New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-09
CLOSING PRICES OF BOSTON STOCKS.
TAKING ADVANTAGE OF DULNESS.
Thursday, Nov. S-p. m.


To-day's stock market was reactionary But
it was so only because of the advantage taken Of
dulness to make raid on sales The stories told
of London selling seem to be all moonshine; at
all events, much of the early apparent selling by
London later was traced to orders from the old
bear element in the home market, and q COM
parison of the concurrent London and home fig
ures shows that generally London was the higher
market of the two The Street carly was fur
nished with bosh" about the danger in change
of the financial policy of the Government, and
II was suggested that the new Administration would
Immediately on coming into power disturb the
money markets of the country by with
drawing its deposits from the National
banks while the existing Administration
might in the meantime stop the purchasing of
bonds and thus accumulate a large surplus in the
Treasury. or all this is sheer nonsense, but
it is put forth part of the efforts to brighten
timid people and help the Democratic bears
out Of their hole
First, the Republican policy heretofore has
been to stretch the law in favor of using its sur
plus for the benefit of the commercial interest,
and it may be safely truted in the future TO 20 to
the extent Of its lawful powers to continue to do
Secondly, it is illogical TO pretend to believe
that the present Administration will do aueht to
disturb the financial situation during its remain
ing four months lease of life At the present rate
Of reduction in deposits in National banks of Gov
eminent money. it is likely that before March 4
they will be reduced below the amount convenient
to the Government for its daily disbursements at
points away from Sub-Trcasuries.
Thirdly, the Treasury to-day purchased
81 ,250,0 900 bonds. There is no reason so sup
pose that its policy will change so long as sur
plus exists. The danger, if any is in the other
direction. 1t possibly might be considered by the
ADMINISTRATION good politics to offer better
premiums on its purchases so as to obtain larger
amounts of bonds and wipe out all tho
surplus together with its deposits in banks be-
fore March 4, leaving to its successors an empty
Treasury. 1t certainly is not good politics for
Mr.. Cleveland TO create hard times and deprts-
sion leaving 10 Mr.. Harrison the power immcd-
atcly to restore buoyancy from overlooking
Treasury. Nothing except desperate situations
could possibly father such crude ideas and give
them publicity.
We have told the story of to-day's stock mar
let so far as factors other than the sharp sell
ing of certain stocks are concerned. The market
opened with a rush. Foreign houses con-
spicuouS sellers of Reading and the trunk lines
in Reading the reported sales amounted to
So 900 shares, from 90 to 4 5-Sa1S rs, against
of the day. but below 40 IL met buying demand
that staggered the raiders. 1t was evident that
a large part of the business the result of
matched orders. Tie remainder of the market
was less severely handled, but it worked in
unison with Reading, although generally making
better recovery at the close. The morning stock
loan market reelected considerable addition to
the outstanding " short" interest and tO-days
dealings undoubtedly have made further addi-
tons to il. We constrained to quote the
market closing strong
TIE DAY IN TIE BOND MARKET
The Treasury purchased 81 259,450, 1-2 per
cent bonds at 08 IT,. The rejected offers in
Guided per cents, $4,000 at 12S, $50 goo at
1928 SO, 100000 at 1913 u.s. and 81 100000 at
$780, and of l-2 per cents $40. 900 at 10j 5-S.
no orlye