New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-15
CLOSING PRICES OF BOSTON STOCKS.
Boston, June IA 1593.
THE MANUFACTURE OF FALSE NEWS

Thursday, June 14-p m
As simple speculation, the selling of securities
short" or the buying OF them long, on de-
posts of margins is equally legitimate. Both
operations are made with the hope Of profit;
and they should be made on individual judgment
Of whether existing and prospective conditions
make present values too high or too low. On that
basis there has always been sufficient difference
of opinion to make stock speculations active and
remunerative to brokers. An honest "bear7
who sells stocks because in his opinion existing
or RESPECTIVE conditions, as he views them, are
against continuance of present values, is as
reputable a person as he who, always sangune,
thinks there is no tor. But the bear who
first sells stock and then, if he be railroad or
telegraph official, his official position to pro-
duce results which natural causes have failed to
do, or if he be nothing except stock Spectator,
manufactures and procures the circulation Of false
reports to accomplish success in his speculation
is man Of another character Despite the statute
Of the State of NewYorlI relative the circulation
Of false reports calculated to affect the value Of
securities the practice during the last six months
has become 50 common that the manufacturers and
circulators of them have become more emboldened
than ever. The Stock Exchange Of New York was
very urgent for the enactment of the New-Yorl
statute on the subject, and yet in only one in
stance has it ever attempted to bring guilty per
sons to court
Perhaps one Of the most glaring instances Of
the circulation OF false rumors, and one the author
ship OF which is easily traced through the medium
OF the principal circulator, is that alleging that
the Erie Company contemplated the issue of
sl0,000,000 of bonds to take precedence In an
other column of this paper President Kings en-
phatic and uEequivocal' denial of the statement
is printed. But beyond that Mr.. King in the
ftpras.f If
three Of his directors said to the
writer OF this that the Erie did not contemplate
ana an h aSl no. not contemplated -. the issue
lsted no necessity for IT. Nlce-President McCul-
Tough, as he was starting for Chicago to help
nominate the next President of the United
States" stopped long enough to write, in reply
10 a note from personal friend, that the bond
story was made out Of whole cloth, and was with
out foundation. The bond story repeated to-
day with the following addition: The announce
ment that the differences between the company
and James McIIenry, Of London, had been amicably
adjusted did not tend TO improve affairs The
public remembered that the suit, which involved
GO. 000 600, had been long standing and that the
plaintiff, unless satisfied with money or bonds or
perhaps both, would fight TO the end. How, then,
was "a settlement effected? Simply by the Erie
promising TO pay over say 90 per cent OF the
claim What there was between the Erie Com
pany and Mcllenry to settle was judgment
against McHenry for 100000. The settle
ment is not only arranged but It is completed, and
the sum of money paid by McHcnry in settlement
Is in the Erie treasury and IS a live asset Was
mendaciiy for speculative purposes ever carried
10 so low depth before? And yet the Stock
Exchange makes no move 10 clear its own mem
bC!s or to bring any one TO justice.
LESS ACTIVITY IN TIE MARKET.
The stock market to-day was less active than
either yesterday or Tuesday; the total sales
amounted only TO GA shares. At the open
ing there was general assault on prices. and
first figures gave declines of 1-1al-2 per cent from
last evenings closing prices. But generally the
figures of the fifteen minutes proved 10 be the low
est of the day. After that there n creeping
up Of prices by small fractions which at the c,Ose
resulted in material gains not only on to-daYs
early but also on last evenings prices. The stock
loan market developed very little change in the
speculative situation; if anything, the short in
terest seemed to be little smaller than yesterday
morning. The change, if any, is so little as 10
be insignificant. There was less circulation than
usual of bcarish' reports-the mill was over
worked Yesterday. The Missouri Pacific directors
declared l per cent, despite the late authorita-
tive bear" assertion that il would pay none;
probably the leading bear was not present ut
the directors meeting In the days advance there
was nothing of booming character, and the
shorts" in their efforts TO recover part only OF
their late sales at low prices contributed their
fair proportion to the advance. The market closed
quiet and strong.