New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-23
THE STOCK SPECULATION.

Tuesday. April 22-p. m.
The days stock speculation was less active
than that Of yesterday. and after one week 5
steady advances in prices. without any boom
ing and that despite the continued efforts Tor
Depression there was developed a general desire
Of room operators 10 realize accrued profits. The
early business was marked by small declines IN
the general list, accompanied by determined
raid on Chicago Gas Trust. which Immediately
after the opening sold OF in small lots from
20 10 4S "a. Later there was more than "a full
recovery in the general railway list. and later
still another reaction under rcaizatlons and a
pressure Of new short" sales And yet the total
result of trading is only III ,G32 shares. and
declines from last evenings figures which will
average Is per cent. Western National Bank
stock and Sugar Rciincries certificates competed
for the first place of honor in fluctuations. The
bank stocks extensive huctuation was per
cent-from 1870 down 10 ll4-but there were
later changes Of per cent, aud it drew the
prize. Sugar opened at II and rose to ~ IA and
declined TO 90 1-2o63 5-s-Iuaking the extreme
huctuation only 5-s per cent against the
bank stocks iuctuation of per cent, and with
final decline Of ! 3-s per cent, against the bank
stock hnal decline Of IL per cent Such VIC
lent fluctuations III National bank stock are not
calculated 10 restore confidence in any securities,
and Ibey were the great bear" card OF the day.
II Is rational and reasonable that special
writer's on the stock market VINO give points
and acknowledge their close proximity TO certain
railway magnates should alter week ! disap-
pOlntnent seek lor an excuse or an OK PLANTATION
for their readers; But no greater mistake cfcr
made than that Of trying 10 shield errors OF
Judgment by ascriblng TO the last ten DAYS steady
not al all speculative hardening OF values tic
agitation Of the silver question. That question
is involved III greater doubt than IL was when
Window IA .,l.ttn AT
the opening oil Congress last December. IL then
was regarded as certain that the present Con
gress would DO something toward an expansion
OF the silver circulation. But as 10 what it viii
be, the opinions are now more diversified than
then. Mr. WINDOWS BILL if accepted, would
instantly. convert all the silver held
ton results in compulsory coinage Of
81 900 900 worth OF silver per montl. thc cNpan-
sion Of legal money each month will be about
S. 900 900 instead Of as now S340O.OO0 No.
what has made such Of bull" market during
the last ten days as we have had lan1 except il
the hardening Of values il has had none Of the char
ac;erstcs Of a bull market-thc quality Of activity
has been lacking, has been the continued favorable
reports Of railroad earnings and the faith Of the
holders Of securities III the large business of the
country Let every reader each for himself.
east his memory back 10 the time when he was told
that the period for gains in earnings had passed
and that the decentralization in rates thereafter
would return fearful losses: and then let him.
from the time he fixes in his own mind examine
the records OF earnings since made. ENldcnilN
the real holders OF securities have already done
this or the market values never conld have stood
ID against the every minute reports Of rate cut
ing with which Wall-st. Offices have been flooded
for n long time. For the second week in April
forty-four railroads have reported their gross
earnings aggrcgating $4,5ls, SOFA gain OF
:474,5I7 or ~ per cent on the week OF 1899,
Awnings -four ass ssf ssi assa ne' loss sl's
80 s85 or "a per cent The
whole forty-cight give gain Of s47I ,o52 or -
weeks ago 20 prominent Western railroad Official
With speculative procvties. " The railway situa-
ion is very bad and is going to be worse" II the
stockholders Of that company re-elect ther presl-