New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-21
fetal 81 cs'sss, 78s,oSs 81 1880 1913 Inc. s544GM g.
THE WEEK AT THE STOCK EXCHANGE.

Speculation in stocks last week active and
| buoyant under enthusiastic buying for both ac-
| counts. The business on Friday was the largest
in seven years, and in the two hours Yesterday
there was virtually no diminution in interest
Prices moved upward with surprising steadiness,
and oil attempts in behalf Of a reaction proved
futile. The week opened somewhat depressed by
rumors OF European war, but 1t hardly required
twenty-tour hours TO prove them entirely specula-
tive. There good reason why Nices
should have declined from this cause, and even
before the official denial Of political complica-
tons the market began to improve A part of
the tremendous activity was due TO anxious and
energetic buying for the short account.
This was most marked on Friday, when stocks
in which the short interest was known !t, TO be
ment 1t became apparent that large interests
which had not been in sympathy with the advance
had been forced by the growth of public confidence
to abandon their hostile position. 1t is not alto
gether difficult to discover the reason for their
previous opposition. They had known for some
time the financial embarrassment of the Union
Pacific Railway, and for an obvious purpose they
timed the disclosure of it.
The mistake that they made was in over-esti-
mo ting the effect Of the disclosure the general
market or in failing to appreciate the force of an
irresistible public demand. The decline which fol-
lowed the announcement of the Union Pacific
troubles was much less than ordinarily might have
been expected, but it was the last means BY which
a substantial reaction could be accomplished. The
little incident of the Richmond Terminal difficulty
was an ignominiouS end of the attempts to depress
In the present state of public sentiment it is
impossible to argue from past conditions and prece
dents absolutely worthless. The decline IN
November after the collapse Of the Earrings fell
with heaviest force on rich men,. The present
movement in stocks was begun without their help,
and indeed, in direct opposition to their actions
and opinions. Old-tme letdcrs and professional
operators have been left" in the present advance
The demand for both stocks and bonds has sprung
from a greater confidence among people entirely
outside of Stock Exchange influences All the
manipulation that has been displayed has been i'll
favor of lower prices, but it has failed of It's pur
pose because small buyers, here and in Europe.
fairly underlaid the market with their orders.
Although their purchases have been in the
main wise and iudicious, they have had no bear
ing the present comparative values of stocks.
They have bought with equal readiness stocks
which may produce no income in the confident eX-
peetation of future earnings. 1t has been no
anomaly that non-dividend paying stock sold
higher than or per cent bonds which preceded.
1t is certain that fresh attempts toward reaction
will be made, but il is probable that they will he
fully Offset by the spread of speculative desire:
Among the incidents of the week was the formal
dissolution of the Reading pool The stock was
instantly aroused into new life and the sharp
advance in the price suggested the possibility that
the action Of the pool might involve change in
the control of the property. There were no de.
velopmentS, however, either in regard 10 this or
the other railway combinations which may
finally be effected. While Reading recorded
the largest advance in the week, the move
ments OF prices was not relatively uneven
and the leading stocks gained on an average from
10 4 per cent. The Granger and Vanderbilt
stocks were cOnspicuOusly strong, and the Gould
activity was greatest in those stocks which have
an international market. Not the least Suggestive
feature of the trading was the activity and strength
Of stocks which have long been quiescent. Illus
trations seen in new movements in such stocks
as Missouri. Kansas and Texas, Chicago and
Eastern Illinois, Denver and Rio Grande, the
Omaha stocks and Others Of the same class The
awakening in them simply showed the steadily |
widening public interest.
Following is our usual table, giving tho number |
Of shares sold Of all stocks the highest, lowest
and final prices Of the week together with the |
final prices Of a week ago, prefXed by the average |
prices of SEPTEMBER 20. 500
WEEKLY RANGE.