New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-24

A NARROW SPECULATION.

Wednesday, Aprll 25-p. IN
The stock speculation continues to be confined
within narrow limits and why should there be
any except on the bear side. when all the
pont-aivels' and prominent railway managers
are 50 freely expressing their opinions for de-
preston Of values? There is not much except on
that side, but there has been. and is. an invest
mcnt public which realizes the ridiculous position
assumed by certain railway masnatcs, who are
stock spectators. when they tall, ont of the
right side of their mouths about the immense bust
ness doing and the lack Of equipment and from
the left side utter walls Of grief over ihc demon
alizing railway situation. All circuscs are COM
PEELED TO employ clowns TO draw the crowd But
clowns IN railway management have become tire
some TO the INVESTOR the ncgOtlator and tie
moncy-lender. The reports Of railway earnings
show that the clown appears when the magnaic,
speak in whispers from tic left side Of their
mouths, while the right-sidc utteraI-cs are IN
accord with the auditors official reports Of both
gross and net earnings. What fools We mori1ls
Je is well-ilustrated by thc Official tall, about
generalization of rates ana the auditors official
reports OF earnings. Any Western railroad prc,i-
dent who finds this coat perfect fit may put il
on ana wear IL without the arcompan,Ing tallOr's
Iapci unucr the collar. They are easily TccOg
niZed.
Wall Street witnesses some wonderful reyolu-
rohs mere IS local " financial journal which
ms AZ lines numerically scOur4cd one Of the
W All street financial news bureaus for the char
actcr C1 the news :? which II published. To-
DAY thal same journal, which thinks II reflects
jay nould 5 ideas, devoted TWO and one half col
"hhS 10 points Of the same character, ana more
aggravated than anything the news agcncy,
asainst which II had hurled is full vocabn-
larry OF NlhdlclVencSS. had ever done. In
tie whole TWO columns the only reference
made TO railway earnings was the following.
ne Nor'hw v,. earnings for March, showing an
al an 4
spcculatOrs that low rates are moi calculatcd -
swell railroad receipts. even in a wear of large
traffic The points had heard of 10 other
earnings III the month Of March, or for the first
and second week in April The wondcr Of tic
Street IS that the vitupcr1tcd news agency
did not improve the opportunity - send out
columns Of Inc deadly parallels Bat probably
the bear agency welcomed aid from any source.
If there was any activity in the siocl, market, It's
present strength wOuld indicate that another in
stance of confidence IN father 81 son was being
prepared lot 'nc "I''T. mat disappointment III
Delaware, Lackawana and Western may be Ic-
rcaicd.
The stock market opened generally lower.
There was an organized raid made rpon values,
aided by the publication Of supposed Official in
spIratiOn. What Nonsense 10 write about
stock market being "bullrd7 by q sentiment
that four-ffths of the brokers are
not paying Office expenses All the
is on the side Of the bear" party.
II is not sentiment, but Tie fact Of earn
which as yet are IN no sense extraordinary
And that despite the most desperate efforts ever
Witnessed aided by ihc pen of one Of the most
brilliant writer's on Wall Street points. for de-
preston. II should not be news. but il may be.
10 some Of our contemporaries tint the lakes cX-
istrd even before the stagccOdch and that the
axes and the Eiic Canal were in existence, and
hat passengers and freight were transported Oh
theia before the first mile Of railroad was ever
built in this country. Bnt from the rot now
printed about the opening Of lake and canal
a.. fcu nj
hat the lakes and canal were the creation Of tie
asst winter. The country has grown. and is grow
ne faster than some Of the ontgiycn ideas al
smart" railroad men for special service AT tie
stock Exchange.
After the early decline the .tock market
,ordened and ruled firm, with Delaware, Lacka-
ganna and Western and Delaware and Ilud-
on Special features. The point in the days
market is that without any speculative support
has resisted all efforts 10 dcprcss H. and readily
orbcd the offerings for realization ana the
additional short selling. II has been long
DAD but il now looks as If In public estimation
he auditors reports Of gross and net earnings