New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-23

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THE WEEK IN WALL STREET.
A totally unexpected influence became the
leading and 1t might be said the only factor III
Wall Street last week. The Presidents message
upon the Venezuelan boundary dispute wmch
succeeded in stirring up war scare OF large pro-
portIons in Wall Street and on the Foreign
bourses was followed by heavy liquidation IN
the security markets, rapid advance in money
rates and the failure of several small STOCK
brokerage firms in this and other cities on Fri
dav and Yesterday values tumbled with astonish-
ing speed foreign exchange became stronger ana
there was a general feeling Of unrest and fear
among the men who make their livee-their very
existence-the buying and selling OF stocks. Inc
panic II it may be styled as SUCH was fortunately
confined to the Stock Exchange. The banks ana
big banking houses were not disturbed, anu
there Is no reason to suppose that the deNeioP
ments Of the near future Will nave harihiui
effect upon the large banking Interests or New
Yorks financial community. The seinng III the
stock market was induced by heavy foreign
liquidation. European holders OF American m
vestment securities dumped considerable
amount upon this market on the war-scare talk
which was actively circulated by the lohdoh
bears The gable of irresponsible men lea ior-
eign investors to believe that financial Crisis
vaporings of certain operators in wall street
caused precipitate rush TO sell on the New
York Stock Exchange. A heavy foreign seil's
movement offers a magnificent opportunlt! lor
certain class of operators to reap stupendous
harvest and especially so where the whole move
ment is based upon artificial causes, as IN the
present case. The panic on the LONDON STOCK
Exchange was artificial English investment
securities not materially changed. Ameri-
cans alone affected. The indlscrimlhate
attack In London upon American credlts Is I'M
pleasan; to contemplate but then, AFTER all, IL Is
a question if the E.nglshmen themselves VIII
not be the biggest sufferers. Wnether or hol
Iondon's financers decided to Withdraw thelr
American credits the very rumor or such an ac-
ton furnished good material for the Enghsh
Shylocks and wolves OF speculation TO uepie =,
the market. and the same class OF people IN
Wall Street followed the lead of their Engllsh
brethren. and are probably now cnuckiihg WIFE
joyous delight.
far below their intrinsic merit. People who nave
not lost their wits over the senseless war fright
have picked up many frst-class investments
at panic prices Bonds have been sacrificed as
well as stocks but the local selling OF bonds
has been far heavier than that for foreign &C
count. In fact. the foreigners nave ROT thrown
over their gilt-edged investment bonds me
nervous feeling n Wall Street was intenslned
by the ill-timed words of the Mugwump nnanc,ai
press writer. They have questioned the Nation
credit and have made forecasts or frlghtlul
financial disaster. The fact that the Presidents
aggressive stand upon the Monroe Doctrine ana
not agree with their ideas OF Mumwumpism LED
coors, and their senseless twaddle helped to
infiame the already panicky feelings of the aver
age Wall Street trader. Other men Rave made
the situation worse by their incorporate re-
marks, which have no doubt sprung from the pc
cuniary loss which they have suffered. and from
their total lack Of judgment. fortunately, Inc
great mass Of financial leaders in the Street
do not belong to this class. The leaders in the
Street do not believe there will be a war. II
the holders of securities would not rush To the
conclusion soon. there would be more stabil-
ity in the market al a time like this, and II
panic-mongers could be drummed out of the
Street there would be fewer losses to record
among the holders of American investment prop
critics. The banks of this city are ready to meet
any extraordinary emergency and the COM
panies whose shares have deprecated are SOL
vent prosperous and paying dividends.
Wall Street alarmed altogether out Of
proportion to the actual condition of the sit
uation War would be serious and grave, but
why take fright when there seems hardly
possibility of war? England and the United
States have desire to turn their destructive
energies upon eacn other. The two countries
have had disagreement over a question which
will be- amicably settled They have not de-
clared il be Their intention to settle the
affair with their guns, but they have declared
by public opinion in the two countries that
the misunderstanding will be cleared with
honor to both 1t hardly seems credible that
the determination of the United States to make
a careful investigation into the Venezuela
boundary dispute should to lose
their heads to an extent which has caused
depreciation in security values aggregating
should men sacrifice their securities because
pack Of stock grabbing jackals here and in
London decide that the situation means war?
Why should holders OF stocks which are not
traded in on the foreign bourses sell them at
panic prices because the Erglishmen liquidate
their holdings Of stocks which enjoy inter
national market? Comparatively few Of the
stocks traded in on the New-York Exchange
have market in London, yet if few stocks
are sold for London account. there is precipi-
tate rush here to sell everything in sight This
would
land and the Continent withdrew all their in
vested capital, so why become desperate when
Of the stocks sold on Friday and Saturday were
for foreign account Moreover. England and
the Continent have no intention OF withdrawing
their capital from this country England and
the Continent know how to make money out of
the American stock market. The natural CON
ditions of this country are extensive and capa-
ole or wonderful development. and its prosper
ity cannot be wrecked by the selling by for
eigners OF American securities. The with
drawal OF gold from this country will not be
followed by Industrial or financial prostration
and the sooner these facts are more generally
understood in Wall Street the better for all
concerned. Let there be an end to the senseless
lalK Oh war and disaster Let courage calm
and moderate action succeed the hysteria and
SHY fright which have possessed so many men
in the last two days There is nothing in the
SITUATION to warrant a panic. This is not a
pdpH NATION. There are strong hands for all
emergencies "
Men whose opinions worthy Of respect and
'oi'siutidtioH DcileNe tNat the panic the stock
market mas about run its course. This view was
generally held in Wall Street yesterday toward
the close OF business, when moderate rally in
prices set in. The extreme declines of the week
VIII probably not be reached again for years TO
come, and the standard shares should begin at
once 10 creep back to their best prices of the
year: The advance in call money rates on Fri
day helped TO produce alarm, but abnormal rates
We're demanded only from houses whose credit
was not Of the best. the majority of Stock Ex-
change houses receiving accommodation at 6 per
cent. The liberal action Of the banks and trust
companies on Friday and yesterday bettered the
situation considerably, and their timely assist
ance saved more than one house from serious
trouble The high rates for money restricted 10
a small extent yesterdays gold shipments
Heavy exports of the precious metal are ex-
pected this week, and for trade requirements and
the return from London Of American securities
"a large amount of exchange will be required
which can only be supplied in the form of gold
There is slight Improvement in the supply Of