New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-30

proper 10 refer to the narrow escape the stock mar
ket has had from unprecedented collapse ana 70
the loose manner in which brokers carrying immense
| transactions have been doing their business. 10
| seems Incredible that reputable trims sb1uid hno
Themselves IN q position where they require To
borrow ST. an immense sum as III ,soo,oooU
SO 600 600 on call. at time when every one lad
anticipated tight money market. Yet such was
the fact Two or three weeks ago. aud the largest
borrowers on CALL paid the hiebes. commissioning ZOE
their money from day TO day. even b per cent per
dav. The prices of stocks have advanced, and on
naper il .has proved profitable to pay those
rates and carry the stocks. Bat that
doos not prove that it was good
business management to be caught IN such an
emergency Ii is perfectly understood that brokers
cannot borrow time ND TO their utterin0sv To-
aurements because they cannot foresee the ORDERS
of their customers aud TO borrow money requires
collateral But there isl marked difference between
being short $3.50 900 100000 aud being SNORT
81 500 600 or 50 800 900. iowcyer, all Is wen tha1
ends we'll But the exreTence OF the last tnree "echs
teaches lesson to brokers that should not po
forcotten Another and more important lesson alsos
Taught by the events of the last three weeksand one
by which all legislators who favor G verhment is-
sne Of certificates of deposits for coin, either OF gold
or silver NAV profit If the banks reserves had con-
s,sted of eaal-tcnders or if the Treasury would
have issued Ger ,aes Of deposits for gold, during
the last month & same combination OF private
CAPITALISTS and National banks that was able to make
money at the stock Exchange worth Gt0 D per ceho
per CAV could have forced the daily borrowers OF
$500 600 to 81 500 600 to sell their stocks at tho
combinations own prices Specie in the banks instead
of legal.tenders unquestonaby has saved WaA
Street from Tic greatest local panic ever Witnessed
To-day's stock market was made NJ OF spasn's.
Alternately prices were weak and strong. THO dit-
ference between to-day's market and the markets
of the last month consists simply III tue I'cS
that until within the last forty-eight hours
the market moved naturally according TO the sup
NV and demand, while to-day tie market wi5
dosed with stimulants. first one stock and then
on another 1hs final sales. however, were 40 aJ
the best of tie day. Cons dering that there arc
indications of o change IN the current 81 securities
betwet this country and Europe to the extent thaI
already the foreg n bankers are liberal borrowers OF
stock for sales made against stocks hat are on tho
way here and that prices have reached hgnres that
few or none n month ago ever expected ID
see a word Of caution against dreams OF nUch
higher figures in the near future certainly Is not
out OF place at tins time. The tusiness to-day
amounted to 401 300 shares against f3S,OOO shares
Yesterday, Aside from the movement in Lake Esie
| and Western which from 39l2 70 IL y. iho
! different stocks r'quITe no special mention. me
last and graudest sally of the day led by Central
| and Hudson with advance to i12# western
Union was specially active and rose u 81. With the
result of a very largo diminuion III tie amount Of
outstanding short interest ia tie ~ elk. Oh tho
coal stocks Delaware, Llcknwanna aud Western
was particularly strong at 10S5s in anticipation OF
the declaration Of a liz per cent divldent.
The market closed irr' gular but generally
strong at about the best prices of the day.
Government bonds to-day attracted little attsn-
| ton AMI the sales at the Boards amounted only 10
$4,000 Prices, however. were firm, and the hnat
oIds for the IS of Ssh show n recovery OF g per
cent. the Treasury purchased $4,000 Is OF 1880
al 1929 Annexed are the closing quotations: