New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-15
Total e6 GOSSIP 1874 s9asl3 l3Gcsi Inc soil'9o 81
THE WEEK AT THE STOCK EXCHANGE.


Speculation in stocks last week was marked ny
n continuance of the enforced liquidation, whe
some of the industrial suffered turtler nea.H
losses The feature of the market was the uowli.
ward tendency of railway ana otner lnr"s' ,as
shares The most active stock, for instance, was
Chicago Milwaukee and st. Paul, which IN SPITE
of a fractional rally from its lowest pont l3s sa
about per cent. All the Western railway s.Ucfs
seemed 10 be pressed for sale, and apparently IL
made little difference whether or not theS en-,
loved an international market. Atkinson nos. =
and Northern Pacific IS per cent, put on 'ne
other hand, Burlington and Quincy lost = ~;
Missouri Pacific ) and Chicago, Rock Island ana
Pacific "a per cent. Philadelphia and Keadlng
closed only "a lower. while Western .nioh p io1'
little less than 3 per cent, and Manhattan hail-
way actually advanced nearly , per cent. me
largest declines were sustained by National toru-
age the preferred stock falling 81 per cent 10
80. and ending without rally. NO statement III
regard 10 the affairs of the company has been
made by the receivers. but it is expected every
day. and it is limited that the report WIN demon
strate that the dividends recently PAID on 'he
stock were cgitimatcly earned me course o.
prices showed a complete lack OF puoilc lh'eres.
in speculation and an absence OF buying power.
The financial disturbances In Europe nave ueain
sent to this country large amounts OF railway
securities on which Europe has been comPeied
bv its msfortunes to liquldate Inc reia'lNe
pelled many merchants to sell their lnveStnieht
securities in order TO obtain capitaA which ,hes
could not secure through the ordinary ohannels Oh
business The effect on the stock market mas
been naturally disastrous. although at no time
in the last two weeks was there anything approach
ing panic. In Wall Street itself money nae ~
been comparatively easy, but this abundance OIL
funds has only shown more clearly the genera'
dstrust and uncertainty. Money lenders through
out the country have preferred to place ther nonGy
on call at the Stock Exchange rather than 10 tie
it up on long engagements. There are al
WAYS two sides to a bargain. there is assureuiH
no law to compel the general public to Duy what ~
cannot afford or does not want. Promoters anu
other sanguine persons are inclined to complain
that they have extremely valuable securities
which they cannot market. and on WHICH, at 'ie
present time, they cannot borrow money. it Is
perhaps natural that they should attribute their
difficulties to adverse conditions rather than 10 ther
own indiscretion. IL the market VIA not absorb
at current prices the securities which they Orrr IL
must be admitted that their views in regard to ihe
value of them not shared by the investing
public. l.. ,
The closing yesterday was marked by an I'M
happy episode The announcement OF the sus-
pension of the weknown banking house OIL IL.
b. IIollins d Co. was an unlucSy accioeht' w,
il was probably nothing more. KumoIs Ill rcsaiu
10 the firm had been circulated for q week or
ten DAYS and there was popular impression
that the hSuse had received assistance from some
of its wealthy clients or connections lis IN
precedcntcd action in sending to the Stock EX-
change a formal denial Of intangible street
rumors resulted in the evident mistake. III, how
ever criminal proceedings are to he begun against
the news agency which sent out the false an
nouncement, would it not be well also to prose
cute the members of the stock FNchange VINO
tecphOned the same information 10 theIr onccs
The law in regard to the circulation OF mise
rnmors and statements, if it is to be enforced,
should he administered without fear or favor
The statute is extremely plain and explicit. 1t
does not distinguish between the false statements
although it is generally supposed that they are
issued for the purpose Of depreciatlng values. on
broad grounds il might be asked what would
become Of the managing directors OF number
of corporations if the law against misrepr'Senta-
ton should be enforced? An illustration in the
industrial shares may be derived from the man
agement of the DistilIing and Cattle Feeding
Company. 1t is hardly probable that all the
official statements which were put forth about
the earnings Of this company were absolutely
correct 1t may be that some of the statements
about the affairs of the American have nod
always been absolutely truthful The recent
Company was to give its shareholders the benefit
of assets which had been acquired since the
formation Of the COMPANY: In the three In
able suppOsit1On that some Of the statements
made for the express purpose Of enabling
inside interests to sell their stocks. 1t Is not
necessary TO cOnfne the illustrations 10 tn" in
dustrlal stocks The Philadelphia and Rc,dng
Railroad Company attempted, on February ], to
pay full interest for the fiscal year on its three
CLASSES Of income bonds, and within three weeks
the property was placed in the hands OF re-
ceivcrs II the law against the circulation Of
false statements. rumors or intelligence should be
enforced il Is possible that the executive officers
of tine Philadelphia and Reading might be found
10 be amenabc. The declaration of the interest
the income bonds apparently was to enable
realizing sales by prominent friends Of the
pany. To deprcciate the value OF property
belonging TO Others is everywhere regarded as a
henous crime; but TO deceive innocent investors
ought 10 he liable f. equal penalties,
While the short interest in the market may
be fairly large it is widely distributed. and at the
ton. The decline in prices has been the result
Of natural causes of which the foremost has BEEN
the uncertainty in regard to the financial policy
of this Government.
Following is our usual table, giving the number
OF shares sold Of all stocks, the highest, lowest
and the final prices Of the week, together with the
final prices of IA week ago, prclxed by the average
prices Of Nay IA, 1892:
WEEKLY RANGE