New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-24
LARGE EXPORTS OF GOLD.

Friday, Nov. 23-p M
The export of gold from this port, as reported
by the Assay Office Of its deliveries of bars,
amounts to s4,166,O0O. The whole movement is
a shipment to South America on Germanys ac-
count, and is not exchange operation. The
floating OF the Argentine Republics new loan IN
Germany made that country buyer of gold, and
this market, after London was exhausted, was the
cheapest in the world We are Informed that
So 900, 600 is the extent Of this exceptional de-
mand, so that the movement is nearly completed.
The loss Of this gold will be only partially reflected
in to-morrow's statement OF bank averages but Its
full effect the money market has been felt IN
irmer rate at 2 1-2 per cent
1t has been an active day in stocks. The re-
ported transactions aggregate 455 900 shares. De-
Quoting from that amount loo, 900 shares to cover
transactions resulting from matched orders, and
still it was an active day for the times. In the
local speculation the bears" were masters Of the
situation; they early took control OF prices and
held it till rafting declines were established Tor
all the cats and dogs and for some OF the good and
improving securities. The venom, however. was
principally directed against stocks OF companies
lar remoN cd from any influence connected with the
matter which has made this last Dear rad a
posSibihty-the action Of Central and Hudson III
reducing westbound rates for freight.
Lake Shore sold only 1-s per cent lower than 1t
did ten days ago, but Union Pacific was sold
down to so SIS, against "a IA week ago. and ST.
Paul was sold down to 81 rs, against 60 IA.
Unquestionably q severe liquidation has been
forced on speculative holders of bear" contracts
But it remains to be developed whether or not
like liquidation has occurred in the aggregate
" short" interest. The leading bears" made TO-
days market 10 buy back their contracts IN. Have
they done SO? and if they have, did they get
what they purchased in excess of their new sales
from the holders of the contracts, or have they
purchased new short contracts from board
room traders? This question only can be solved
by Mondays stock loan market. That IL viii
be active is certain, but it may be only shift,
ing Of loans, or it may be an increased demand
from an increased short" interest 1t is idle
to discuss the market when manipulation works
50 directly to natural conditions.
The fact that finally business conditions will
rule gives no satisfaction to a Spectator who
loses his money before that time comes. Many
times recently we have said that there was 40
protecting bull' interest in the market; that
the only bull interest present was public which,
for over a year has been purchasing stocks and
paying for them; that interest is not represented
in brokers' offices by men hanging over the tape
from o a. m. I'll p m; and being influenced
by the huctuation in prices Ii has bought
stocks to hold, and thus far has shown DISPOSE
ton to hold till Wall Street realizes the extent and
prosperity of the country, and discounts something
of the future instead Of the past.
At midday there was a market so " SICK in
appearance that its equal has seldom been wit
messed. Later, the change to better tone
almost magical, and prices generally more than
recovered, and closed higher than last evening.
For the change i'll temper there was no legitimate
reason that was not in active operation during
the mornings decline For the special reasons
speculative we refer to the authorities VINO
u ull7 properties like Richmond Terminal and
Chesapeake and Ohio and g bear North
western and Lake Shore. OF course the North,
western Company declared its usual dividend
and probably no one except the dupes of lead
ing operators ever doubted that il would do so
The company has more than earned its semi
annual dividends, and it pays them honestly.
TREASURY PURCHASES.
The Treasury purchased sS9,100 1-2 per cent
bonds as follows $4,000 at 109 and S39lO0
$4,000 at 12&and $4,000 at 1928 5-s, and
! -2s $4,000 at 100 IA. The local market was
dull, with quotations as follows