New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-26

o,d for their securities and are content to hold for
.till higher prices, but your genuine outside
soeonlator never buys at low rates, it is expected
that his class viii soon be tempted to make their
little ventures and that the market will again take
the old groove. Purchases Of the better class of
stocks at the prevalent prices will doubtless prove
satisfactory as investments; but il is adj
sable that spectators of every degree steer clear
~ those securities that manipulated solely in the
interest of the small oliques holding temporary con-
troll of the companies they represent There is no
game of hazard known to Hoyle" more hazardous
than are such securities. Without any disposition
10 seem invidous let take for example the shares
of the Rock Island Company having an intrinsic
value which presents a strong temptation to
,H innocent outsiders and vet the position
Of this Company is such that two or three certain
men may depresS advance the market price Of the
stock al pleasure. Some time since the Company
announced their intention TO issue six million dol
lars of new stock. How much of this is already put
Out and how much remains in the company the
public have no means whatever of know
ing We do not say that there is
any clique organized 10 operate in this
stock. But supposng there may be one, which Is
not a very violent superstition, whenever such
clique controlled by the officers of the Company
are short of stock they will bear down the mar
ket, and if necessary TO put out more Of the Com
pany's stock TO accomplish their purpose, we know
of nothing but a proper sense of honor to prevent
them from dong it, and thus worrying out all who
are "lonC" of the shares And while this buying
and selling results favorably the profit will, of
course belong To the clique and when otherwise,
the loss wall be the Companys. But, if the manip-
uator exercise ordinary discretion. their profit is
a. certain the day. and the innocent victims have
not the hundredth part of chance of seeing their
money again. We do not desire TO be
understood as presming even init
mating that any such pool or clique
exists for manipulating the Rock Island stock, but
simply take it up as afording an opportunity for
doing what has notCriously been done in other COM
panies heretofore, under circumstances Inuch less
favorable 10 a manipulating clique. A somewhat
similar condition prevails in many other
companies and the result is inevitable ruin TO all
who undertake TO operate in their shares upon
margins If spectators viii avoid all such loaded
dice the enormous disproDortion of losses may be
brought within reasonable bounds. While there is
undoubtedly moderate impgoyement in general
buSDpSs accompanied by a returning eOh,,"cste in
values, there seems 70 be a feeling among conserva-
i've men that the late improvement in
WsIl-st. securities has been too rapid and rampant
for healthy and sustained movement. and hence
there arises not unreasonable suspicion that the
extraordinary advance in some of the leading stocks
has been materially aided by the system known in
fhe street under the term washing" or in other
words sham sales in which the buyer and seller may
be fOund on close examination TO be
1he same person. To-day we have cOntin-
ned Improvement in the foreign markets and more
pacific tone to what have already learned to call
tie war news" though the impression in the street
seems to be that we shall not have any real war
news and the day here will pass for of the most
hopeful since the panic. The banks now hold
more legal tenders than the week preceding the
manic and are constantly increasing their resources
To-day they report 1874 600 legal tenders on hand
or S65OOO more than yesterday. The private and
smcable settlement now going on Of the Grinneu
matters. and the probability that they will not be
necessitated TO come within the scope of the Bank
yuptcy Court has added much to the strength of the
general stock market so that under the concurrence
II all these circumstances 1t is not surprising that
the stock speculation has been an active and bullsh
one throughout the day, the changes in the various
shares beng particularly set forth in the usual tables
large business was done in stocks wei distrlb-
cred entire list, and the general
market closed strong. The opening highest. lowest,
4 Il . 4 -, f,,lln