New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-04
Total. go co. 81 o556l IS IFS 800 Inc si42 Sj Inc 80
TIE WEEK AT THE STOCk EXCHANGE.

The past week will long lac memorable by Tie
unprecedented activity and strength OF specui"-
tion in all departments OF the Stock EAeHa4sc
market. The OLD year expired III ,he nii"t y,
a speculative buOyancy which was Wl'hol'
parallel, and the Grst business day al Tine ne"
year saw u resumption OF the upward Horc
ment attended by great activity ana illatN'u ny
fresh spirit and courage. Although tnc haIhCV
owe uumstakabic si-nS OF a Broadening Ten
dency, both by the volume Of tie hahSaclIonS
aud the character VI t4c lr'0InS' puoHc li'cI
est has not vet been aroused and. ehtlIc!y apaIt
from the operations OF professional traders, the
buving was largely speculative II lh I" ne
feared moreover, that even the biSlng for i"rGIhh
account which did much 10 distinguish the cloae
~ the week Was chiefly of the sumo description
and that in consequence few parcels oil stock ;
will be shipped to Europe. \ revival OF y"io
imports would do much TO s,Ihuatg pun ",,
investment buying, and IL view OF TIE enormous
trade balance in favor OF TINS country, Vld'
ought soon 10 occur, but the loIclen EXCHANGES
remain stubbornly above the importing POM ana
il must he inferred. Therefore. that the actual
movement Of securities Is sun as@i.Ht l'"S o''"
iry, or AT last not strongly in is favor.
That in these circumstances pIlces nave con,
tjnued to advance is proof OF tnc courage ara
confidence of the controlling interests ~ the
market and also OF tie abiding ialth OF tnc
American holders OF railway secnrllcb Inc
highly favorable conditions eAlS1LE III WIS g rii
try are fully understood and appreciated. heir
influences was felt months ago. Dut the confidence
Of too eager public was ruGeiy shochcu ny .1'
possirg of the Missouri Pacific dividend ana 'h'
itv which was excited by that unfortunate oc-
currence The absence OF financial disturbance
nj the end of the year, the abnormal ease o.
money the steady growth Of railway traHic ana
Tho copsaaucnt increase in dividend rates ara
the brisk outward movement OF products are III
fnences which in time Will overcome 'lr pr
eut inscnsibity Of the pubic lhc NaSt AZ
cuIDuiatiO ion Of idle capital AZ TINS cehHF ditoL-"
# assures monetary ease for the next lew months
is not in every respect hcalthiul 81 W MN
money is scarce and dear II 10 IN pronGiole urr
a congestion Of money in great financial ccIIrs
is suggestive Of stagnaiion III business OF ~
appIchrnsi0n Of disaster. Ii may not De dihpuieu
tiat the prevailing cheapnesS OF money Is pc9lhiIis
IN stimulate the demand for railway ahh cpipo'""
hnnds and the activity in this branch OF the mar
ket is rcplcte with promise when the supply ~ VI
desirable bonds has been exhausted or halcIlaHS
reduced hubble interest in stocks may become dS
acute and perhaps unrc sonabie az IL is 10" dui anu
Sccptcal. ;.or,on, ovort If ,bc week was the
meeting Of the Ncw-Yor.< Central directors. lheN
raised The dividend rate from ! 70 , per ceAt a
year but this was q formal rather than real al
vance f0r the actual payneats 10 the snare
holders from the business Of the FIRST hail oil thc
Gscol year were rot larger than those of the pre-
rcd;nq year his action was dmaprGihtrorni'
because semi-oflical assurances about the comm
ton Of the company aroused hopes oil more gen
crous distribution Of profits. The action Was I'M
toubtedly prudent and II Is doubtful II me st1,e-
ment for the six months Justified larger dlVla'nus.
The profits after the payment O frSt charges were
& 70 per cent the SHARE capital. and the distrl-
button was $50 per cent. The proportion OF
operating expenses was considerably nelow tilat 9l
the previous year. and il IL by no means mposS DE
that the actual earnings for December may fall
| below the estimates. The mileage and obligatory
charges of the company have been greatly III
creased in the last year, and the day for large
dividends may have passed. The disappointment
that The dividend rate was not increased in fact
as well as form general, and the stock was a
! conspicuous exception to the general movement by
a final loss Of l-2 per cent in the week.
The striking feature o; the trading, however.
was the prominence Of lOw-priced stocks and Of
] 1lx.
advance was recorded by Chicago Gas, and the
next by Union Pacific; while Erie was the most
| active stock and Richmond Terminal, Atchison
| and Reading were fairly prominent. The prin-
cips granger shares and The hiGh-prced coal
stocks were quiet without important variations
| The industrial stocks were active and higher in
| lie late dealings, and Yesterday they assumed a
prominence over established stocks which was
! hardly deserved. Among the usually inactive
| stocks Omaha rose RAPIDLY. in The common belief
that the stocks would soon be exchanged for
Northwestern, but the rrmOrs were not confirmed
| end perhaps sufficient ground for the improve
mcnt was the heavy increase in the business of
tln rrul-