The sun., 1890-11-09

Tor effect upon tho stock market but possibly
for purposes that will appear later on. Il 10
currently reported that two or three very large
capitalists have for some time been holding
several million dollars Of cash which ordi-
narily they would lend or invest.
To-day's bank statement rather corrob-
crates the theory that the decline in the stock
market is not entirely matter Of accident, or
the result Of natural causes. II. as many
shrewd people suspect. the largest owners
OF railway securities have come to the
conclusion that virtual consolidation OF
existing systems is tho only solution Of
the difficulties which beset the transporta-
tion industry. progress In that direction
would be accelerated By low prices for stocks.
1t goes without saving that no serious or con-
centrated effort has been made on tho part OF
leading banking houses and prominent capi-
talists identified with railroad management
to check the decline In the stock market.
Their attitude iappears to be one OF acqui-
escence In the progress Of events. OF course,
when tho situation has become strained
to the point OF Generalization, a. Il
has been In London two or three
times during the past month, and az II
was on our Stock Exchange yesterday, the in
terssts referred to have intervened to prevent
crisis. and they doubtless can be counted
upon to perform the same good offloe again
should to-day's hank statement precipitate
fresh liquidation hese. or should the fortnight
~ settlement on the London Stock Exchange
early next week disclose any important weak
mesa
To-day's market was irregular unit the bank
statement was published. 1t evidently wanted
to continue upon tho rally which set in at the
close Yesterday. It ID hardly surprising that
selling orders were encountered for move
ment like that which began on Wednesday
morning 10 not to be turned In an hour After
the bank statement appeared prices ran Off
rapidly to the close. 40 that, with the exception
OF few stocks. most Of them special-
ties. the list closed quite little lower
than yesterday. Tho more important
net declines were In St. Paul common.
Reading, Lackawanna. New England. North
ern Pacific preferred. North American. New
York Central. and c. B. and Quincy. There
was no news outside OF the hank statement,
but the holders Of stocks, particularly on mar
KIN. have become so sensitive to untoward de-
velopments that very little is required
to induce them to throw their stocks
overheard. That class Of holders are
largely influenced by two circumstances,
namely, their belief that all Of Mr. Gould's in
fuence and ingenuity is exerted In the dircc-
tion OF lower prices and fears Of crisis in Lon
don. Unfortunately the market is deprived of
An investment support which might be accord
ed, were it not for the market confessions Of
inherent weakness of such stocks az Illinois
Central, New York Central and Rock Island.
Outside of Wall street plenty OF encourage
ment Is to be found: for according 10 all Of the
regular trade reports general bus ness is unu-
sually active and prosperous. a condition
hlnhk ;kotn =.
market. Foreign trade Is enormous and ex-
ports are largely In excess OF imports. The
Treasury Is not working seriously in conflict
centre is eonce,nsd The interior movemeht
way rsturns are % as saIsfaotory I as 1 Gould b. @ ex
pected under existing conditions. which are
Ss the Closing Of = lake and cnnai nasisstion. n
Terhsrs the most serious trouble Of the
points owing to Inadequate means for
the best hs ,af He0s Is
that the COMPANY needs more. ,raekage
to D ths dsays o Sais n %Sse sfss ey has s ss
olins in stocks In the possible unsettl:ns Of
duce inmedate sfests: i seems. therefore,
i sells stocks rather than REASONS Tor selling
+ was noted in this column last Sunday that
nsmed on the largest trsnssction: in y years. a
greatest E1a Secnss for the wesf Both w sf
R Ss in hi nSs Ss esH esn,s has
sn se arouse iSoss vhe shS' oHn s
desire tS get At the facts which were printed
facilitated what is doubtless taking place In In
Sss and ee nf%Rs Rs sssasS
impeS5ttanee in regard to the Sugar Trust is she
esn anes and parts W eSss prsVioas; ssesnf
pssdomiPRated ,Rst In The msnsgsment, Csr
inssTyen.ion Of aisintessstsd dSe reesSershie fae
ceivership viii c9mplleate and delay the
Iso1Esnizstion will NATURALLY prevent Any
has sn n sDol Es ls
u the mean lime sSe in tho ssssf
30 snd no the Be-
reorGanization until definite progress is made
toward establishing the industry upon con-
As compared WITH the final prices Of last
ths R1 CTs Tsh s1
higher. The noteworthy not declines we're in
pSs Koet ssn sw
Lackawanna- H,.Cleyeland. Cincinnati. OH.
ea9o and ST. Louis s, Chicago, Burlington and
preferred 3H each. AthIso1 3n,, Reading 81.
Chicago Gas and Union Pacific 2n each. New
Jersey Central az, Canada Southern and
Lake Shore Ak each, RICHMOND and Terminal
Pacific Mail II each, Texas Pacific IH and
Wheeling and Lake Erie preferred X y cent
Final sales compare with those Of yesterday
as follows:
Eop. T. NoU q. Nor Z. Nov a.
4. T.kR F.... 8Uk a0I Norfolk / " pf. ssh sax
Canadian Pac.. 73h ~ Northwest com. iO5R lU5E
Can. southern. 6O5 4Hk Nor r. com -. 26H 23x
C.I.C.kSIL... 81 GlS Nor. Pac. pf... 7OH e8E
G.. b. 3d.. 81 ~ y. Y. Cent?. 9ak 81
c. / Il. IN pf... ~ 81 N. Y. N. Eng. 81 S5k
C0nsol. 4as..... 9s M N. J. Central. 100 lOs
Ches & OHIO. =. ls,t IA Omaha com. :. ~ 2iH
Z. 4 u. lat pe.. 81 %Bk Ontario West lah lbx