New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-11
Toll 81 406os1 s19 o67 96o Inc s1,671SSS 81
THE WEEK IN SECURITIES.

At the Stock Exchange the continued ana IN
crsasing demand for railway bonds ana Cne a con,
seQuent activity advancing figures when induced
changes of investment was the leadng ,leaCure 1I
the week While in some issues whlch receLnuy
had made sharp advances there wete neaSy 5eaIa
tidns causing easement in figures, the new demand
for other issues caused greater advances; III Is
favorable feature that both investors ana specu-
lators are looking with unusual care care at tne IN
trinsc merits of their purchases Still, there are
many wellassured and per cent Donds whlch
are ruling below par, and 1t is toward that Class
of securities that attention Is mostly directed In
the stock market there much lrreguarlty IN the
speculation. The tone of the market, however,
was firm throughout. and when the exceptional
condition of the granger situation is taken into
account il must be admitted that the Strength de-
veloped was remarkable. Business hardly, had
opened on Monday morning before the speculation
was struck with O sand-bag over the wires from
Chicago quoting Judge Brewers decision in the
case OF the Iowa Commissioners. TO which were
appended the dOleful effects as seen through the
spectaces Of Chicago spectators. 1t was severe
blow to confidence, coming as 1t ala lmmedlatey
upon the advances made during the preceding
week
For moment there was hesitation throughout
the whole market; that there was not small
panic is not 10 the credit Of the desperate Efforts
which were made to create one. In O little while
the general market cnt aloft from the granger
list and after that was scarcely effected by tne
hourly bulletins from Chicago, threatening rum TO
all of the Western railroads The market for the
grangers' undoubtedly was more effected by the
readiness with which some OF the raihoH' man
u
mishc ideas with which the Street was Hooded
| But after all, the effect upon the grangers was
comparatively Insignificant and the sellers OF tnem
| found buyers at figures higher than those OF one
| month ago. before the Iowa decision had been
All OF this furnished the best Of evidence that
| the change Of sentiment regarding the values OF
| securities was even more marked and positive
| than was suspected by any one. Turning nom
| the grangers,' there was marked increase OF
activity in the general list and broader market
1 han laQ months.
| in such changes 10 YVES q few stocks that led the
movement Big Four and 3 Cs and ], because
| of the new deal the particulars of which were
| published in this mornings Tribune, were con-
| spcuous for their activity and large advances.
| This deal is not one OF speculative character,
with its object 10 market stocks at the Stock Elk
change but consolidation Of interests carrying
with il permanent Improvement in values Fol
lowing the two stocks came the transcont1nentalS
! aud their affiliated companies. There, TOO, the
| basis for the advances made is found In the
| improved condition OF the properties and their
| larger business as reflected by their statements
| Of earnings
The bear movements against the coal stocks
| made no further progress in marking lower val
ues, although strenuous efforts were made 70 that
end when the granger scare was ~ It's height.
| As the speculation grows, II preeedents possess
ahy value attention viii gradually turn toward
| the lower priced securities and among them the
| fnvortes probably viii be the bonds and stocks
/ of recently recognized companies. Last week
| there was noticeable increase in the inquiry
| concerning such properties and their probable
| movements Taking IL all In all, the results
| Of the week were satisfactory 20 those looking for
! steady improvements based upon real conditions
| end not on the spaSmodic movements OF specuators
| Perh,rs for the general veal the
| granger episode OF the week was o
I benefce Mt maSeweight which retarded specula-
| ton which n week ago promised TO run too rapidly
10 be healthy At all events, IL encouraged short
interest I'm the marlnt not only 70 stand aloof from
| hquidatinga but also 20 enlarge its lines In the
| Western stocks
| In less than month from now there will be
| change in the National Administration. The In
/ coming one has averred its policy, in the absence
of legislation 70 use the surplus in the Treasury
| for the purchase Of the funded debt That sur
| plus now amounts 20 s64 10000 The present
| Administration was confirming It's purchases TO the
4i-2 per cents Of which there are outstanding
only. about 81 So 600 900 IL purchases this issue
In dribets at rates less favorable 20 the treasury
| than those at which 10 rejects the per cents
/ with change Of Administration IL IS reasonaple
/ 10 EXPECT that there will be greater hDeranty ana
| less discrimination against tho treasury IN Jus
| purchases In this view the monetary situation
| during the whole Of the spring Is placed beyonu
| jeopardy The railroad earnings which we SO luiy
| nriut and which above are concentrated for the
| fourth week and month OF .anuary, show phenom-
| email Gains. the additional mileage over that OF
| wear AGO for the roads reporting is very small.
| Here are two important factors IN the stnauon
| Another not less important one-the question OF
| management for the interest OF owners-is rapidly
being adjusted 20 n condition as satisfactory as
| the two dwelt upon -
snbioined is our usual table, giving the number
| ~ shares sold OF ali stocks. the highest lowest
| and final prices OF the week. together with the
Anal prices OF q week ago, prefxed by the average
prices Of February II, 1888;
l