The sun., 1895-02-17

CHICAGO CLOSING QUOTATIONS.
Bid. Asked.I Bid. asked.
Ja. 1926 L sss s.si t. w. iS3 Is
ATEsT LONDON QUOTATIONS
SATURDAY, Fob. 10.


Wall street Is suffering from acute mono
mania. 1t has dwell upon the currency ques-
tion until it can think of nothing else and
1t attributes all of its misfortunes to the
one cause. Tho fact Is absolutely ignored
that, with the exception of issue Of
$3.50, ,0OO. 900 OF Treasury notes under the Sher-
man act of 1890. the currency In use is ex-
actly the same with which balances were
settled prior to that year. The initiation
OF tho currency stopped long ago. and
during the last two years the Administration
has given repeated assurances, and of late sub
stantal evidence Of its intention to maintain on
a parity all kinds of money issued by the Gov
ernment, which, of course. carries with 1t COM
mitment in favor of uninterrupted gold pay
ments.
The last plan adopted by the Administration
is more comprehensive than any OF its previous
financing, for it aims not only to put cash in tho
Treasury, but to build up and preserve in
tact gold reserve sufficiently large
to meet popular sentimental demand
Incidental to the execution ofthis plan exports of
specie have been stopped gold is being brought
back to this country by sheer force more rapidly
than 1t went out few weeks ago.
and the machinery of the foreign ex-
change market has been placed temporarily
in the hands OF few bankers who, by allow
ing their neighbors an interest In the gold syndi-
cate, will practically fix the maximum price for
sterling exchange for some time to come. To
be sure, this operation will cost the Gov
ernment a good deal of money, but the
greater part of the expenditure Is directly
chargeable to Congress. and as that body is
popularity supposed to represent the people. they
have little ground to complain of tho expense
they have saddled upon themselves by electing
incompetent representatives.
The splHahnpa and incOTnne dIan1avAl al
by Congress in dealing with financial ques-
tions is nevertheless responsible for the
continuation OF the malady that is affiict-
ing Wall street, and to an extent the
business of the country. But with SO much
that Is desirable accomplished. with the GER
tainty that Congress must adjourn two weeks
from next Monday, and with evidence
OF good intentions on the part OF
the Administration. II would seem that
tine monomania Of the Street should wear away.
In all other respects Wall street is healthy
enough. 1t has gone through long
period OF liquidation. severe and thorough.
and has no extensive speculative lines
outstanding. The list OF corporate bank
ruptCies appears to be complete and prices of Sc
curities have dwindled away until they certainly
conform to existing conditions. The work of reor-
ganization and building up is being undertake in
various quarters: still, Wall street whole.
seems to be moro skeptical than confident, and
fears events that IL cannot foreshadow or define.
The Stock Exchange community wants pat
r0nage, but takes 10 steps to secure it. IL
has not confidence enough in itself to make
any kind Of a did for public support. Quota
tOns made on the Exchange chiefly by
transactions between professional traders which
are promptly utilized by scores of bucket shops,
with TamiflCatiOns extending all over the coun-
try To fleece the unwary. These bucket shops
ARE aggressive and extensive advertisers,
and resort to various othe- methods to
attract victims to their game; for the
stock market is so narrow that they are
able to work it against their customers
at very slight expense and risk. And
II by any accident profits run in favor
Of their patrons tho managers OF the
bucket shops invariably fail. All this sort of
thing reflects upon the legitimate industry of
Wall street; hence the Stock Exchange should
revive its efforts to abate the evil,
The very limited trading in stocks this week
has resulted in lower prices for the great ma
iority OF the list. Northwestern and Jersey
Central have had 10 bear the brunt OF the
bearlsh attacks which unquestionahly have
resulted in some liquidation. In American
Tobacco and National Lead there have been un-
mlstakable evidences that long stock has been
marketed Prices rallied little to-day on
the evening up Of short contracts At the
end OF the week. The weekly statement
OF averages OF the Associated Banks shows no
important changes, although the banks paid
large amount OF gold into the Sub-Treasury
during the week on account OF tho Government
gold syndicate, As the banks are still
holding sub-Treasury receipts for this gold,
II Is understood that they have treated
them as specie, hence the slight change In that
item. Before the end OF next week the banks