New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-11
Y, NOVEMBER j, ls9O.-TWELVE PAGES.

A01>0s
the big ocean steamers that once having got under
full head cannot be stopped at once Duo Uie
buying power of investors will be felt lncreas-
ingly and finally it will overcome the force oil the
sellers.
Il do not feel any apprehension OF 'roupe'
Sometimes there are cliques In wall o'reco "i'o
are forced to sustain values, but ao piesenU one
people who own stocks have very largely paio io'
them outright. The strength OIL wan oueeO
shown in the absence of failures on these uecilSs
Only to-day was showing to frlehu s'"'e"''".
of Western Union that illustrates the investment
buying which takes stocks out OIL Vnc S'i'0V,
There is steady cutting-up OF the olocNs oa,i"
by brokers into snail lots that are heid ou'si'c Vi
speculation and guess at the prices iha"c ,o-uS
those pcope will buy little more OF thc
stock | do not know anything par.ioul'i
about the London situation, but even II the
speculators there have to sell some shares that 'eS
deal in or hold largely, don't know why 'hey
chor,d soil stocls like Missouri Pacific, for IN
stance.
aft is truc" continued Mr.. Gould, that the
net earnings of the Western railroads have oeeh
somewhat hurt bv the action of one or two OF the
roads in breaking up the Presidents Agreement
That has cost the Union Pacific probably s2,ooo'-
oO0 and the other roads lost money buC 'leS
ore Getting together again. and | understand ihc
Western lines are making progress toward al
agreement In the Southwest we have accom-
nIisbed n great deal and the situation is mch I'M
nroved 1t may prove to be good thlh2 lor
tockholders that this decline occurred, Tor bley
will wake up and ascertain who Is respohsipe'
The railroad outlook, however, is already growing
better"
ME- ingalls,, president Of the Cleveland Column
brs Cincinnati and St Louis Railway, expressed
astonishment mt the low prices made for the stocK
Of that road The bears are saying all sorts
of uplv things about our company" he said " nut
pone Of them is true The Big Four was never
in a stronger position than it is now. we nave
oarncd > per cent on the common stock In the
first four months of the fiscal year, ana we nave
money in bank Yet there are fools down here
who are giving the stock away Mr. ingalls,
smoke with warmth lie added: so far as the
railroad situation east of Chicago Is concerned ~
is in excellent shape Since the meeting of the
trunl, line nrcsidents harmony has been restored,
and the winter rates established Will give hrse
earnings to all the roads"
James Whitley. of Prince & Whitley. was asked
about some of the rumors concerning the SITUATION
in London. He replied "W We cabed TO our cor
| was liquidation by some small holders, no big
| blocks of stock were coming on the market. and
there was no indication that any large failure
was imminent. | strongly hope that the London
Stock Exchange scttlcmcnt will he effected with
out trouble, and, for our market, 1t Is certain
! that prices have reached point where no one VINO
| is able to hold stocks will sell them
II. w. Cannon president of the Chase National
| Bank, when asked for his opinion regarding the
! situation, said The depression in stocks is un-
dOubtedly caused by the condition of the European
money markets. London holders of American
! stocks are compelled 10 realize to take care OF
| their own engagements made in the Argentine
! Republic and elsewhere and, as the business ot
| this country is good, people are not willing
| 10 buy their securities except at reduced prices
| The West and South using large sums OF
money, and from my advices, are in a very pros
porous condition. .
| 1t is natural at this season that York
should be- somewhat low. 50 far as actual money IS
| concerned. and the depression in the stock mar
| ket naturally causes some apprehension ard nigh
rates for money exist. Shipments OF money to
! the South and West have almost ceased, ana nave
no doubt that the natural conditions will pre-
vail and that shall not be inconvenenced.
believe that a reasonable supply Of money has
been available for legitimate business and viii
continue 10 he. The liquidation of the stock
market so far appears TO have gone on without
failures and very likely a combination of capital
lists will bc made To take sufficient stock in some
| Of the Western roads that have been IN trouble,
and new freight and passenger arrangements VIII
| be made so that business Will ne done on De'tcr
| basis | have no douit that the liquidation VIII
| bring together great properties, and we VIII
| eventually STE securities on hetter founuatlon
| than before | see no cause for a panic, and have
| no doubt that before the end OF tins week thc
| stock market and the money market Will le IN n
more normal condition than they have been Tor
william l.. Bull of Edward Sweet * Co., said :
| "Tbc t,ouble is due t. the uneasinesS in London.
our private odvces from the other side are more
| rcassiring but think their source is a niue 100
| sanguinc Nevertheless. | don't apprehcnd any
| further trouble. rs we have got thlhgs DOWN 10 , u
| hoss where the market is comparatively safe. We
have had stocks coming in and going out all DAY,
and haven't had any bitches. The way the Street
! has stood the pressure is, | think, great trioute
I" Gcorgr G", G. Magomn. Of Kidder. Peabody & Co..
said the outlook favorable TO much steadier
/ market . - MI
ncycr was blizzard that in it's last hours dld not
sccm rs though il would neither end nor mltlGnte
| lis rigors. and there never was blizzard IN the
| tcmnerote zones which did not come to an end
| This is n financial blizzard. IN has scared some
rnncv lenders. who have run to their holes. II
has excited the cupidity of others who do all they
can 10 aggrayate the severity Of It, But we I'VE
in 4 temperate zone in finance. and the snow was
! Mindng enough to-day 70 indicate that IT was III
its last hours. ana was chcouh"ii"s ""N'i'o '
rents. 80 ,r, ,-. :; . oil
;uetirr itself to existing conditions and VIII soon
RIGHT itself Holders of stocks for long time
nnst have been too tenacious. They ignored all
the signs pointing TO lower prices. as wei as the
good advice given them hy their brokers lhev
tcmerity by forced liquidation. Some time ago
money was recognized on a 4 per cent basis
now il is MP to per cent. lhder such CIR
cumstances il would be ridiculous that stocks
which pay only per cent should remain as hlgIi
now as they were formerly.