New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-23
Total 40 com'ss3 SO 47O al45O471 Inc s578OVI I4V
THE WEEK IN TIE STOCK MARKET.

While the general bond market at the Stock
Exchange last week ruled firm ana reheeIcd the
growing confidence of the investment puoic' 1ilc
stock market once more was dazed by the ma
ncnuvres of speculative managers of Western RAJ /
roads Again the immensely important lruhN
line which controls the business OF Iwo coli'ncnsS
commonly known as the Chicago, Burlihgton ana
Northern Railway Company, under the lash OF the
insignificant corporation called the Chlcago' bur
linqfon and Quincy made TO do duty III Ell
forts to cause reaction OF LIZ OF 10 p pr tei e
in stool, values at the Stock Exchange. All there
is in the tremendous talk about the Importance,
influence and autocratic position whlGh Tue DUE
Hngton and Northern holds IN the railway "Jrlu
may be covered by the simple suppoSltlon Inat
some one or two of its masters nave sold
in bucket shop-ten shares OIL STOCK
which it is desirable to rtco corr, az IONS
1t is the most gigantic farce that was ever
presented to the world, and the real puppets OH
the stage are tn sc highly respected rallNH
mann pars who skip when the clown pulis tle
wires is il possible for any one TO believe
thai n company which, during the seven months
ended July 81, by moderately decent Den"vIot'
has increased its net earnings over oOo per cent
il now actuated or controlled by honesty III us
pretended efforts to secure BUSINESS at rates
which will scarcely pay for It's aNlc-grelse
That in word, is Just the proposltloh Wnlcn
is put before the public Tor the nlth or sLA ia
time. The managers Of competing railways which
control lines OF d 200 or 5000 miles cannot
expect 10 permit many more repetltohs Oh thIs
farce without securing the pupIc oului ~ W. w
their failure to effect its exposure enttles them.
The effect of this tremendous effort 10 destroy
confidence in railway values is renected pflii-
cipally by tho Gulness it causes IN me hlCck
market. OF listed stocks the sales last week
aggregated only Si4 GA shares, against 2,2O4 OOV
shares for the corresponding week OF last year.
Singularly enough, the members OF the SUCK
Exchange who are supposed to earn Their brchd
and buttcr by the business done there seem 10
like this sort Of thing. At all events, they
continue 10 pay monthly subscriptions to have
spread before their clients almost every I'VE
mi 6uriup buSippSS hours 0OlCiul reports
and tremendous eXaggeratons Of the conditions
Of freight rates at the West. These special
dispatches are called news, and " no commission
house can afford to be without them The eject
upon prices last week was So insignificant TINT
the changes generally are not worthy OF mention.
It. however, is noticeable that the price oil burning
ton and Quincy stock, despite the action OF
Burlington and Northern, closes practically at
tie highest price of the week with an advance
Of 3-4 per cent. Viewed from a speculative point,
there is significance in this advance taken IN
connection with the prominence given 10 Burng-
ton and NOrthern'S action during the week
Exceptionally the Northern PacGcs were weak;
first because Of the disappointment Of m!Scei-
lancous holders that the closing of the books
occurred without a sharp demand for the cash
stock but principally because Mr.. Willard, IN
issuing plan for the disposal OF the new Sl6o .OOO
600 Of bonds the issue Of which is practically
assured only fOrty-eight hours before tn meet
ing Of tbs directors, made grave error ana
the immatcrial changing Of that plan by n
directors furnished opportunity for uniaVorible
but illogical comment The plan Of rcfGndin@
being secured. its minor details are Of little
consequence, but Of more Importance 10 the stock
holders are the company earnings, which Tor the
second week in September were Sis 600 greater
than in the same week IN 1888, and for the
period from January ! to September IA, this
year, have been 50, 100000 greater than in the
same tine of last year. With no special interest
in the Street engaged in supporting prices, the
failure Of these repeated Western efforts materially
TO reduce values is simple cumul ative evidence
Of what we so often have repeated, namely that
the bulk of stocks is not held by Wall Street
commission houses for account Of spectators.
either large or small, and that the principal
business done ard the fluctuations made are in
and for contracts which have their origin in
short sales.
Following 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 "A week 90. prciXcd by the average
prices of September %, 1883.