The Sunday herald and weekly national intelligencer., 1890-12-14


basis on which some one could buy and make
some money. An era of wild and ungovernable
speculation set in a year ago, and continued un-
til this summer, when the first symptoms of a
reaction came, and the public began to feel
that possibly little wildness had carried them
beyond point where there was possibility of
q return for their money. determinations now
are useless, and the "buls" who would not be-
lieve that there could possibly be any end to the
continuous rise in prices are suffering enough,
without heaping Goals of fire on their heads by
illusions to the changes now and then.
Without attempting to partcularize as'to the
absurdity of many of the high prices, it may in
a general way be asked what there was in bank
stocks to make them worth 20 to 30 per cent
premium before depostor had come in; or in
railroad stocks, that they should sell at 100 per
cent. advance before passenger had been car
ried, or simply because some one else wanted to
get control; or insurance stocks with q reasona-
BILE amount Of good business, or before any
policies had been written, commanding in both
cases ridiculous prices. Then, coming down to
the stocks of a more speculative character, the
absurdity now is even more apparent when it is
recalled what some of them sold at
1t needed heroic measures to convince the
enthusiasts that there was a limit TO which
things could be carried and to restore common
sense and reason. Thoughtful men saw the
houses in order for it, and to-day their pru-
dence is apparent, and they are now comingin
with their good hard cash to buy up the many
things which are being offered, as they feel an
equal confidence in the future and that the
same rush to buy will set in with the turn of
the tide. When the excitement commenced
year or more ago there was such an abund-
ance Of money that nothing was too
wild or chimerical to find ready money to put
in, and schemes of all kinds, good, bad, and in
different, were with equal readiness foisted on a
credulous public. Naturally, the many good
things participated in the general enthusiasm,
and the result is seen in the higher prices that
now exist, even with the recent drop in many
stocks on the list. Even now, by comparison
with two years ago, prices are from 10 to so per
cent higher in the aggregate than existed at
that time, Notwithstanding that money then
was easy and and 5 per cent, while now it is
difficult to get it at and even better.
This is the whole story in nutshell-we are
simply now suffering the reaction from an in
fated condition of affairs existing for the past
year. There is no special cause for alarm. The
country is still here, and the people are still
confident in its great future. These occasional
reactions are necessary to clear the financial
atmosphere and prune away the many wild
ideas that secure 4 foothold. Our own com
munity is in every respect as well
NfT as 3 year ago, and its institutions of
% prosperous condSSEn than at present.
is needed is that each and every indi-
hi. LSal shall feel the same confidence that has
always existed and to follow out the advice of
some wise parsonage whose sentiment is re-
called though bis name is forgotten, "Don't
lose your head.'
Locally the ''bears" have taken advantage of
the situation and jumped on the general list
with an apparent determination to get things
down where even the poor may come in and
buy, and although the "bulls'' have tossed
their heads wildly and paved the air, they have
failed to show that lack of what is termed in
the vernacular as ''sand," and supported the
stock they are interested in. Occasional eXcep-
tions should, however, be noted, and they can he
discovered by daily comparison of the sales
and big prices.
Gas stock has been the ruling fayorite, and
while the price did not advance as was natur-
ally to be expected on the good news of an ex-
ira dividend, the stock showed q firmness
around 454 that spoke well for the confidence
Of the public in this security. The time Sc
lected for the announcement is criticised freely
as being most inopportune, and could not have
been more unfortunate both for the broker
and the general public. There is general ex-
preston OF opinion that at any other time the
stock would have sold at least ten points higher.
AS tits those fortunate to get in have good
thing in store for them, and are, of course, BEN
efitted by the time selected. The sales aggre-
gated 425 shares at 47s@45a. 1t is of course to
be expected that during the coming week the
price will go off, but many believe that after
the first drop with the advent of the new year
the price will strengthen and soon regain the
first losses, as it sold before this news was
known ct even higher figures than at present
That other luminary, Electric Light, while
not in very strong demand, still held up pretty
well at I4O, at which price 30 shares were
taken up with one sale of 10 at 139 and 1877 re-
fused for more. Small offerings at 40 are re-
corded, but it is not at all improbable that an
order for say so shares, at that price would be
hard to fill, as the dividend day is now so near.
Whether it was the fire of last Sunday, or
from the natural desire to realize ON their hold
ings by some timid people, insurance stocks
generally were rather more plentiful than
usual and prices ruled low, some of the new
ones selling even below par. In the present
rather strained condition small losses are mag
nifed, and possibly some people were induced
to sell because of their fears. Any how, they
sold, and in some cases even where the com
stock Went very low, notably Columbia which
was off two points from sales of the week preVi-
GUS, the transactions representing 100 at IA, 25
at l4s, and at l51. One sale of 30 National
Union at lSf and l of 20 Firemen's at 45
marked the trading in the older companies,
while 100 Peoples at At and l50 Lincoln at Al
showed loss OF 81 per share over the prices
these stocks sold for last spring.
The shlbboleth, "eight tickets for a quarter;
no seat no fare" had its natural effect on Rail-
road stocks and all showed considerable weak
ness, Capitol and North o (more famliarly
known as "Belt'') leading in the decline with
sales of 1879 shares dropping from 5SI on one
small sale of to closing sale of l2 at SO.
Columbia lost $5 over last previous SALE "a
shares bringing but 65. lexington, too, weak
ened on free offerings, Is selling at 80 and 20
going at 50, the last seller evidently fearing
something dreadful. Metropolitan was not
wanted, no sales being noted ON the board,
though small private sales at low prices are re-
ported on the outside Washington and George
town WAS in the same category, small private