New-York tribune., 1890-04-30
CLOSING PRICES OF PHILADELPHIA STOCKS.
THE STOCK MARKETS.

tuesday, April 2V--p. W-
II il had so happened that last Saturdays
bank statement had shown an expansion oi
$1,000. 600 in loans instead OF contraction oi
S4. 900, 900, what slowl would have been sent
forth about the absorption Of money BY hst
weeks "eXtravagant speculation in STOCKS AS
there was a contraction in loans instead Of an eX-
pansion, we are rather disappointed that those
writers who assume that Stock Exchange opera
tions are the principal factors in bank movements
have not directed attention TO reduction in
loans because investors purchases had enabled
stock brokers to pay of their loans that stocks
had passed from speculative holders and borrow
ers of money to absolute owners The omission
10 explain the contraction i'll loans is an oppor-
tuni,y lost Don't let us be misunderstood by
these remarks We as heretofore assert that
the stock speculation or It's operations Is very
small factor in the great business Of the country,
and a correspondngy small factor in bank move
ments The sun Of the c0untrys prosperity
neither rises nor sets at the Stock Exchange any
more.
Local Points" after four weeks ago having
persistently "bearcd" Union Pacific stock at about
Gla62, because, it then explained the
better part of the system was buried III sh"m
and therefore it's returns Of business wouih sho"
larae losses. to-day picks UP the Union racine
report for tie month of March and states IL "s
follows: ;,di
Gated i'm the showing OF Union Pacific. the gross
earnings of which for March increased SO'4'2.P,
while the increase IN net was Only Soo'oo- i o,,i
,ynrec its gross increase for the quarter enueu
Warr6 81 was $647,65s. whereas its ret earnings
decreased $230,O] ,,.
w his was not a shadow of coming events but
result that proved to be very alsappo'i"Sr rho %
orsbndow- is deeply buried under The SOL, as =, Il
,art Of Union Pacific was under The snow IN
February and March POINTS air ross n"s earn.
;n%s Tor the third week In April. ana una, an an
- "fI.nm returned gains Oh the same week Oh loo'
"a record never before cquallel - :, .I
s;,,'or' bill at Washington. but there IS none IN
,ho ;nvrstmcnt demand for good sccurities oI IA
,ho % doeire of shorts" 10 get out OF the way.
Evidently there is something rack VI .a, r,ii
IL 'aI"e., lines arc facts. 4 large part OF tho
way ~ and effects Of railway deinorahza,iohs
have been absolute 0,;n,"G i.si T%ose TO H'sh who
Mnsae Tava been deceived by blind confidence III
nav nae,ont,oIn railway manager have our sympathy.
I'm to-day's stock market tlcIe vas 1ho i,. board
L.ard that was not OF a reaction ihe w" ou"' -.
n''', tr,ders who had been fortunate enough 1
loo'n "aich ON" 70 the prevailing sentiment Hi
wcet ago nearly all had realized their p,rn prJrm',
and os they had sold out they could see no inr.he.
o nod 80 N tbe market till it did react at least Una.
Soo' ,"s ,he m wav they talked Well there were some %
rcac.ions-during the day two or three-rns a n ure
n,'ored short interest lent its aid towefd
.oneton br fresh sales Of stock. Union racine
a, tbe openjng was special iavoritc Oh unc
attack. and was sold from 6G l.? down .ratons 10 D1
n. ;, Inut any subsequent bulling opera"oss
y, n"t ,.aoi mlo,o a. g. Delaware. Lackawanna ana
Western was sold off 70 l43 Is only ,rn ,a,ei ~
sell at l44al43 3-4. missouri racine This
Srn,rnd ~ n 3-S and later rose TO "a 5.s ih's
,noycment in Missouri Pacific perhaps WIZ cnnnen
,he minds Of some people 70 the Gould positS. ,
In Tive market. although now II Is no' " '.'