New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-22
Thursday, Nov. Alp. m.


There was nothing in to-day's stock speculation
that was not the natural sequence Of the con.
ditions we have repea teddy rehearsal. bearish
element, devoted TO hard work and active and
enterprising in the manufacture Of news N Tor
the street, was unopposed by any antagonlstc
speculative influence. The ridiculous money scare
reached its end. Right here let us say word
in explanation of some Of our recent remarks on
that subject which have disturbed the ire of some
members of the Stock Exchange. The disturbance
in money during the first three days of this week
had it's origin in the idea that the Treasury might
call in its deposits in national banks. II even
superficial knowledge had existed where this idea
first appeared in print, the effect of such an
operation would have been then fully explained.
But an entire ignorance of business and it's methods
gave TO " No. 80" and other shylocks an oppor-
tunity to command higher rates for their daily
balances. In old times, when leading operators
in stocks withdrew from the market and locked
up slO,OOO,OOO or 81 200, 900 OF money, it was
not for the purpose of obtaining higher rates for
loans. 1t was a manipulation that every person
had to face. That money was not TO be loaned
40 any rate per minute. But the manipulation
of the last three days has been OF different
character Every one should have known that
the calling In of loans at late hour by NO. 80
and two or three other national Danhs anu ~
purpose of disturbing the market ana oDtainlng
higher rat s at later hour Tor TIE same same mon, monsy
called We only say, in view OF the weil,Nn imai
fact that the officials of the manipulating nauonaA
banks and the number OF hrms en-, en-,
gagged in the business would NV
lain awake nights if any part of their naanGe was
not drawing some interest, that the lh'eingehOe
of the members of the Stock Exchange should nave
been equal to combating such a fmsy manlpuI-
tion and should have whipped them at thelr o"n
game We direct attention 10 the fact that on
Al.
on Tuesday and yesterday the supply OF mOney
il per cent at a lower rate before the elVss
OF business on every day was IN excess OF ts
supply The manipulation has been open 10 sacn
an extent that the National Bank No. SO oass
that on Monday it loaned money at 20 per sens
II any broker ever hereafter borrows money rv.
National Bank No. 80, except IN dire distress,
deserves exactly what he will get-a shyiocKhs
al the first opportunity.
The speculative forces in the stock market, as
usuaI were entirely devoted 10 a depression IN
values. An appreciation in values was Hm mI
to the execution of early purchasing Orders. as
that was over the manipulation Tor lower Pr, 4,
began. 4 New-YorlI dictated article printed ~
Philadelphia morning paper, when was lats ~
every one OF its statements was reprinted III new
York and made a lever against the coal s'oSSai
Cnder il noted leading bears were the prIhClpT
sellers of Philadelphia and Reading down 10 ~
and Delaware, LacSawanna ana western uoNL VI,
Al IA both stocks closed something better tni
The lowest figures Delaware, Lackawanna anu
Western is an assured ! per cen. ulHiu ,hs,
payer with all the chances OF improvement, .s ~
follow general prosperity Whether or not -,
price is high or low at present qlq'ati,ons ia
problcm that will be decided by the holders OF s
Stocks and not by the sales 10 day OF the IVY
prominent bears in the market The seh hsIs.
market ruled firm all day but IN the as' no,eI
Lnur of business and at the Tune When NV av
49, brnl,er attempted 10 mark up the m9nsy
rate there we've concerted attacks on ShlSi
Sevcrtheess, we quote the market as cioS'As
strong
THE DAY IN TIE BoND MARhEI. .
The Treasury to-day purchased s,2Seo" w, Gents cents
per Coo Se at S5 a. At the Stock Exchanse th Ss
,oS no business done in Government oonas ans
the interest necesstated ~ hold nominai Qu0'''
DIN, kept the figures AS follows: