New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-27

but the Secretary of tn Treasury cana
to the relief Of Wal st. spectators by issue Of
80 600 OF greenbacks. and thus postponed an
inevitable crash until September, 1873. Then was
| the time whenf left to natural causcs --lG1'daton
would have performed It's perfect work. Bat there
was Richardson, who, as cetary of the rlc lsury,
appeared "a second savior of his countrY. With an
Issue Of S26.0O0000 of lega,-tenders. Even in that
day there were wise men who. shaking their heads,
said the creating of debt was not the liquida-
ton o. ar old one. Nevertheless, the effect of the
last issue, like that of the first. 70 certain
spectators from ruin, but at the expense Of other
operators, while upon the country at large was in
| ficted an incalculable injury, under which
il ia still struggling for breath. TO these two
Illegal issues Of United States promises to pay
are traccable the crude ideas which at present are
controlling tho financial legislation Of the
country. II Is forgotten that while each caused
an ephcmer9l rise in the speculative markets,
both were without beneficial effect upon The
real interests of the country. Those are
beyond the ken of legislators, except that much
harm may be done By the enactment OF unwise
laws. In the long run speculation must draw
it's ifebood from the success Of leg timaie enter
prises. That for four years the public has been
making no money with which 10 engage in the fas-
cnating game of stock speculation, Will not be de-
MED by the most persistent bull" with the de-
cline in the legitimate business OF the country
decline IN speculation was natural, ana mas Deen
fOrcseen. Many professional operators have lost
their all and the circle Of those able TO operate is
daily growing smaller
These are fact, admitted and well known TO ALL
yet they have been ignored by few wealthy ope-
rators who loaded Themselves with stocks in ex-
nCCJaIlOu lDdb tDe power Oh lltlr cdpitdlS
would create market upon which they could
sell out at a profit Large quantities Of
stocks have been bought to sell again tLeoe ARE
strongly held but with few exceptions the prices
are too high to induce any real buying. even if
there existed general ability ordsp0st!On 10 spec
ulte. This condition OF the market furnishes
reason for stagnatIOn, which would not DE over
come if the doors of tue Stock Exchange were
opened 10 the public free of all commissions and
entrance fees. Il also furnishes solid reason Why
real outside holders should improve the present OPP
portunity-aifOrded by the sustaining power OF
clques-tO realize a fictitious value 10 their Sc
cuTItiCs
Dull and insignificant are the terms applicable TO
the majority Of the transactions IN stocks to-day.
The exceptions to the rule, and those which ex-
iibit the actual condition Of the market where it is
not supported by clique manipulation, were the
dealings IN c. C. C aud indianapolis, which, under
sales of 800 shares, dropped from 81 10 23'2O
293. IN Chicago and Alton which, on small trans
actions. further declined to Go3i; IN Fort wayne,
which sold down to SILL and in Cleveland and PITTS
burg, which sold down TO O4'3, and was atter"ard
offered At 6l3.
Lake shore recorded sales Of only 1900 shares at
from Gl5s to 81 lsa61li; 100 Michigan Central sold
at J93l: Enc was dull and neglected with sales Of
200 share, At Gil and then closed offered at 9i9 aud
Central and Hudson after sales Of LOO shares at
lO50IO47s. was offered at 1919. The ST. Paul
stocks lost the buOyanCv which yesterday character
lied the trading in them, the common falling from
81 Is to - Is, and tine preferred rom 1912 To .O4s.
Northwest common sold at - L 0313s TO 3D. and tue
preferred at 62l2D6234a 62h. Hannibal amt u.
Joseph preferred was heavy aud lower at ~ "a 2Zi2
the common selling at 1920 lO'S, ana ONO aad
Mississippi was more than usually active az 73l&7l2.
OF Chicago, Burlington aud Quincy 800 shares sold
at I01l u l0l, and 100 OF Rock Island at 09l4, and
odd lot- ut 99llG9o.
Central of New-Jersey opened at 1893, against 17li
last night, and declined to u, closing at l5l2.
Delaware and Hudson was we'll supported AZ 4Gl2O
1864 while Delaware, Lackawanna and Western.
on "A light business, huctuated between 477s041l2
and 4775G415s Morris and Essex sold az !li2d
714G72 but closed with II, the best Old, and
offered at II g.
Western ULi0n led the LIST in amount Of transac-
tons % 900 shares, and was comparatively steady
at 7GisU7J7s The only transaction IN express
stocks was in 10 shares of American mt lS5e, the
quotations for the others remaining unchanged.
Pacific Mail sold at % "a 49, movement, although
81 gIt, IN a contrary direction from that indicated
By the points" which have been given out. The
market closed exceedingly dull but weak.
RANGE STOCK MARxsr