New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-22
CLOSING PRICES OF BOSTON STOCKS.
Boston, Nov. 81, 1888.
JOY AND SORROW ON THE STOCK EXCHANGE

Wednesday, Nov 21-p. m
This has been a blue day at the Stock Ex-
change for speculative holders of railway stocks
and for bears so far as the figures are con-
cerned one of hilarious JOY. Prices close on an
average about IA per cent lower than last
evening The /" bear" organ, which this morning
admitted that yesterday some stocks advanced
as much as IA per cent" probably will claim O
general decline of 5-8 per cent that being the
extreme fuctuation of Canada Southern, although
il recovered 80 from its lowest price. Gold
shipments was the scare made use OF to unsette
values first. There was shipment of 100000
for German account AS an exchange operation,
it shows loss of about ga cent for each s..
But Germany has been a large buyer of Argentine
Republic bonds, and heretofore has purchased gold
for remittance in payment thereof in London.
To-day's shipment from here probably was on the
same account, and from Southampton Will be re-
shipped to South America.
1t was an incident that came in time to en-
courage talk about large export of gold' and
used against values for much more than its worth.
But it was used with effect, because to find a
Spectator tonight who is bull' is task only
paralleed by hunt in O haystaclI for needle
Now let us take in the situation calmly and with
out prejudice. Money is easy; the demand for it on
call or OH time is unusually small. he reserves vi
the New York banks unusually large for the
son of the year. The Treasury surplus avail
able for the purchase of bonds is not far from
$4,000, 600. 1t is willing to take all offer
ings of bonds the basis of about per cent
Some So, 900 900 or 81 5,000 900 of per cents
are being carried in loans at l 1-2a2 per
cent. Admit that to-day's shipment OF gold is
the beginning of large export movement the
late decline in the price of wheat to export prices
forbids the admission and higher rates for money
are certain With higher rates, so that it costs
2 1-2 per cent to carry the sl2,00o,00O or more
of per CENTS they Will go to the Treasury at
its figures, to compete with the offers of indi-
vidual holders when they see a chance to rein
vest at better advantage. &c. gold exports or
no gold exports, there is in operation automatic
law of supply and demand that removes the money
question from the speculative situation.
But it is to railroad officials that the bears
look for encouragement SO to-day after, the
gold export scare had spent its force, the local
" bear organ piled the agony on by quotations
from railroad officials of the effect Of the Inter-
state Commerce law. All these things are simply
school-boys' excuses for bad behavior. In the
early months of the law it was obeyed; now its
provisions openly violated. President Rob
erts of the Pennsylvania. is quoted as saying that
it is impossible to obtain such evidence OF secret
cuts in rates as would be accepted in law, and
appeals TO modification of the section prohibiting
pooling as the remedy for the decentralization. Yet
the Pennsylvania has expended many millions of
dollars Tor additional equipment since the law
went into effect, and proposes to eXpend many
millions more in improving its terminal capacities
and for further enlargement of its equipment.
1t is not true that pooling in dun times ever
prevented railway wars; 1t is prohibited by State
statutes. But now with a National prohibition in
force and all the railways crowded to their full
capacity, that prohibition is offered rs an eX
-cuse for Encouragement. Intelligent owners OF
the railways, who now are not stock SPECTATORS,
laugh at the extenuating plea, and propose at the
first opportunity &c exercise their power Of owner
ship. That is the reason why official utterances
now, which are all favorable to depression, exert
so little influence stock values. With present
owners there is an abiding faith in the progressive
prosperity of the country, which must receive
additional stimulant from the result of the Ma
tional election, end the fiuctuation at the Stock
Exchange has not and need not disturb their
equanimity.
In to-ddy's market there again good deal
of washing 10 make lower prices little selling
by disguised local bulls" but we shall miss
our guess il to-morrow's stock loan market does
not develop material addition to the large out
standing short interest. The market in the
last few minutes was crowded to the lowest prices
of the day
WHAT WAS DONE IN BONDS
The Treasury purchased O,3O0 1-2 per cent
bonds at 100 The rejected offers included $780,
600 As at 2S and 81 900 at 2s IA. The local
m rlyetv dulI hut uuOtatiOns advanced as