New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-09-05
Total so co's.s7 $50 $50 $3.50 23G Inc. s499306 g.
TIE WEEK AT THE STOCK ENC HINGE.

Total so co'ss7 4Sos30 $3.50, 23G Inc. s499306 81
THE WEEK AT THE STOCK ENC HANGE
Speculation in stocks last week was active and
at times excited. The arrival Of cholera, how
ever, was only pretext which the stock market
was ready to seize. The declines which followed
were largest in the industrial shares, some Of
which, at least, had been forced by sIilful
manipulation to q higher level than their actual
merits justified. There is little doubt that they
would have been declined if the Asiatic plague
had not crossed the Atlantic The excited activity
on Thursday was little more than forerunner
Of what would have occurred on the announce
ment Of any other important calamity. While
the industrial stocks were depressed, presumably
through natural causes tn" declines In sound
dvdend-paying stocks may not be explained by
the cholera scare. The losses suffered by General
Electric and other industrial stocks hardly afford
an adequate excuse for declines OF from TO
6 per cent in stocks like Michigan Central, Pull
man Palace Car, New-Jerscy Central and Man.
haitian Railway. If the speculative Granger
shares were obliged TO yield ~ per cent on an
average, it is not plain why New-iork Central,
Lake Shore, Northwestern and Omaha should los,
from . to 3 l-2 per cent. 1t may be explained
that these shares comparatively dull, and
that they. rarely are subject to speculative in
tuences but this explanation fails to give a
satisfactory solution Of their exceptional weak
hess The depression in the Gould stocks was
hardly less marked than that in the Vanderbilt
shares 1t is absurd TO suppose that either group
was seriously attacked by the bear faction. In
deed, there is every probability that the opera
tons of the bear faction were much less i'm
portant than they were popularly SUPPOSED TO
"a
commanded a small premium for use. the snort
interest at the end Of the week was PropdUP
smaller than it was the week before. Inc BUY
ing for European account in the last few days
was almost exclusively for the short account.
Spectators in London have been short Of Amerf-
can railway shares for some time, ana the RAPID
decline here on Thursday led to "a covering move
ment The old short interest in this matter fyl-
lowed the example and the principal selling Tor
the short account was by room traders and small
The most important consequence Of the arrival
of cholera and the rigid quarantine AGAINST IL
yonesr hSs Deq s will not e work IN both
directions for. although the imports Of mercllan-
disc may be- restricted il must not be overlooked
Tif Tn nT on very arSn we aqanst e almost the
whole body of exports, exchange Is drawn as soon
the bills of lading are signed An INTERRUPT
ton Of import trade, therefore, could have no
immediate influence on our Indebtedness 10 Ia
rope. while the checking OF our exports mug re-
suit promptly in higher rates for foreign exchange
In the condition Of financial affairs abroad, a con,
tinuauce Of the outward movement of gold would
seem 10 be unavoidable. In addition 70 The com
hon belief in Europe that this country Is approach
ing silver basis oriiscurrcncy, there ale not "an
ing Indications that. in London AZ least, commercial
business and financial afsirs are greatly dIs-
turbed The failure of a small London bank tue
other day may produce mO1e serious consequence
than the first dispatches lntimated, on account oil
it's manifold complications with other concerns
The shipments Of gold made last week were on per-
cmptory orders and in circumstances which lead to
the belief tiot further shipments viii follow Just
aS pidlF as steylhg exchange can be sold IN ths
market. The arrival OF cholera simply aids tile
export movement of the precious metals.
OF hardly less Importance than the arrival OF
the epidemic the announcement of serious
quarrel between the Pennsylvania and the Reading
railroad companies. The position OF the Pennsyl-
vania Railroad in regard to the coal combination
has been thoroughly consistent The attempt or
Tie Reading Railroad 10 coerce it into advancing
its freight rates for coal would be amusing II IL
were not likely TO lead 20 bitter conflict. There
is little chance that the policy of the Pennsylvania
Railroad will be changed in any respect and at
not readily accept defeat The result may be a
bitter warfare the effects Of which the coal trade
may not be forcseen. Ii is certain that the earn
ings OF the Reading company have not yet full
filled the sanguine predictions OF it's managers when
the coal combination was formed. Something evil
IDENTIFY must be done to increase the net earnings
or hopes Of dividend the stock will be dashed.
In spite of these disturbing influences and the
artificial character Of good deal OF the previous
spec ulaton, the stock market suffered less de-
preston than might have been expected The
selling Of investment stocks by European holders
was continued on a small scale. but in this country
confidence was not apprecsbly disturbed The
market closed irregular and in some respects I'M
certain Ii will not be reopened until tomorrow.
when il is to be hoped the faith Of European in
vestOrs in American railway securities will have
been somewhat revived.
Following is our usual table, giving the num-
Der Of shares sold of all stocks, the highest low
est and final prices of the week. together with |
the final prices OF week ago, prefiXed by the |
average prices Of September 8, 1891:
THE GENERAL LIST.