New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-04
PETTY OFFICIALS HELPING THE BEARS.
Friday. Feb. 3-D. m.


This was another day in which the " bears in
the limited speculation controlled the prices OF
stocks at the Stock Exchange. But the loan
market for stocks fully developed the character
Of Yesterdays selling movements. The demand
TO borrow all of the usual active stocks was large,
and continued up to the delivery hour. 1t has
before been said that the stock speculation IS
limited. and that there were not present any bull
speculative interests in the market-cliques which
take care of the quotations of this or that stock
And now it may be positively stated that the
subordinate officials Of some OF the Western rail
roads are allied with certain cotere of Wall
Street bears" and that from that source come
the daily reports of additional cuts OF 80 per cent
in freight rates This daily 80 per cent reduction
has been going on for some three months or more,
and has become so great farce that 1t decelves
no one except its instgators who continue to
sell short on their own fctions. To-day the
story obtained wide circulation that member of
what is known as the Standard Oil Clique was seen
to enter the office Of prominent broker who
later was seller of considerable amounts OF ST.
Paul stock. In every casc-somc half-dozen which
we investgated-thc story was traced back through
different channels to the mouth of the leading
" bear" operator. lie told every one he me: that
the Standard Oil men were selling their Il" long,
St. Paul. Probably there was no occasion for his
guessing who selling ST. Paul stock, and who
disappointed that under his sales the price
only went is per cent lower than yesterday, and
closed exactly it did last evening. The bears
during the last several months have been receiving
from the Chicago Office Of the Chicago end North
western railroad private estimates OF the earnings
OF the company In every case those estimates
have proved to be wide of the marx when the
official statements Of the exact earnings have been
published about the 25th OF the succeeding month
They to-day sold the stock down to $50 l-2 on
an estimate received from their confederatoS
i'll the Northwestern Office which probably
will prove 10 De nearly $500, 900 out Of the way
from the actual earnings. Our readers know that
We have not subscribed TO the oft repeated story
that the shorts" had covered The disposition
developed during the last two or three days, after
their principal organs had officially announced
that the " short" interest entirely eliminated
from the market suggests the thought that NE
IrIBUNE was cOrrcc In their desperation they
to-day secured the publication of the following in
a Wali-st news department as the sayings of
leading bear THE currency is being inflated
and will lead TO trouble if taxes are not reduced.
The banks have nearly 500, 1000, 900 of Govern
ment money deposit and they can never pay
these deposits. except by selling the bonds Eu-
ropcan markets take no stocks at present. Sup
pose some fool did give uttenncc to such an idea,
there any necessity, except for pay that
news agency should indoIsc it Suppose the same
person had said that the moon WIS made of green
cheese would that agency consider it worth print
ing?
COMMON SENSE AND TIE DEPOSITS.
Now for little common sense the subject OF
Governments deposits in banks, which do not
expect to be appreciated by the paid agents OF
cupidity. Not one dollar of these deposits ever
in the Treasury vaults. There Is nothing less
likely to than legislative act requiring the
Treasury TO withdraw he deposits and lock them
up in Treasury vaults. They secured by de-
posits of Government bonds with margin, nj the
ma rket price OF | 0a21 per cent. The Trcasurys
surplus by the statement OF January 81 was
Ss5. 900 0OO. IF Congress will pass laws rcmOv
ing the doubts Of the executive departments as to
its authority TO purchase bonds except for the
sinking fund there would BE- ready market for
the sale Of the bonds in ease of such n necessity.
But the necessity will not arise. All of thesc Gov
ornment deposits only transfers from indvd-
nal deposits and as the Treasury disbuTScS from
them il i transfer back 10 individual deposits.
Already the Treasury deposits have been reduced
over q 600, 600 sine" January 81. ard they have
Lot and they will not affect the money market any
more than does As payment of his matured note
due TO b. Probably never in the history OF the
world there published in and ont Of Congress
much Of Ignorance on fnancl, questions rs II
is the fashion now ~ indulge in. But il is meat
for the hears at tho stock Exchange, and they use
it, for all il is worth. We wish could believe
that certain members Of Congress- rs well rs ccr-
tain subordinate officials OF railroads, were moi in
terested in getting back the stocks which they
have sold. Generally the stock marlet closed
little changed from the opening figures. The no.
table executions are Chicago and Northwestern
Delaware 1Arkawanna and Western. and Louis
willie and Nashville but we quot" the closing
strong.
WHAT WAS DONE IL BONDS.
Government bonds were dull and firm, with
the bids for Us up Is per cent. Annexed