New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-16
CIosING PRICES OF PHILADELPHIA STOCKS
AN UNNATURAL ALLIANCE FORMED.


The days developments at the Stock Exchange
are of some significance. They indicate an I'M
natural alliance between the Government bond
syndicate and the bears on railways, to work
a stringent money market The motives of the
parties to this strange conspiracy directly OPP
posed to each other. The " bears hope by the
aid of tight money TO force a stock market In
which they can recoup their contracts, and the
syndicate expect that q stringency in money VIII
induce the Treasury to accept their heavy load
of Government bonds at their prices In order to
avert a commercial crisis We do not affirm
that this theory is correct; only that the de-
velopments, among which Is to-day sman oner-
i,.gs of bonds TO the Treasury, indicate sucn
a plan The bears" in stocks to-day were also
more aggressive and apparently more connoehJ,
as they naturally would be If another straw was
thrown out for their relief. We SAID this morn
ing that the money question, for the present,
had passed beyond the sphere OF discussion;
And so it has if left TO the ordinary rule. OF
suppl a.. demand Blu, no one at any time
onesfions the ability Of money lenders 10 combine,
and by locking up their funds TO create TEN
porary stringency. AT the present uihe. nov nov
ever the plan outlined cannot approaS res Lars
National banks The banks referred to are
carrying some $l5,000,0OO Of Government bohus
at a low rate Of interest 10 fail 10 call those
loans when the money could be used at better
rate on other securities and thus force the SAFE
OF the bonds TO the Treasury would be cooper
atlnn the UOrt 10 create stfIhEchNy
that is not likely to occur except whcn tle
personal interest of managers Overridrs me IN
terest of stockholders 1t is even doubtful II the
scheme could succeed with such co-oieratOh'
The SUPPLY of money now is greater IMAM the
demand. The time is approaching when money
will return to New-l0rk from the interior, anu
Treasury purchases of only 100000 bonds PER
in the Treasury additional TO that there now
In this connection il is interesting to note thau
Of the s52, 900, 900 Government deposits IN
National banks, the Bank Of New-York City held
on October 4 only Ss,sO71ll. as per their report
TO the Controller of the Currency. ,uo,
The foregoing added to r sns n''u tSc
which to-day checked buying. and cneonragnd "a a
" bear raid In addition Nice,lresldent SYKES
submitted to an interview, which was puolsheu,
and which is of a negative character; bui one
which the bears" used TO further their ends IN
reply to one question, Mr.. Sykes wrote 1Il ne
general drift Of it 1.-THE statement Is correct inc
interview is one which would have been more
Northwestern systems were Mt war WIN eacn
other than il is now, when the large franc IS 1ast
adjusting the rates with or without the consent
of tho managers The du1DcSs of the specu atlon
Is shown in recorded transactions of only l42 20
shares Tho features are that drSntr the guinness
and continuous pressure OF " short STOCKS tne
declines generally are Insignificant and That no
. longs stocks were called out The bears did
the principal part Of the selling as IN
or forty-eight hours they, probably, Will DO thc
principal part of the buying.
THE DAY IN THE BOND MARKET.
The Treasury purchased s3s0,100 Ia per
cent bonds at los 1-2. The rejected offers IN,
oluded S6s2, 900 As at 127 3-4a129. The local
n,arlxet was quiet at quotations as follows