New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-26
TILE STOCK MARKET.

THE STOCK MARKET
For the first time since the speculation IN sllNcr
became act Ne at the Stock Exchange last spring,
to-day there was not transaction IN inc Ger
titicates: the quotation was 81 u? '-NhSl W -
After a strong opening in stocks, small reaction
and then further advance, the tendency oil the
market in the last part OF the day was reactlonnfy
This is not only natural but II also is healthfnL
Values have enjoyed sharp recovery from the
extreme depression; the pace of improvement has
been more rapid than was natural ana lnIgeN
because of the urgent buying for the short
account The storm has passed, hut the cloune
have not yet all rolled by. And as we before
have pointed ont, il does not suit the purposes o
the managers Of the market 20 permit n too rapld
advance The hard work OF a twevemonth, 70
produce the unnatural conditions at the StocK
Exchange and the forcing OF liquidation ana the
frightening OF investors, have not been done TOT
the purpose Of ten-day turn in the market or
10 per cent profit The object in It's inception
was consolidation and unity ,n oi
interest among railway managers 'ha'
should place tho transportation interest of the
country on more solid foundation than IL ever
before had That immense fortunes might NJ
rolled up under such new conditions fe'luIitu :"
shake-up in the stock markets that securities
might be purchased for "a song. In" shhke-uP h"s
come and passed ~ has been as cTueI as u was
wicked: but there still remains n ieNerlhh cohnl-
tion that leaves the market more entirely wIthn
tho control Of manipulation than ~ ever heiore
was They" hold absolute sway over the huc-
tuations from day 10 day. Bat what IS 'he PuI
pose . II no longer is 70 ruin. but 10 bulld up
and thereby 10 double fortunes already so large
that they are unwicldy. There are some parts
of the machinery connected with this grandcst
scheme Of the century that are not yet perfectly
adjusted. and little turning here ana There may
vel bc necessary before the world is officially In
formed that the end Of railway wars has come
and the substantial reasons for that statement are
given 20 the public II will come IN good time and
that is not far distant.
In the meantime the operators AZ the board are
inclined 10 act upon the theory that the market IS
ripe for another decline that II has had big rsc
for no cause and the Intervention of the Thanks
giving holiday on Thursday induces selling by such
traders as for few days past lave taken inc
long side Of the market. These factors, together
with some official hammering Of values. were
the contributors 10 tO-day's not unnatural set-
back in values II is only an eddy in the grand
which. il commercial and industrial situations
remain unchanged is intended 10 eliminate In one
Of the widest sIrculations Of the century. Just
imagine the pancgyrics which will DC written
over the net earnings Of railways when the aver
age rates for freight only - mill per ton per
mile more than they have been In 1889. The
business exists 10 he done The purpose of all
this cruel war has been and is that II shall he
done 81 paying rates. The slaughter OF Innocent
10 accomplish this end Is . matter for regret but
not an Indication Of the future.
The business Of tho day comparatively
light aggrcgating only 2s3,3'J shares Of listed
stocks. against iO0 776 shares Yesterday. In the
unlisted department Sugar was specially weak
and declined from % "a 70 30 l-2ajl. The mar
kct closed dull AZ about the lowest prices
TIE BOND MARKETS.
Government bonds were neglected, but the bid
dinQs for the per cents we're advancd. Annexed
are the closing quotations.: