New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-26

Fridav. Oct. 20-p. N.

II is long lane that has no turning. The turn
comes very soon when the layers out Of the lane
attempt TO climb mountains instead OF gong
through the canons The general prosperity OF busl-
ness in the country and the continued reported
large gains in railroad earning are the canons OF
successful speculation while the whole ent rprlse Oh
the speculative force in Wall Street has been work
Ing 10 carry travellers over imaginary mountains
and Though many perilOus passes Today II has
bcen amazing 10 watch the efforts OF the same
people who yesterday were only 100 glad % *
plain away the sensational importance Of the
traffic arrangement between the Union Pacific
and the Chicago and Northwestern TO make IL
appear that the arrangement was the entering
wedge 10 the greatest war between the Western
railways that was ever witnessed. But it 50 hap
pens that the average knowledge Of Wall Street,
i'm even it, present limited speculation is superior
to the Foundations Of cranlls. When, as now,
there is not large railroad in the country posse s.
ing an equipment equal to the demands upon 1t,
such railway war, as there may be VIII De- IOught
out at the Stock Exchange alone. In to-day :
operations if there is one tnng that Is certain ~
il that while the local " Bear organ was Dusty
engaged in preparing for future railway wars, the
leading " bears were Is active a. clrcumScilDcl
marker would permit in getting ont OF h way OF
the certain delusc of advances that the hatuiaI
conditions make inevitable.
The success attending those effotrs was some
thu lg but little toward In" liquidation that must
he made There was SOM legislation on both sides
Of the account and therefore the short interest
ought 10 bee somewhat reduced from what II WIS
last night: il probably IS. PVT 1t siil rs 9h-
wicldv and before il is over with, IL may be dis
covered that some of the recent put-out contracts
are not for rlSale IN the market.
II has been a strange if net an unprecedented
anomaly that during the last two weeks. I'LL yes
tcrday the rates for money balances in Newly York
the country's monetary cC2tr'-hovc been quoted
higher than at any Of thr subsidiary financial
centres of the country. Yet it, is true. Higher
rates have been printed for Newly FORK than ruled
at Chicago ST. Louis. ST. Paul or NcwOrcanS.
and money here has been quoted at and o per
cent when in Boston il was ruling NJ IL and !
per cent II any one can see i'm such conditions
anything hut a manipulation for effect on stock
values, he possosScS not = second, but before un
discovered. rcactionarv foresight.
The DAYS stock market was rs limited ms il has
been on preceding days the changes or luctua-
tons were frequent, but there was q steady move
ment toward higher values and that irrespective
of relative merits Where the bears" had sold
the most freely are found the greatest recovcrics.
The business done in listed Stocks-2l s,45l shares
was not large and when from il are deducted the
purchases made e. hold IL leaves little scope for
a liquidation OF either account The market closed
strong at close 70 the hest figures Of the day.
TIE DAY IN THE BOND MARKET.
The Treasury has filed the sinking fund REQUIRE.
ments for the year to end June 30. 800. In adj
dition thereto ii purchased to-day Sligo $50
bonds at its own price: per cents Sl,Os3, $50 at
l27 and 4 II per cents $4,000 at 1OJ "a
In the local Government market there was no bust
ness DONE and the quotations nomnally are as
follows.