New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-16

THE STOCK SPECULATION.

Mucn time. IaDOr and space haze been and II
devoted 10 thc question Of whether OF not tie
western railroads can torn a combination. The
subject mas been and still Is used factor In the
stock market. We stand on tie same ground
which we have stood for ten years when assert
thdl the question Is Of no Importance, except
scntlmcntaly. While two more railroads may
combine 10 establish certain rates for freight and
passen7eIs tic agreement IS binding no longer
lhan all Tie contracting parties wish 10 abide by
H. III one chooses 10 break the agreement there
Is no legal remedy. for tue simple reason that The
contract IS Illegal and VOID III law The profits IN
Tallroadllg as in all other ness DEFEND
first urOM tho business done. and secondly The
integrity Of tho management. in the last two
weeks We have had examples Of II failure III IN"
GIygOods trace and another In the stock market;
hoth were Gne 10 dishonesty the part OF trusted
partners. These are exceptional mishaps and do
rot at al reflect general conditions bank may
be made insDNcnt BY "A successful burglary. What
IS most needed in railroad circles is lc strict ap-
pcailOn OF existing laws regarding trustfcsilps.
What III banking circles Is considered 4 crime Is
unfortunately IN railroad management regarded
Is smart piece Of speculative wOIk-for the
president or some Of his slbordinatcs. The laws
are all right the failure is in their application 10
Notwithstanding respectable directors who do
nothing except attend meetings and pocket quar-
Ter gold caehs for their loss OF time For months
the speculative market has been disturbed by thu,
idea of decentralization among the railroads ana
the failures 10 combine but like President LIN
con wien some idiot told him that General Grant
drank whiskcN, the investment holders cry " II
these earnings are the result of dcmorall2
an extra pipe Of decentralization 10 all our man
ayers, including the height and passenger agent
hcn6s
With busincss in listed stocks amounting 10
1908 shares; against 1861 shares yesterday,
there was hiiic more than traders market.
The sellers Of stock at the low prices ol last
Friday were the principal buyers IT losses OF
1a2 per cent. and the sellers were those who
on last Thursday were taking offered contracts
as they were put out. H. principally was "A
liqujdation OF both sides OF the speculative ac-
count as il has run for week but the liquida-
ton of the shorts that were Pat ont even with
In the week by no means is completed. Touch
ing the extent Of the short account which
every one SAYS Is not apparent in the loan crowd.
we cite the late movement OF 10 cents in wheat.
All the world declared there were no important
shorts in May wheat. vet when the Government
report of the April condition of winter wheat was
tracts that carried the price away above lusti-
tracing on wheat for about only three months.
They have been contracting Oh stocks for two
wears 4 couple Of months ago there was a
srnallp failure at the Stock Exchange. II any
one had said that the person had an interest OF
: 900 shares in the market he would have been
laughed at. Yet the failure revealed - short
account OF over $4,000 shares. IT is wonder
that the late attempts 10 manipulate the money
market have failed when nearly all the spccula-
tive lon91 accounts are loaned 10 the short
account or in other words. the deliveries aif
postponcd from day 10 day at the request of
sellers. The days market ruled strong. with
material advances. but IN the last hour. under