week generally
were made yesterday, all the Indications point 10
a continuance of the bull speculation In fact
nothing occurred last week that WAS unusual to all
speculations The fluctuations were more down
ward than upward but they were of IL character
which would have been regarded rs the perfectly
natural sequence TO the operations of the pre-
ceding week, If such TREMENDOUS efforts TO break
not the declines. which attracted attention ana
caused comment
The advance in the Bank of England rate
was used with the intent Of creating gold ex-
port scare, and gravely told that the Bank
Of England has sat down upon the English specu-
lation in railway securities. while il is matter
Of fact that at the last settlement day on the
London Stock Exchange the ordinary rate for
carrying over Americans was per cent 1.-THE same
as that to which the bank has since advanced its
rate); that for fcreigns was 7aSS per cent This
does not indicate that the speculative holdings or
American securities there were extraordinarily
heavy. The renewed advance in the price OF
wheat, after the liquidation early in the week,
was another godsend 10 imaginative minds. In
1t was seen, or pretended 10 be seen, danger OF
general financial catastrophe IL was then pointed
out that the corn crop, while enormous would
prove Of no benefit to the railroads for several
months to come, and until that time nothing but
poor pickings was in store for the transportation
companies Of the country The fact Is that the
railways are already receiving additional traffic
both ways on account OF the large corn crop.
Not only are western merchants making larger
shipments because OF their anticipated larger
winter business but the certainty of harvesting
the largest and best crop OF corn ever raised in
this country is hurrying forward what remains OF
the old crop so that receipts of corn at Chicago
for the last few weeks have been nearly double
what they ever before were at this season of the
year. Further than that, nearly all the compa
MES testify that they have not equipment to handle
tho traffic which is forced upon them. The ques
ticn of rates is fast adjusting itself, and even
the managers had not been forced by public
opinion to make reforms the large traffic would
force them to do
The fact that a reaction naturally was due and
wished for by some Of the bull leaders, added TO
the strong efforts the part of the bears to force
prices down. and the fact that the short interest,
while changing from day to day in its aggregate,
remains nearly at its maximum, together with the
small declines which have followed the
activity and heavy selling of Monday
furnish the strongest elements Of the
strength and character OF the stock market.
Subjoned is our usual table, giving the number
Of shares sold of all stocks, the highest, lowest
and final prices OF the week, together with the
final prices OF u week ago, preixed by the average
prices of October 8, 1887: