New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-09

s. c eSonPp5nies a5's575 3oi7o DEC 1851 81
Total s5 8lo,75l sj1o2o35 Inc. s25I15I 43
THE WEEK AT THE STOCK EXCHANGE.
The total transactions in stocks last wcel, were
1024743 shares, against G33, 100 shares in the
previous week and 1,330,6sl in the correspond
mo vepk last wear. The slight increase in actlv-
;ty resulted in lower prices. Disappointment
that the adjournment OF Congress did not i'm;
mediately start upward movement disheartcncd
speculative holders Of stocks. and the probability
of financial disturbance III London in consequence
IF the Argentine panic added 10 the uneasiness.
II seemed TO he plain that the liquidation which
was started BY the embarrassment OF me BnrlngS
in November has not been completed, and that
other English bankers have had to seek assist
ancc wherever they could secure IT. Murictta ~
TONED publicly, but private dispatches indicate
that one or two others have been affected seriously
bv the apparent collapse of the south American
bubble. Excepting rev weaH ny , Mrlhs' WHO tIiO
| Earrings embarrassment, it is not probable that
anv one in this country has an important inter
est in Argentine affairs. At the same time the
panic in Bucnos Ayres was. the excuse for liberal
Selling of securities in this market. If 1t was
the cause, and not merely a pTeteXt, IT would
appear to be cruel injustice that holders Of
American railway securities should be impovcr-
ished by the rash and iniudicious investments IN
South American schemes by London speculative
bankers Without criticising III any way the
action of the Bank Of England at The time OF
the Earrings failure it might have been pctlcr
if it had guaranteed only the firms commercial
business and allowed its specuIatlons 10 'Sh axe
care of themselves. The imprudencc which LED
the firm to embark in doubtful ventures IN South
America wrecked the foremost mercantile house IN
the world. The assistance which IL was CON
sidrrfd necessary extend to il in its difficulty
was undoubtedly wise and accompanied ny the
best intentions II served. however. merely 70
protract the liquidation which Ii was certain must
ensue. and the result is being felt in the stagna-
ton which prevails everywhere in stock Spccula-
ton. 1t is doubtful il some of the modern mcth
DDS of iinanciering are any improvement on me
old ones, for, like the laws OF nature, the laws
of trade are inmutabe.
II may be that the crisis in South American
affairs not the real cause of the weakness OF
stocks. 1t is tTite saying that there were more
sellers than buyers. and yet IL precisely expresses
the condition of the market. For many weeks
the trading has been principally local ard pro
fcssional, and while prices may not nave poHn
supported in the sense that large interests pre-
vented decline, the market has had an artificial
character So far as the Stock Exchange Is con-
cerned speculation is not far different from
merchant who finds his shelves loaded with IN
salable wares. There is price at when theN
will move and the successful merchant EcEer
fails to find it. Public interest in stocks mas
been at O stand for months. and scarcely any
effort has been made TO reawaken II. IL las heeh
argued in public and private that outside pEIefs
enter the market after sharp advance. II IS
too late in the century for this theory 10 hod
good 1t was one Of the most conspicuous iGo,u.1s
Of the November disturbance That these pNei9
took away large amounts of securities at ne panic
prices There has been indication that any
considerable part of them has been returned
Rut the eagcTness which was displayed at INA
time became utter apathy prices again advahc a.
If the public will not buy securItles al llc pr
vailing figures il is hardly probable tlat me
large interests in Wall Street had very different
opinion There is no prominent element wlnch
seems to have the Inclination, ii IL has ui,e
means TO produce an upward movement nan
way magnatcs appear reluctant TO add 10 1Hrlr
holdings the condition Of the money market pre-
vents the banking interests from taxing an actFe
share, and there are only the reform bears, WAose
support cannot always be safely counted on
Subtle conjccturcs about the control OF ms OF
that railroad. and Machiavellian hints Of railway
"unfcation in the Southwest arc wasted Oh DoIi
the speculative and investment pubic.
The events of the week. excepting the AlSch-
tine troubles, were favorable rather than othef-
wise. The decision of the United States supreme
Court in the Northern Pacific land case should
naturally have caused a smart rise IN the WIZARD
stocks but after small Improvement Nhcy
YIELDED TO the general tendency, anu III iacI us
PLAYED less strength thon othcr shares thol "ore
wanting in special influences. or coJre me
adjournment of Congress and the cerraln'y u.II
there will be no tinlcng WIN ! t1f GnanceS
satisfaction and at the Stock Exchange win
hearty cheers TIE Granger shares were ac'iFe
and weak and next 10 them in both respects were
the stocks that have an international mafEcl
There was little difference in the extent al Inc
declines and The soundcst dividcnd-poyirg stocks
welded as readily those Of companies when
3oesihIv are moi earning their fixed charges. tn"
closinr Yesterday was in the midst of "A falN
which the publication of an unhappy BANK S''h-
| GfIccting speculation are not un'ayorlbc. Jhe
anthracite coal companies are beginning - re-
strict production to tie needs OF tEc trace ana
in the West the rate dinicuij!e' ,Whlh nave
recently annoyed the prlrciual railroads have
bcru practically rrmoI ID. The recent advance
in gain may tend f. check tGc EXPORT move
mcnt. but at the same tinr ~" hLp1:l,', LOIS gl
merchandisc re diminishing. M"ran'i'c bus.n' IS
is on the whole fairly satisfactory, ana appaT-
emily on about the same scale rs usual al TINS
season. ......, ,.,..o ,,i,.:.,,. ,,., ,,,,r,h,r