New-York tribune., 1890-01-02
TIE YEAR AMONG SECURITIES

There probably never has been year before
in the history of the country when the invest
mont demand for good securities was equal To-
that during the whole of 1889. II was large
factor in making prices, or rather IN SUSANNA
them The business at the Stock Exchange Is,
as II has been for a couple of years, gradually
ceaSing to De the measure of values. IL 10 longer
in any way reflects the business done DO rtilI old
bonds: but last year il caught on q" ihc outside
movement i'm bonds 10 such AN extent that l
increased its sales $4,000. .ooo-ih'i is. lhcN "--
gregatcd %394. .4Gs. against >3ii.5l l.4"2 lH
lsss. The speculative situation and inc spcci
latiVc movements of the year were almost "n
echo of those Of 1sAS. The Transactions W listed
stocks amounted 10 GO,2ij,0io shares. against
81. .967.e3j shares for the preceding year But
the unlisted department furnished l0.e-3. .l5l
shares. against 2,-22.Sii shares ln l--0. Ana
it, was the unlisted" department that contrib
utcd its fun share toward a dcmor1lHailon 81
The speculation and the poverty of brokers com
missions The year opened with tie eloomicsf
predictions Of railway wars and railway hihh-
rupicics that il was possible 10 Get INT" punl.
Al the beginning Of the year railway manners
were acting as if there were no responsibility az
taching 10 a trustccshp And TINS is nearly ms
true Of the Eastern lines as Of tie western Ines
Although all these things were changed ht 4h
active cooperation Of foreign and domestic stock
holders, the cue taken up at the hctlnnlns "l me
wear never dropped out Of the speculative SITUATION
A large premium would be the reward Of aIV
person who could utter more SuccilnE Iclh"ic'
than those which were said Of " tie gentlemen
agreement II one OF the irrN sNiN-S
Of the wear. and IL was harped upon through "H
treble. And 1t was factor In tie speculation
during the whole wear. II created duluc>s. bat ~
failed In lis efforts at depression
Our yearly range Of listed stocks shows That
ninety-sx return average gains for the year OF
sg2 per cent and sixty-two return losses aFcfA2-
ing SIG per cent; that Is. nearly two-thirdS "l
the list where there are any changes. or That bad
a record year ago, give higher prccs at the cnd
of 1850 than they did At its beginning.
Among the depressing influences OF the year
was the failure of the Atchison. Topeka and santa
L. ptrAfn lao
organization OF that system. on basis that seems
t. secure il from future disasters ana 10 give -
its Stockholders the iuIi benefit 81 ,nc I"pu,t
n,ents which must come with the country growth
The cInba rrdssrncut of the Missouri, Kansas ana
Texas Company. while not new. from thr p'cnIl'r
relations to IL Of certain important pcrs"n"ec>.
was a continued menace to the general spccDla-
ton. The reorganization of the Missouri, Kansas
and Texas now seems 20 be assured, and II seems
70 be on a basis Of safety.
Wien all other methods failed the pcsslinlsiif
influence in the speculative market allied nSrl
with both corporate and private lenders ol money
10 mark cNorbSant rates 70 borrowers. In
word the speculative market in securities for
tLe whole year was entirely controlled
bv bcarish@ influences. If there las
been failure in maxim a profitable year for
the bear account, il has been due entirely 10
natural causes and the confidence Of q public
which paws for what it buys and not IN the
slightest degree TO any speculative "buIl IN
The year 1880 was unhappy one for The
average member OF the Ncw-lork Stock ~
change and unless if 'hangcs rs methods, no
matter how high or how low stocks may sell on
their merits the Year 1890 promises hm no
better results Aside from the lnNrs'mci -pnF
inc which furnishes the broker with only one
Commission, it has rGcn case of dogeat,,dog
from January l 10 December 81, 1850 Not,
wi,hstandng the large additional amounts oi
"n,r;,ioe iesued during the last twelve months.
tLc loans 10 brokers upon securities unqucsiIon-
aby are smaller than year ago,
The subIoincd table gives Inc higncsD an M
Lowest prices for stocks during the year the
Gnoi nriccs Of 1859 and 1850, the net changes
MA nnd he amount of transactions in each stock
dealt in during 1889
YEARLY RANGE.