New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-21

7ICEs of CALIFORNIA STOCKS.
Wednesday, Nov. Cop m.


Bv stupid error in transcrbng hgures from
our sheet of calculations last evening we said 4:
Leaving ont of the account the sl,403,00O Of
currency deposited with the Treasury TO secure
Treasury dcposts of casn in National banks, " at
the Treasury figures for the IL per cents ana
per cents deposited, the proceeds OF them would
be $40, 1871, 256, or $4,000, 600 of money to come
out of Treasury vaults to make the settlements.
The proceeds of the 12 and per cents at
Treasury figures would be $50, ,259, instead OF
S49,S57 $50, and the amount OF such proceeds
would be sj,127,7SO in excess of Treasury cash
deposits instead of $4,000, 600, rs enormously
stated. 1t was an error against, and rot favor
able to, our argument The correction makes the
argument stronger. If the Treasury continues to
pay I27 after January ] 1876 for the per cent
bonds, it Is more likely TO be embarrassed for the
want OF fiscal agents outside OF the Sub-lrcaSury
cities than the money markets can be by liS
calling III of deposits from National banks. The
simple agitation of the question Is probably the
cause of tOdayS large offerings of bonds 10 the
Treasury. IL well might he reasoned that II
the whole Si4,J0s,000 OF bonds deposited 10 Sc
cure deposits Of cash were TO be offered TO the
Treasury its price would be reduced. Locking
up Si2,10O money in an investment at "a PER
cent for the sake Of cash deposits OF Sill, 900.
which increases the requirements of the % per cent
rule of reserve 50, $50, is not a very profitable
system OF banking when money can be employed
at 5dG per cent without rcsorting 10 Shylock'
methods.
WHAT WAS DONE IN STOCKS
The ruling speculative forces in the stock mar.
ket to-day did not flag in their efforts toward de
mOralzation. The stock Loan market this morn
ing reflected larger borrowing demand than
usual but that is not the measure OF the sitla-
ton There is nothing novel in the practice 30
give orders 10 firms which are long of contracts
10 s,ll stocks and to carry the short account.
That recently has been done TO large extent and
of course is not reflected in the loan market.
AtchisOn, Topeka and Santa Fc and PHILADELPHIA
and Reading, outside of the unlisted department,
to-day were the special points OF attack but tn
present advances everywhere were stnutlv re-
sisted. The deliveries OF stocks generally are
DOOR and in some m them contracts are over
due three or four days But despite all efforts D.
the contrary, excepting IN the two SpccialtieS
mentioned Ghcre a steady hardening of values
even while money was quoted at SAP per cent.
The final easement in money soon after . o'clock.
which fully established the character of the
manipulation of the last two days, moved some
Of th6 smaller traders Of TIE room 10 at
tempt TO recCup their short sales and stimu-
LATED prices so that generally they closed at the
highest of the day and with material advances
ON thp ouening figures With the larger shorts"
il was different they did not dare to attempt
TO cover They are between the certainty of
large railroad earnings and prosperous times
and their graveyard whistling for something To
turn up in the money market by the aid of the
National bank known as No. 80 al the Clearing
| louise In the meantime the absorption Of stocks
hy investors keeps almost even pace with the retire
mcnt OF good bonds from the market. There is
no speculative bnll7 element worthy of men
ton operating against the =" bear forces there
has not been any during the last SIX or eight
months, and yet on every fiuctuailon prices have
and probably viii continue to mark higher levels
1t is not fight between speculative interests, but
a handful Of active energetic and wide awake OPP
orators; moulding molehlls into mountains 10 save
themselves from disastrous losses, pittcd against
the prosperity o. the country and its steadily
accruing power TO make permanent investments
That is, and for months has been. the stock
market with all its fluctuations.
THE DAY IN THE BOND MARKET.
The Treasury today purchased 60 a7O 90
bonds per cents s2,1ss,l0O at 1871 and IL
per cents 81 1000 Mt O5 81 and sIO 600 nj
O5 SIS Al the Stock Exchange a small nmount
of per cents sold at 1877. Annexed are the
nomin nal ouotatiOns -