New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-24

10 10 companiss . 5.s25 1872 oos Dec s3sz2 -
Total So sal $50 so27e977 Inc s4ss,is7 rs
e S sSmpane, 1885, t7Ss $50 Dec 10000 II
Total 20 eos SO 97l OsS s7.4o1422 Inc s4ao,sso 81
The full returns for the second week of Novem-
per cent on the week of 1888, and the full returns
for the first week of November, 1889, showed a
gain of 1874 per cent on the week Of 1888.
THE WEEK AT THE STOCK EXCHANGE.
As compared with the preceding week last week
in the volume of business was dull one IN the
week, including the unlisted department. aggre,
gated only l,s57.6O3 shares, against 3,355,s49
for the preceding week. But, notwithstanding the
smaller amount of business the nervous strain can
bardiv he said to have been relaxed until after the
close of business on Wednesday. After SATURDAY
partial reoove. from the shock Of the announce
ment of Barring Brothers d Co.'S embarf tasS,
ments came the failure of a respected STOCK
Exchange firm caused by the fraudulent acts OF
one of it's members. That was followed
on Monday by the failure OF two o'ner
Stock Exchange firms whose mishaps were en-
tirely due to the congested condition OF a1alis.
Here was furnished sufficient material ior enc enc
circulation of numerous rumors atta0khe VI. .t
credits of other unnamed large houses Inc gIo",'
of confidence checked and renewal Oh hqul-
daton. together with not inconsiderab,e amount I
of short selling, gave weak turn 10 values lvI"
which, however, there was small recovery pc-
fore the close of business. On Tuesday two other
failures were announced ole OF them Oh son5
importance and great surprise TO the ollee', 9,
again prices were weakened ana the cos o Of
day for the general list Yas about the lowest VI!
the late campaign. On "Wednesday the maIke"
developed steadier tone, and, While yet
marked some final Improvements ihursuay al'ea
a strong opening and almost CONTINUOUS "u' 9
tin midday the announcement of the suspension Vi
Barker Brothers and Co., OF Inlia i Ip
served temporarily to check the upward noaJ-
ment, and at first Philadelphia ana hcaHlng
was materially weakened because OF an impression
that the firm was large holder OF those secuIles
But it was quickly learned that the nIin nv r.
in any stocks usually dealt IN at the o.ook
change was insignificant, and the marker peloIc
the Close sboTnly recovered and closed strong at
near the best figures OF the Day rroin iin'''S
morning until the close OF Dns ness az noni 80
saturday there was q steady, SLOW haIueihhG ",
values subject only to very small reactions am
il was the announcement of the assignment VI .ne
United States Rolling Stock Company anu .ait
publication of an unexpected UNI" o,coclr
statement almost simultaneously NJ II .oo oooon
which served to emphasize the immense chaSg
in the condition of the market which mas
during the week Those simultaneous ns,, of
wents scarcely checked the rising propensity 81
tho ma rket for more than momenu-a lew pooiu
room traders were induced to attempt 10 ild ,S
the market but they met demand Win ; S S,"
them quickly retire and contribute W o'e" e,v, in
Ia recoup to a final strong closing III NV 1in,
stances only were lower prices recoI''eu d,,
the last week than those maze Oh oa. oa az
November 15 Notable among those lew wa VIII ut -,
GOO Rock Island and Pacific, when soiu az
$50 o~ninct az I 3 q week ago but It's hnai
o. ~ 80 was gain OF per cent for the week;
The general list marks gains from week aeo Vi
from to per cent. .;.,od 20
Tho Stock Exchange as a body, is entltied 10
+Aa cnngrat,,latiops of every one upon the mai u
ner in which it has weathered STORM WIZ, on+bs
| was impossible to foresee. FOR oNeI WV ,oad,-
rinr tn ten days ago there had been s,eauS
PHI. Sonraciation of values for which there was
M anparent cause to be discovered Ill tlc scno a;
copdifiops of the business Of the country ITi i ~
The renorted earnings of railways. Ihere al ,no
time has been much talk and writing OF the quar-
relsome disposition of railway Managers VI t tio
cutting of rates, and of determination On ono
part of some people TO P erhilS ho made final and
permanent Yet. still we have " The Chromcle
authority that the net earnings OF l9o raliIonuS
for the nine months OF TINS year ea ao "a the
her 20 gave a gain of S11,8l3,S22 upon !Ie
earnings of the same companies LOT ohc n INV
months of 1889, and that 1lS OF that nuihoer
which reporting their net esiitS the the nine
AGO then gave q gain OF $50, ,35o loI ,n. III,
months of $50 on the perio of lsSs. Oertallil.
there was nothing in such statlslcs 10 m
the depreciation in values which hau oc.u,,euI II
| 10 tvo weeks ago. But those deprecatlons laid
| tho foundation for the loss of confidence Whicb
has resulted in wholesale liquidations because Oh
n loss of credit The steady strain OF the lasU tw9
months has been sufficient to cause a unlNe Sai
nervous prostration the part OF all thosc per
sons who are carrying stocks upon borroweu ulTnvS
The and tear have lar snrpass sanc caused
| bw legitimate conditions The fact that 50 few
| members of the Stock Exchange nave Doeh coiIl-
PEELED to succumb to such a tremendous Piess'i ~
| estab lshes not only the general souhuhess VI
| brokerage firms but also that there has peen no
| undue or overgrown speculation IN securities.
With all the expansion Iiau 'le nronso5 LEGITIMATE
business of the country, the bank loans by yes'er
| DAYS statement were SS,0OO,OOO less IMAM one
year ago. and $35o0,O0o less than Two years s ago,
| The clearances CT the New-YOrk Clearing House
last week with sales of stocks practically oil ule
same cumberland at much lower Iaise , oI
| tho 4
| with the differences in the values OF stocks De
tween the two periods represents the larger tfans
| actions outside Of specuations III is 70 DC hopeu
that in regard TO the new cry that liquidation
must now extend to the commercial ana mef'
camille circles IL is to be said that there Is nohin2
in the conditions to warrant such an anticipation
| With hundred and odd millions more money cir
culating in the country than there was q veal
ago and with the New-York banks holding $4,000
900 less. cash than one year ago, IT woulo seen
if the general business of the country was peihe
conducted on shorter credits and nearer to east
basis than ever before. Certainly the one principal
element which has wrought so much damage in the
stock ma rlSet is lacking in the commercial mercan
tile and industrial interests Of the country. There
| is no quarelling among managers and nc
ambition to swallow up and consolidate ehtlre
the credits Of individual merchants may be ruined
| and liquidation forced by manipulation OF the
| markets Failures of more less importance
in mercantile circles there unquestionaby will be
there always have been in the most prosperous
years; but to anticipate a general liquidation
|
forced by questionable methods at the Stock TX.
change is something like the anger of despair
because there is no deeper depth.
Every one now admits that the recent results
at the Stock Exchange have been largely due
to artificial causes. In fact some indiscreet
would succeed in their purpose before they LEI
up" No one disputes that there has been q
lookup of money. and 81 100000 is now admitted
as the amount by authorities that three week;
ago scohed at the idea The embarrassment Of
at a critical point in the game, and MATERIAL,
fastened the consumm alton Of such purposes
all the gossipy details of certain alleged transac
tons, IL is beyond question that great progress
has been made in the consolidation and eqnaiza
ton of numerous railway interests and problems
The real facts in the case viii only be known
through official announcement or through sue
cessive events which likely to follow tn.
recent decline But certain il is that there ha
been a solidifyinc Of immense interests whicl
| means for the future a better maintenance o.
! rates among the railroads. less wrangling ant
more harmonious action. All of which will prove
| hold hn bav haen