New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-02
Total. 30 cos.s4 elo.4sS s51Sl,45s Inc so2o''' L.
THE WEEK AT THE STOCK EXCHANGE.

Seldom has the stock market with all inc
speculative manipulation engaged t on 'i,' chantcr
of accidents, including so many lcHPo'"i! ~
couragng influences as was thlt oil EleU W. W.
Never has it withstood 30 great Oh NV "n
pressure with so much steadlncss' AS wv IN
tinually have written, The markct VIZ ousn'
with no concentrated "bull' element Inc pflnTgr -
pal bulls" are those who have purcnstu sto'ho
and maid for taem and therefore neither are
borrowers Of money nor watchers OF nlclhatiohs
on til, tape Probably for that reason ljle %EkIc-
CATION OF disasters which came 10 ana Der
manipulatons had SO little enccJ upon NdI',ce
generally There was no panic, nor even pahGHy
feeling as relating 10 the general market ING
unexp ected decision OF the ILLINOIS supreme C'Htt
in regard TO the legality OF the actual ownership
Inv the Chicago Gas Trust Of the stocks OF me
various gas companies Of Chicago; the Lynn IRE,
followed by the Boston fire, oil whch inc hisi
reports were gross eXaggerations; the cohth9eu
manipulation of money and the ignorant discussion
Of the Treasury policy IN regard 10 lts ueposlt III
National banks, with finally rumoIS OF nIi"nc'1l
Embarrassment Of some ungueSsed large STOCK
house and a bank made up chapter which Ill
speculative market might be expected TO nave
produced something more than decline OF l"+
per cent in the values OF the general sC OF railway
stocks. J.. 1000,
The market is entirely unsupported by hpecu-
lative bull" clques, and among the IallW'Es
the declines which exceeded the figures named
were due either 10 very recent sharp adN Nlces
which went beyond the desir S OF those having
in charge prospective deals or TO raidS maze Oh
the discovery that in those dull stocks IN re were
stop orders 10 sell which would h,lp the decline
Of them and perhaps aid in general den0rlllzs'
ton The raid upon Chicago Gas OH tne an
nouncement of the courts decision was simply
terrific But the Boston fire furnished I'M expected
fuel with which to exhaust the margins OF
speculative holders. The decline in that stock
from Tuesday morning was from % l. 10 80,
with a closing rally TO only "a Is.
Ii was right here that the unlisted delmrtn -iit
of the Stock Exchange came in, as IT. has done
ZION. Sugar Refneries declined from II is TO
So and closed without recovery. The danger
signal alleged TO be hOisted over dangerous spots
in that skating rink" seemed to have been OF
little service in warning operators Ana Why
should il have been, when the governors OF the
Stock Exchange offer premium 10 dealers -
trust themselves upon dangerous ground? III 4
member of tn New-YOrk Stock Exchange dar'S
10 execute order in stock which are listed 40
less than is per cent commission the penalty
is suslcr sion or expulsion 10 purchase LOO hlres
of Atlantic and Pacific AT 3-s costs the cusi| ner
sI2 80: but in Sugar ut ] % or at 80 he may
deal az any rate OF commission agreed upon. BE-
tween the broker and himself. is IL 10 be sup
posed that with THIS unrestricted law aD0ut COM
missions in the unlisted department, the large
op ratios Tor a decline have not purchAscd 'llll
sold and washed" thousands upon thousands OF
shares AT nominal figure? II Is rcas 'lIpe 20
suppose that their special brokers would gladly
take such orders at ~ a hundred shayes. We
have reason 20 believe that il has been done
for even "a smaller sum. In securities which
subscribe to the rules Of the Stock Exchange deal
ngs not permitted for les than is per cent
commission Oh the par value hui for the unllst u
be admitted to dealings and quotations on appc'-
tion 10 the committee the business may hc done
for q nominal sum or for nothing. Viewed iron
a practical business point. does history record
a suicidal policy equal to tiL't Of the New OK
Stock Exchange?
The losses by the Boston aud Lynn fires are not
to he ignored. But if history repeats itself, they
will he only ephemeral in their effects. like the
less Of a railway train 10 particular company.
The bined losses of the TWO fires amount 10
only about cDe-third Of the increase in the rail-
road earnings for I months this ~
and Go percentage OF th" wealth OF
the country that Is. SO small that IT cannot bc
measured by decmals The Chicago Gas Trust
decision, which simply remands the Csc back for
a new trial in II lower court, coniscates no prop
erty nor the shares in any property. Turning to
the railway Isis, the so-cacd Gould pro"cr'ie>-
the Missouri Pacific and Western Union Telegraph
have been sufficiently weak To create the general
impress on that while Mr.. Gould talked bu. ishT
he was acting in the opposite direction lhlS I'M
pre- sion has been one Of the factors in the Specu-
lative market. With the holders OF real securi-
ties, outside of his socalled properties, there is
little concern whether he be Il bull' or bear
The st. Louis and San Francisco stocks were
specially weak and suffered large declines with
unimpcrant nsactioDs outside of the pre- fcrrcd
stock, which fell from 81 IL 10 49, These move
ments 50 genera lily were aScrbed 70 mani pula-
tons Of SIR. Gould in connection with his desire
TO remain in control Of the NJ s>our Kansas ana
Texas property. Perhaps the shrewde>t move
ment made by the bears during the whole week
WIS their attack yesterday upon Big Four stock.
There is no ques ion that the bulk OF the stock j.
so strongly held that "a monetary panic could
not dlslodge il, but il has been entirely without
speculative support, that Yesterday two broker;
well known 10 DE allied with the bear interest,
successfully marked the price off about pcr cent.
and undoubtedly forced the sale Of small ouanti-
| ties ncid on margin. After the decline had heen
established those who arc supposed TO take snc.
cIal interest in the stock seemed suddenly IA
awake 90 the fact that the stock had been nj
tackled, and on small purchases during the last
ten minutes OF business advanced the price q
per cent But there little satisfaction in thai
to the followers who had been shaken out by lie
previous decline
raided. the declines for the week will hardly
average | per cent. which establishes the fact
that there was no scare among holders Of stocks
Further than that, the fact that transactions in
al a. nnlr l,nr