New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-18

through 1857. Does IL not occur to these new.
tangled writers upon the dangers OF the financial
situation, who attach so much Importance 70 the
sonndest banks In the world are New-YorlS State
banks who regulate their total reserve by the
application , Of business; meth h;,Is' lang and
n not oy n ane occur ecisr TO- them that the
experience OF the heroes OF dozen commercial
panjcs is worth something, az least a. much as
those lily digested theories based upon an ar
bitrary idea that the safe for one bank is
safe for all, without regard 70 the character OF
their dealers and depositsp None OF the condi-
tions leading up to financial crisis now exist
there is no general imitation in values in merchan
disc on the contrary, the cost of the necessares OF
life were never less TO the mechanic ana day
laborer than now Speculation Is dcad IN All our
National products. That railway securities are
not largely carried in loans has been proved by
the stream Of lies and misrepresentation put on
the stock market during the last two weeks, and
the results; those results have been dulness-a
check 10 any disposition TO operate rather than
liquidation or forced sales OF securities carried
on margins. pressure of short stocks on q
waiting market has reduced market values and
not the liquidation of real holders.
This brings us up to another point OF our sub.
ject Any one who, since July !. has watched chez
the daily Chicago dispatches re h 20 ide b r
been warranted in giving greater odds than yes
terday were given At MONMOUTH tn shat rS tbs
railroad earnings would show at least
decline of 20 per cent from the same
period of 1888. And they would have proved
ms successful losers as did the odds glyers at
Monmouth Out of fOrty-eight roads that have
reported earnings for the first week in July only
six failed to report gains, and out OF the nine
which have reported for the second week IN July
only one has failed to turn IN gains here Is
an ircongruity between the published fiction and
tho real results that elsewhere than amongst the
members of the Stock Exchange would quickly
cause a stoppage of monthly payments for stuff
built up and sent out with the purpose of driving
customers away.
To.day's stock market was intensely dull. when
all the conditions called for activity ana ouoyancy
The total transactions in listed stocks aggregated
only l4O3O5 shares. The dulness invited further
"shortn sales. and prices accordingly were de-
pressed. some stocks rs much as per cent. Man
haitian Elevated was special feature, because 1t,
on sales of 500 shares in the absence OF buying
orders. was marked of per cent to 90; it later
rallied to Of IL We think we are war
in the next quarterly dividend payable in October.
The decline was raid pure and simple. After 30
o'clock disposition TO recoup some OF the stocks
sold earlier caused general recovery so that the
final changes generally are only !, g and 3-S per
cent declines. Atchison and Lake Shore give
small gains Chicago Gas was sharply, sold down
to So IA, and closed at 81; the T mar King; down
In the Trusts National Lead was the most active;
from an opening at % "a it declined TO % IA.
and recovered to "a 5-s. The points to sell lead
now for below 90 are more plentiful than were the
points TO buy it for 40 when 1t was selling at 30
Cotton Oil declined TO 53 7-s and closed firm at
"a | a and "a 3-S Sugar tumbled TO lo' rs ana
closed strong at 100 IL The Brunswick Co.
berins to attract attention, to-day selling at 20 1-2
a25 IA.
Al the close we should call the general market
strong, with marked scarcity OF stocks
THE DAY IN THE BOND MARKET.
Government bonds were dull. but to help the
large speculative holders of the 4 per cents the
bids for the q per cents were advanced to the
Treasury figures Annexed are the final quota
tions: