New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-19
CLOSING PRICES OF PHILADELPHIA STOCKS.
THE BEARS OUT OF THE MARKET" AGAIN.

Monday, June ls-p m.
The days stock speculation offers little for
dHE TRIBUNE to explain. The week opens with
a continuation of the better tone reflected by last
Fridays and Saturdays operations in stocks. For
the fourth time the leading bears, caused it to
be published that they were out OF the market,
and one issue went so far as to say that the
bears arc prepared TO quit an important
rally" That is the bosh" given to the Street
The loan market developed a short" interest
larger than it was on last Thursday and Friday
and fully equal to what il was week ago Fur
tler the bears,' who are all closed up and
looking for rally the onspicuous sellers
of stocks after the market hcstat.d from its early
advance. Their sales. made rapidly and at as low
figures as possible, occasioned reaction of I-2al
per cent from the mornings extreme prices. Fol-
lowing the forced depression there was
n recovery TO the full and to better
than the best Of the early figures Toward this
result purchasers for the long" and for the
short accounts contributed about equal pro-
portions The temper of the room is still bear
ish" and it is questionable if the days business
has or has not reduced the aggregate of the short
interest: probably concentrated interest is more
scattered with little change in the aggregate.
The rumor mill comparatively quiet, and its
days product of little importance. The Erie
Is it because of fear that two members of the
Stock Exchange may be involved that the Stock
Exchange fails to open criminal proceedings against
the late circulators OF lies about the Erie Com
pany ?-the clearest case under the New-York
statute concerning the circulation of false reports
calculated to affect values that ever has been
presented. This case affords opportunity for
the Committee on Causes for Depression at the
Stock Exchange" to do something, and it also
offers an opportunity to discover the rea-
son why the public holds aloof from
stock chances. When IL is discovered that loaded
dice are used in the game, 1t is necessary TO I'M
load the dice before confidence will be restored
Honesty fair dealing and the assurance that dis
honest methods will receive the punishment which
Is within the power of the Stock Exchange TO infiic
will quickly restore the stock brokerage business
TO its old prosperity The conditions are ripe, the
and twelvemonth Of fictitious causes toward
the existing depression, all favor grand specula-
ton in stocks What is needed is little honest
courage to suppress the inventors and circulators
Of false and exaggerated reports. To-days mar
!et closed strong at something of Of best figures
THE DAY IN THE BOND MARKET.
The Treasury to-day received offers to sell
II S7s7,450 bonds; it accepted only s1S6,450:
As at 1928. which is an advance Of l-s per cent
and 4 lbs at 107 is. The Secretary has in
sight 100000 Of bonds offered last week at
fractions above these figures but there are no
good reasons why he should advance the prlce
uron his own purchases. Neither the commercial
nor the financial situation calls for any extra
disbursements by the Treasury at this time. The
s.. 1000 offered last week. and which still are
for SALE could not be sold at "a and l 04 liz Tor
the As and LIS respectively if the Secretary
was out OF the market. And there is httde doubt
that the exercise of little patience by the Secre-
tary till the autumn movements begin, Will
bring TO him. at lower than present figures, more
bonds than the Treasury has money to pay for.
The $500, 000, 900 1-2 per cents outstanding
are not desirable at the Secretaiys present price
of 1O7 Is. and the holders Of them who refuse
the present market likely to accept less after
July l, if the Treasury is not run for political
purposes. The local Government market was
dull with the nominal bids advanced to the
Treasury prica Annexed the closing quota
tiOnS