New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-29
Total &C co.'s .3Io.5s2 s7.s7s.6l2 Inc. 1868 O3o
THE WEEK At TIE STOCK EXCHANGE.


Speculation in stocks was fairly active, Vut
the movement OF prices was unusually variable
and uncertain. For this irre9ularity there was
good excuse in the conflicting developments WHICH
followed each other in rapid succession. Inc
decision by n United States court against ,le
State Railroad Commissioners Ct Texas impaired
strength TO the market early IN the weeH, anu i.s
favorable influence. The renewal OF exports OF
geld in the face e lower rates OF foreign eN-
change chilled speculative confidence. and after
ward the decision of the Chanccry Court Of New
Jersey which was adverse 10 the Reading leases
depressed the anthracite coal shares, and ympa-
thctically many other stocks lts enecu was p,I
further advance in the price OF coal al Tue
beginning of next month. In addition to thcs,
influences in the market was affected by the raPa
spread Of the cholera and the fear that ~ might
soon make it's appearance III this country
The effects OF the Texas decision are likely to
that section will not alone receive benefit from rom
IT, but, TO an extent, every railway corporation
in the United States. BY no means the smallest
consequence will be the confidence IN railway
securities which it will be certain to arouse
The railroads in the Southwest, however, Will re-
Quire time 10 secure the advantage OF higher
soon will demand. Aside from the increased
confidence Of railway owners, the ELECTS or inc
decision are likely TO be slow as well as eX-
The decision rendered by the Chancellor OF
New-Jereey falls within another category. 1t be
comes Immediately effective, and although there Is
BILE that the case VIII be considered manly sec
tied At any rate, the coal combination under
this decision has become merely gentemenS
agreement" II is urged in behalf OF the coInpa-
nips interested in the combination that the de-
cisiosl will make no practical difference III the OPP
Grafton Of the roads. Having had previous cA-
perience with agreements which were not Legally
binding and could not he enforced AT law, wan
Street nav be pardoned for not agreeing fully Win
the friends OF the coal combination. IL Is only u
few months ago that officers Of the Reading Rail
N nrp1ictiOnS OF the large eco
Monies in working and administrative expenses
which the leases Of the Jersey Central ana Lehigh
Valley companies would render possible IT Is
not plain how these savings will be accomplished
when the management Of the Central Railroad has
been turned over to ifs own officers III me same
economies may be made now, the claim originally
made must have been false and the real reason
underlying the Arrangement must nave been me
control Of prices OF coal. The earnings oil thc
connnies in spite Of the combination have not fn-
filled the predictions which were made lew
months aao. The July statement OF the Reaoihs
Railroad is printed in another place -, ,.
The stock market stouty resisted the legal dc-
fcot OF the Reading combination. Rcuding stock
huctuated only per cent In the whole week, anu
it closed after extensive transactions WIN an uo
soute advance of IA per cent The other coal
shares were even stronger. gaining from l.. 10
. per cent Professional manipulation IS apt 10
err in endepvoring TO counteract natural inuuen,,
ces The support OF Reading must De consur ,,a
largely speculative. The market consequently was
proved TO be an artificial ore. and the faith OF IN
ves,ors was probably not STRENGTHENED by Tile IT.
sistancn which the stock offered.
The London stock excfcngc closed ycSier-
day, but it would not be surprising II foreign
holders of American securities at the reopenng or
the London board should be liberal sellers The
industrial shares were active throughout the
week. Many Of them showed plainly the effects OF
realizing sales, although with few exceptions they
are held in such way that their prices
are easily sustained. The market closed dull, hut
otherwise without distinctive feature.
Following is our usual table, giving the num-
her Of shares sold of all stocks, the highest, low
est and lnal prices of the week, together with
the final prices of week ago. rrciixcd by the
average prices Of August 20, 1891