New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-10
LOUD GRowLS FROM THE BEAR PIT.

Friday, Nov. S-p N
As if additional evidence was supposed TO h
necessary to establish beyond doubt the despera
tion of the bears at the Stock Exchange, both
Of the great news agencies Of the street We'd with
each other this morning before 10 o'clock IN
painting the town blue. Among the choice itemi
sent out by one news agency was the fob
lowing:
Tho in high CLEO last night They aid that
II London will only selling in right down sooa
earnest pretty rapid and very serious declines may b
looked for They insisted that the outpourne Of long
stock yesterday moro particularly IN Reading, showed
how tired out many people are becoming. In
fact the talk last night especially among those who have
been singuary correct In their diagnosis Of the market
was about blue could well imagined considering
prediction had gone forth that the election Of Ben
jamin Harrison would mean big boom In the affairs sa
Wall Street.
The other news agency sent out the follow.
ing choice morsel:
The following is sent General Harrison.
erring the money deposited in National banks saJsi
The people, and the banks should have the advantage
OF its by stopping interest upon the public debt He
could not have made it palmer he had said, II elected
1 shall remove money deposit to vaults OF the
Treasury General Jackson did not give any dis
tnct notice that he would remove the deposits from the
old United States Bank. Mr.. Harrison has whae
everybody except Secretary Farchd has thss By
furnishing without interest carry the bonds hs
wants purchase he makes the Government pay from .
70 10 cent more for them than It otherwise would:
MANY REPORTS OF RATE-CUTTING.
Added to all this extra work, there was q con-
tinuous stream of reports of rate-cutting at tha
West. Certain Ii is that If London and all
the world will only start selling now, in right
good earnest prices will decline. But the in
is very large one and no more applicable 70 exc
listing conditions than it always is The refer
ence to General Jacksons withdrawal OF deposit1
is a story which " The Times, wore out several
months ago, and was ashamed OF. In General
ToaIy r,nfe fi,rAt ha = IL
security for its deposits in wildcat State
banks. Now it holds it's own bonds, with mar
gins at Sa25 per cent for its deposits But, ~
before remarked, the National banks are fast sur,
rendering the Government deposits and selling "a
the Treasury the bonds deposited. To-day the
deposits were reduced nearly 100000 BY yes,
ti e SSpd is true ,
favor for buying bonds rather than depositina
public money in banks, except so far as the
convenience Of the Treasury is served thereby.
But IL Is certain that not one dollar of the Gov,
eminent deposits in banks will he transferred
to the vaults of the Treasury. II on March tho
deposits remaining In bank are in excess Of
Treasury requirements for the transaction Of its
business at distant points from Sub Treasures.
| a call for those deposits will be sent out by =
sale to the Government Of the bonds deposited
as security, because the Government will pay Q
higher price for them than will any one else.
! This operation leaves with the banks the cash
amounts Of deposits and adds thereto, taken from
the Treasury vaults the difference between thu
amount OF deposits and the value of the bonds
surrendered aud sold The problem is so plain
that it is surprising that even desperation will
catch at small straw with the hope OF in,
huencing stock values.
OPERATORS THE ONLY ONES AFFECTED.
But all these things had no effect upon any
one except the operators who instigated theiI
publication They were encouraged by their OWL
scare-crowS' TO again sell the market and In
the early dealings made lower prices. Again, as
yesterday, brokers with foreign connections were
employed to sell a few stocks here and there,
and the cry went out that London was selling
hut the "right-down good earnestne~s" was NOT
apparent. When the I" bears stopped selling the
decline ceased and the total absence OF offerings
was painfully apparent The market was dull and
firm. Later, when an attempt was made TO recoup
a few stocks prices began 20 advance, and never
stopped till the close. The morning stock loan
market fully developed the character Of yesterdays
sales NOT in four weeks has the general demand
TO borrow stocks been so large And it WAS moi
| foreign firms that were doing the new borrowing
| The market fully recovered all Of the mornings
decline and generally closed nearly equal to OF
better than yesterday mornings opening. and
strong at that.
THE DAY IN THE BOND MARKET.
The Treasury purchased Sl04,600 Ia pel
| cent bonds at 1912 The rejected oilers in
cluded 4 per cents, 81 900 at l2s, $4,000 NJ
l2s 3-s, 100000 at 12s rs, and 100000 at
80. The local market was duh and steady 81
| or finp- all,