New-York tribune., 1886-11-10
CLOSING PRICES OF oFPHILADs1PHlA STOCKS
TUESDAY, Nov. 9-P. VI.

Y, NJ
We are truly thankful to "obs-rver" for his numer-
ous communications and really fsttered by bis per
sstent TO with his ideas OF what the
stock market 10 aud what 1t should be- But
IL seems to US that his deductions are de
rived from false premises Stocks may be higher,
as they but the logic OF the last weeks
occurrences and the course or prices pretty clearly
demonstrate that the average "commssion brokerage
huuses" are not loaded with enormous
amounts OF nondiv videni-psyng stocks and Wild
CATS" Neither is the tonnage OF the
trunk lines falling off," II seldom, at
paying rates. has been heavy as Is now. so far
from conservative capitalists and bankers saying that
stocks are rdcuOusy hgn" the fact seems to Us be
that never any the large conserva-
tive bankers largely Interested In the outcome OF
SO many schemes for reorgsnz ton and in the gem
eral OF the market as at present IL Is
possible that sentiment may prove eroneous never
tneles. the controlling factor in the situation. and
fail 20 discover why 1t will not become
more poenCia before Its influence waues-sn abiding
faith that the country has entered upon the Hood
OF postrrty and that all classes OF enterprises ana
Industries will with the rising tide. People are
pOt buying Central and Hudson stock st lib upon the
idea 1t is permanent dividend payer OF only
per per annum they remember that 1t has paid
per and expect that continued improvement in
general commercial aud mercantile affairs Will inure to
the stock Otherwise OF course. 1t would
be absurd ridiculous for tnst stock 10 comm and
49, while its guaranteed practically intermnal per
cent bonds sell a 1O1l9 People not buying
Lake shore stock 90 because they
expect a dividend of per cent at the end OF this
year the first since November l. 1884, but because
taey believe that the property possesses great recuper
po and that resumption of dvden ds at
any ony the entering wedge to renewed pros
perty a step toward either or per cent rate In
the future. Erie seconds at 1O2 for
per cent bond not "ridicuously high"
Does "Observer" really expect that Erie ever
again will default on those boudsi Take to-iaJs mar
ket illustration OF the speculative situation the
disturbing elements were the Chicago strkes-which
are ssrious-and the fears If not apprehension,
that the Lord Mayors Day would he marked
by acts OF Iawessness ana violence. Al
the opening Prices ra we're ssuc of 9
and anxiety as 20 the result OF the days nap
Does suppose that the support whch prices met
the small declues came rom "commlsson brokerage
mafrr OF course the average conservative folk we're
dsinclIned TO trad. So it duh day and
The mornings losses some OF securities which our
observing irsnd would denomnate rs wildcats made
the operations Of nraviy loaded commission brokers'
The transsc of the day smouuted only to @23.97s
shsres ami the market closed strong.
valued friend whose firm is large dealer In Govern
n~nts are 100 hizh compared with other
curties, and says You must bear IN mind thst gov
ernmcuts exempt from Tax aud that railroad bonds
generally Then again the aggregate supply CT
governments s being rapidly dminsae through pro-
calling by secretary Of the Treasury To be
4l2s remain the same in volume. bot so
long the 81 being cancelled at the Fate OF
SlOOOOOOO per month"; the suppiys OF course reduced
linen, 100, United States ;no only country n tho
world paying of Its National deOt at all aud It's
credit IL so hgh that per cent hxrd date bond could
easily Oaed In fact tae price OF per cent
bonds instead OF being too high Is on the contrary
absurily low. They should ami viii rule above l3O-
no matter whether money 10 open market
and Do not |s overlook as fact that bond.
are exempt from taxation peitner DO overlook the
the OF the OF Coneross 20
npt any KIND of property from TAXATION Other than
bv National Government, has never been iudeiay
Rnff rtnn air tna nfaT0
for the As and 42s are hiEn com
pared with those for other hrstclass
securities which, II not absolutely safr, will prove
only because collapse of the Government makes
them So True, the banks nothing but Govern
msnt bond. security for circulation The fact that
the and 4l, for the OF the banks for
that purp pretty well established By the fact that
during three months, which money in New
York mas ruled at 9 per cent or
substitution OF matured per cents security for
circulation in the ratio OF about to l. Today
tne Nj arket bids & for 3s 4l2-.
Annexed the closing quotatlons: