New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-13

CLOSING PRICES OF CALIFORNIA STOCKS.
San Erlnclsco Sent. 10 1rS9.


Thursday, Sept. l2-p. m.
And now that the Chicago bureau of false in
formation concerning the railway situation, in the
face of steadily increasing earnings, has failed to
produce panic on the Stock Exchange, or even
a moderate reaction, the spectators who still are
short of stocks and their special Wall Street agency
are once more raising the cry Of tight money In
their vain efforts to stem advance in prices
which is not at all due 10 speculative forces.
These " WISE men, who either through ignorance
of the situation or wilful perversiOn of facts,
some four weeks ago said that the Government
could not buy any amount of bonds now begin
TO talk about gold exports, because the fOrei gn
exchange market naturally responds to the rela-
tive conditions of the money markets in London
and New-York Two weeks ago sterling exchange
declined / cent only because the New-Yorl1 money
rate advanced to 5aG per cent When the rate
for money declined to 3 LEAD per cent sterling
exchange again advanced. jaG per cent money
rate again in New-Yorl, if it occurs, will quickly
reduce the rates of sterling exchange as we'll as
bring liberal supplies of bonds to the Treasury at
its own figures Ignorance and cupidity may
work together to create money scare, but under
existing conditions they can avail nothing. To-
gether with the monthly creation of S2,G00,OOO
new legal money this automatic machinery OF sup
ply and demand never before was 90 HneIy au-
lusted to the situation as 1t Is now:
But except for the monthly expansion Of
81, 100000 legal money, which Is compulsory
by the laws OF Congress, a per cent or II IL per
cent money market this fall would be Tie best
indication of activity in commercial and mer-
camille circles. Some OF the largest advances
ever made at the Stock Exchange were made with
money ruling far above the old legal rate OF
per cent. But the chickens i'll the stock mar
ket of to-day, including the great " bear agency
have neither memories nor experience extending
beyond the stagnant period beginning with 1854.
let il is this class OF writer's who assume to be
the teachers of merchants Of fifty years expert
ence. The idea that money is valuable only when
il lies idle in the New orI banks for want of
use may perhaps be driven out of the heads Of
pessmist spectators by the developments Of the
next twelve months. But they have good deal
to learn by experimental losses first.
WHAT WAS DONE IN STOCKS.
To-dayS stock market was more inclined to
dulneSs than anything else The opening and
early transactions gave material advances for most
stocks over last nights closing figures. Seem
ingly, London considerable buyer, but that
London account is worked SO much for elect on
both sides that little dependence is 10 be placed
on what LondOn's brokers are seen 10 90 And
at III times what London does, or does not do, IN
this market is only of ephemeral Importance, be-
cause it is the New-lork market that establishes
the prices of American railways. After the early
advances there came dulness, which, as usual, In
vited efforts TO reduce quotations. Those efforts
were successful in making the last prices at about
the lowest OF the day. but nevertheless the under
tone of strength was plainly apparent. Short
sales and not long stocks, produced the de-
cline
THE DAY IN THE BOND MARKET.
The Treasury bought $4,000 OF 4 l.2 per cents
at lO5 "a and S202,600 of per cents at 30.
There were no transactions at the Stock Exchange.
but these nominal quotations were maintained: