New-York tribune., 1899-04-06
THE GREAT RANGE or CHANGES Nv STOCKS

We have to go back to the spring of 1883.
about sixteen years ago in order to find prices
OF railroad stocks averaging as high as they
did at the close last Saturday. The sixty most
active railroad stocks of which comparisons have
been made for many years the best test OF
the course of the market closed on Saturday at
$40 90 per share. The highest point touched at
any time in 1898 was $50 81 per share. close to
the end Of the year, and in 1897 the average at
no time reached SEQ but fell to $40 II per share
early in August 1896, just before Bryans per-
formance here. During the panic of 1893 the
level OF prices was at no time lower than SAL II.
about the end of August. In 1892 the highest
point was $6S 40 in March. and though $40 was
slightly exceeded at the highest point in 1887
no other record approaching that OF Saturday
is found since the spring of 1888 At that time
prices were in the second year of their reac-
ton from the highest point ever reached name
ly 800 80 In 1881.
These figures cover a wide range From
almost 500 per share in the palmy years when
crowding the railroads with business. following
the tremendous improvement in all industries
and traffic which resumption OF specie pay
ments in 1870 had caused. down to less than
SAL per share in 1896. and back to S15 per share
in 1899 the range has covered three Of the most
important revolutions In American business
known since the effect of resumption was
realized. But If any are inclined to reason that
prices of stocks should presently reach as high
a point as was reached in 1881, nearly $25 per
share higher than has yet been seen this year,
T. Is needful to take into account the complete
reconstruction which has been effected in trans
portatlon by the railways since that time. the
great change made in the capitalization of i'm
portant roads, and the relations between gross
and net earnings which, for periods widely
separated not even approximately indicated
by returns OF gross earnings.
There are facts to be considered on the other
side OF the account also. 1t is not to be denied
that the business OF the country is greater in
volume than ever before. 1t is not merely greater
in volume, but owing to many consultations
and leagues Of railroads into large systems the
business Of transportation is without doubt now
conducted more wisely. and for owners on the
whole more economically. than in 1881 or the
following years. The cost Of railroads has
greatly changed; one has only to consider the
prices of rails in those distant years compared
with prices now paid even after an advance
which is called comparatively great. In thou
sands OF other ways. and particularly by improve
ments in machinery. in telegraphing an ad-
1unct and in the organization and maintenance
OF the great systems, the progress has been
such as to secure better returns for transporters
than they were able to realize even at the much
higher freight rates obtained twenty years ago.
When all the complex changes are taken into
account II Is not by any means certain that
higher state OF general prosperity and a larger
volume Of business than has ever been known
before may not lead TO further advances in the
prices OF stocks, perhaps even approaching in
coming years those reached eighteen years ago