Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-03-28
CONDITIONS OF TRADE.
Review of the New York Markets-Stoeks
and Bonds.

NEW YoRx. March 2s.-There are
too many uncertainties this week to
permit any aggressive movement on
.he part of the bulls. The silver ques-
ton. the Behring Sea difficulty, the
Legality of the Reading deal, the break
in Northern Pacific, and sthe approach
OF April settlements all contributed to
restrict operations. Investors, too.
were somewhat discouraged by the
fancy prices at which some of the good
dividend payers are held. On Friday
there was an upward spurt on the
strength of the anti-siiver develope-
ments at Washington; but the silver
advocates are not beaten by any means,
and they may be expected TO renew
the battle at the earliest opportunity.
Nevertheless, Wall Street 10 not ser
iously alarmed IN this respect. having
full confidence IN the presid ential veto.
The undertoue of the market ID un-
questionably strong; and stocks, being
IN strong hands, would no doubt read
ily respond TO favorable conditions.
The iudustrials have exhibited consd-
cradle activity, but this l can hardly
deem . satisfactory feature in selecting
them as leaders IN view of their hereto
fore cratic character. The monopoly
issues have introduced an element of
uncertainty into the stock market
which calls for special caution on the
part OF investors and speculators, If
not for specific caution on the part of
the exchange itself in admitting indis-
criminstely so-cslled securities to its list
Many Of them are already illegal, and
the others are destined to become so.
When that result comes, the profits
they are now making out of an .ex-
elusive control Of prices will disappear.
The stock issued by these organizations
have been "watered" to the extent of
many times over the true value of their
assets; what then Will DO their market
valuation when the law has deprived
the organizations of the power to arti-
ficialiy initiate prices? II requires lit
tie foresight to discover that these
issues constitute . most formidable
danger in the future Ct the stock
market. Any day, . new law or .
decision Of the supreme court OF the
United States may within twenty-four
hours wipe out tens of millions of the
market value OF this illegitImate scrip,
with consequences of the most far
reaching character. The action Of the
Standard OIL in dissoIving Its trust ar
Iangements - q significant warning.
Spite Of its enormous wealth and
solidity and It's unquestioned power Of
resistance. its sagscious managers
deem 1t imprudent to face the ompipot-
ence of the coming assertion of the
public will. and the trust Is forearm
ing itself by putting its great interests
under some more normal form of man.
sgement. In striking contrast to this
prudence. the sugar monopoly. with no
choice between early failure and .
more complete grasp upon the entire
industry, 10 making another enormous
issue of stock at An enormously ex-
aggerated infstion of its true value.
The flooding of the stock market with
such vast issues OF scrip that has no
true and permanent basis of value can
not be regarded as anything short OF q
standing grave menace TO Wall street
interests. Operators and investors
should be warned that the chief aim of
the promoters of these schemes 10 to
transfer their scrip into other hands at
the highest poeslblc prices and then
maybe lesve the disorganizsd concerns
70 their fate. HENRY CLEws.