New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-11
Total 80 cO'Gss 0s9. e6s 1876 ESQ Inc sseoO1- 90
THE WEEK IN THE STOCK MARKET.

Total 80 coss3 $50 66S o. $40 ESQ Inc $50 DOL OBS
THE WEEK IN THE STOCK MARKET.
Except for the unusual activity at the Stock
Exchange in yesterdays two hours OF business,
which was caused by reports Of panic in Paris,
last weeks dealings in stocks aggregate smaller
number Of shares than in the preceding week.
Until yesterday dulness was the prevailing
feature. While Chicago continued TO supply the
market with reports Of further cutting OF rates
by both the Eastern and Western lines of rail
way, London persiStentlg made speculative sales
of Americans both in It's own and the Newly ork
markets in anticipation Of Paris crisis. Under
developed extraordinary strength. The sales were
absorbed so readily that even after yesterdays
indefinite reports Of the conditions ruling at Paris
tho declines for the week Will hardly average
over 1 per cent.
As to the London selling Of stocks, we are in
formed that IL has been purely speculative, ana
not by the holders Of American securities. IN
other words, that they have been short sales In
connection with this theory the condition Of the
foreign exchange market absolutely falls TO reflect
the movement OF any securities from Europe u
America, WelEinformed foreign houses state that
the short interest in London has increased inn
mensely since the last settlement day for Ameri-
cans. And they anticipate in the absence OF some
untoward event no little difficulty on the part OF
the shorts In London carrying over their Amerl-
cans from the settlement which begins on Tues
day. Very little public information as to tine
actual condition Of affairs at Paris yesterday mas
disaster Is published, IL Is fair 20 reason that
Yesterdays reports were TO some extent exagger-
atcd. The only effect that anything when nhght
occur I'm Paris could have upon our markets would
he through the possible disturbance of the London
money market and consequent temporary drain
upon us for gold We have already shown tnaG
the condition OF the United States Treasury ana
the holdings of Government per cents are such
that IL the Treasury will cease 70 dlscnnlnate
against the per cents its disbursement for pond
purchases will more than meet all foreign anu hoiho
demands
AS 20 home conditions our analysis above OF
the railroad earnings for the fourth week IN
February Is an emphatic statement which requires
but one explanation: The gains now SHOWN are
generally results Of higher rates rather than oil
Increased tonnage, and therefore reflect gains IN
net earnings as well as in the gross: Such was
not the case year ago. As, 70 the progress
toward o unihcati0n OF the Interstate Railway
Association, dispatch received yesterday, dated
ut St Louis from the general manager OF one OF
the principal railroads. stated that satisfactory
progress had been made at the committees meet
ing there that tho scheme was assured, and that
ali the outstanding roads would knock at the door
70 be admitted. Bab investors anu spec,uat I've
holders Of securities, who are not watching the
active tape nor listening TO the pgedieuons OF the
Western Spectators, are paying more attention
80 the action of the Interstate Commerce Com,
success or failure OF the Interstate Hallway Asso-
citation. The amendment 70 the law forDlns the
reduction In rates except after three days notice,
10 be given TO the Commission, ms well as an
advance except after ten days notice to the
Commission, And the Commission rules that in
each case the time for reduction or advance is
TO be computed from the day when the notice
reaches the oiho OF the Commission in Washington.
IL Is now an indictablc offence TO violate these
provisions OF the law.
The changes continue 20 be rung on the stereo-
typed Phrase: :" Too many railroads for the nusi-
ness They grow stronger and more sonorous
when the tape shows declining figures, while on
the rising fluctuations they are uttered IN tones
attuned H. the smallest strings OF the
violin, Indicating little faith To be bold bear
mt the lowest prices and timid bull' at the
highest Of an extreme luctuation seems TO be the
aim Of many persons who profess to forecast the
market All the full reports thus far made BY
ralwny companies for the year 1888 ooncluslYeiy
show that the bad results for that year were OF
mismana cement and not for n lack OF tonnage.
mismanagement was with criminal intent aud
that In others IL was simple folly in being forced
10 follow leaders at unremunerative rates. IL IS
not probable that the managers who made rate
war for speculative purposes sold their own stocks
short They were not idiOtiC enough 10 do that,
but that they did sell shares Of their competing
lines is beyond question. Has such miSman1ge-
tnent come 10 an end /? The active interest taken
by stockholders in the management OF their re
bpcotive properties and the energy exhibited by
the interstate Commerce Commission 20 protect
securityholders from the misdeeds OF their agents
as we'll AZ 10 perform their duties to the pubic,
warrant the supposition that it has
Subioned is our usual table, givlnc the number
Of shares sold Of all stocks the highest, lowest
md final prices OF the week, together with the
final prices Of week ago, prcixed by the average
prices Of March TO- 1888: