New-York tribune., 1894-06-05
COMMENTS ON SPECULATIVE METHODS.

WHAT THE sun HAS TO SAY CONCERNING
STOCK EXCHANGE TROUBLES.
The financial article which appeared In The
New-York Sun" Of Sunday. June 8. was the sub
feet Of considerable comment yesterday in wan
Street. Many operators, as well as brokers' uiH
not conceal their appreciation of the justice OF the
criticisms and were disposed to recognize its time
illness as well as the hrmness with which truths
were told Here are the keen. pithy ana slgnm-
cant comments of The sun" upon the state OF AZ
fairs in Wall Street.
4 number of causes notably n depression in the
Transportation and other industries. labor troubles,
the preponderance of both POpulist ana plOteC.OH
tdeas in Congress and the condition Of the Ma
tional TreasITv have reduced speculation on the
Stock Exchange to as low condition as that whlcn
intensifv the effects Of the worldwide liquidation
that dates back to the Barring panic or lSs'' ana
II is an interesting psychological fact that ue ae
liberalization caused by oyer-speculatlon driVes
those who suffering from It to acts 'Ha' bs 5h-
crease their own distress FOR example III @ Inls
country Congress is endeaVoring 10 pocuie l'uS.
perity by ill-advised legislation, atItpG ia ~ G,r,t
which simply increase the uncertainty ai usta , -
that have depressed the buslness OF Inc country
The ' mana cement Of the Stock Exchange, with rs
usual susceptibility to preyains sentinemI mIhld ad
10 the spirit OF the times and has also under1akeH
within the limits that bound It's power To secure eur
prosperity by legislation. II has adopted TINS pol
Icy with the same degree of Ignorance ana Dlanu
confidence that eharacterlzes thf conei,6ns
by legislative enactments. In botn cases IN" ut-
feet Is the same, namely. inability 70 realize that
thrift economy enterprise and business sagacity
viii accomplish more in this world than can ne
brought about by class Hesitation having Tor , M7
object the enrichment without eort ib on nd6a5 6s5 part
TO common repute, Is a BODY OF rellai haOS acutgi
nesS @ apeSrs pdssrss t hold in pubic cstmaton can
maintained 'only by the adoption ana pIacuce, Oi
principles that govern all other business under
takings. This statement Is not true or every mem
ber Of the Exchange but certainly is OF me ma ma
3op,iyS 3o,,iS nor ne What II IS For years the Stock Ex
change has blindly cherished the idea that II en-
the tinted States. At the same time it mas not
done half of the things that II mleht sNe h uo' 6e
In that line. has any disposition been sho"h
70 keep in touch WI. yin the progress IN business
The Stock Exchange has motto but II It t.l Aed
one i %0u Ho SoqBi Bs eeSd Igsa Is Ho Ssea upon
and every step that the management OF the Stock
the dealings in securities has weakened II IN the
estimation of the public and cons-4uenty ui"il. I
one alone will suffice. namely, he estsblisnment OF
the department for dealing IN so-ca4ied unlisted Sc
Sugar Refining COMPANY ana many other corpora,
lions the managers Of which are nn%iinhg 10 rea,
their stockholders upon fair basis nave citaiel
market for their securities az lower rates OF com
mission than those charged Saye on p5bc1 f5om
me fSxchange as well as from the pubic, state
ne nents sxnrsss %. " /, mildiy the stock Exchange
appearance OF virtue yeI III a
fae:es to sHsr tns T2s, R91wn qnseru''0"'
TSe latest move Of the management OF the stock
Exchange is 10 curtan the facilities for doing bus-
ness that II has heretofore accorded is members
and this idea is popular among brokers' VINO
are almost starving because they cannot secure or
handle business that Quixoiic trader has been
ENCOURAGED 10 suggest that the distribution OF quo
tations 6y means OF tckers be abolished. and that
fhe Street return 10 the methods Of quarter OF a
century or more ago The real trouble with the
majority of the members of the Stock Exchange IS
that they never prepare themselves for periods or
adyersity or dull business and consequently such
perods find them ready 10 fall back upon the
POpHs IDEA tna tpobe win Il man Of the mem
bers OF the Stock Exchange ls that they are not no;
nronerly equipped TO transact business; while stil
snnther element lacks enterprise and willingness
10 take an ordinary commercial risk in the way Of
facilities. 49, ..o.,.,. -. ,.o,..n . .,,
canned by a well-recognized trait namely tmidi,y