New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-19
WH1T TILE TIMES NEED.

The encouraging recovery III prices OF Secufi-
ties on Saturday, though not wholly malntalnc"'
proves that new state Of facts has bceh
reached. Somebody has been found TO buy
eagerly and largely, the securities when
Wall Street has been carrying Tor long tlmc'
Heavy buying on foreign account was reported
RroI,ers also state that investors have taken IN
large blocks of stocks. But it matters little
where the buying comes from, if there IS at
last a public, and market based upon public
recognition of values.
For many months, it is notorious that the
Stock Exchange has been substantially LETT
TO itself. The public refused to buy at any
price. In calling attention to this fact repeat
cdlv. TIE TRIBUNE has held that 1t was not
because prices were too high or too low, Dut
because there was no honest market, because no
estimate of actual values had any proper weight
in the dealings, because speculation had been so
fostered by excessive issues of paper that COM
binations TO bring about artificial prices, hlSh
or low, were almost uniformly successful as
against those who have bought or held on ac-
count of their estimate of value. This OPINION
As TO the character of the market III the past
has been emphatically confirmed, on the one
hand, by such failures as have occurred and on
the other hand, by the extreme and violent Gle
nrcssion which the combination of wreckers
succeeded in producing last week. Ii was not
an honest and natural market when such men
rs Ward and Emo were using millions that did
mt belong to them IN speculation Nor was 1t
an honest and natural market when manipula-
tion and manic forced the slaughter of sound
securities Mt prices far below their value. II
l., 4 hat fhn III Qf IN
been purged, and it is safe /, honest investors
to buy, power appears iii the Street once more
which has for long time been conspicuous only
by its absence.
II does not follow, by any means, that it Is the
right time TO rush in and buy all sorts of things
ON speculation. Those who put that ntcrpreta-
tion ON current events are very apt to get
scaldcd. Wall Street is still very hot water for
any man who cannot honestly. pay for every
thing he buys. The solid investor, who cannot be
frightened or frozen out of valuable property.
can take in sound securities with certainty
that they will ultimately pay well on the invest
ment. BY such buying, he offers no temptation
IN the speculators who have been ruling the mar
kct and shearing the sheep. But any man who
cannot absolutely buy without borrowing only
and wisest cannot tell how long it will be before
lust public appreciation Of the real value Of
properties will determine their prices in the
market, nor how violent the fluctuations may
be meanwhile. No one can tell what disposition
banks and other financial institutions may have
q week hence, or month hence, about loans
ON securities that have been objects of specula-
tion. This is emphatically good market to
let alone. for those who mediate dealing with
the money of other people
1t is not necessary now to repeat that banks
and muneyed institutions have been lending a
great deal too much money i'll aid of specula-
ton. 1t is their business now to take care that
the legitimate business and the productive in
dustry of the country shall not be drawn into
the vortex of disaster by failure to obtain
proper accommodations. Our financial nstitu-
tions have been nursing speculation too long
II is time for them to nurse the productive in
dustry on which the prosperity of all depends.