New-York tribune., 1889-12-31
CLOSING PRICES OF PHILADELPHIA STOCKS.
Bid. Asked
WHAT WAS DONE IN STOCKS.
Monday. Dec. 3O-p. m.


The unexpected advance of the Bank of Eng
land rate for discount from to per cent. which
was made carly this morning, so that ii was
announced in New-York at 8 80, was tie prime
incentive of the early operations at our Stock
Exchange For the first ten minutes of business
prices ratified off an average Of about ! per
cent with seemingly large operations; that is
the tape reported transactions by the thousands
The generally accepted explanation was that tie
advance in the banks rates was made to prevent
the export Of gold to the United States. But
this explanation falls to the ground when our
rates for foreign exchange promptly respond by
n decline to quotations which, despite the ad-
vance of the Bank of England rate, brings us
nearer to the specie importing point than we
were on Friday, when the bank rate was per
cent Suppose we account for the advance III
the bank rate by purpose to draw gold from
the Bank of France, which holds SIC ,OOO,O0O
more gold than a year ago to meet the Inevitable
shipment to the United States
The event. however, was ten strike, IN the
way it first could be utilized TO the bears IN
stocks and their allied Shylocks among money
lenders While the bears and some frightened
holders opened the market with liberal offerings
of stocks or contracts and in the first ten minutes
reached the lowest prices of the day. both some
National banks ana some private tHuVlS WIZ
aiding the scare to the fall extent OF their ability
by sending out notices like the following:
First National Bank,
New-York, Dec. 80, 1889.
Messrs F. W. Savin & Co.: ..
The rate of interest on your loan OF SlOO,OOO
will be marked at % per cent from to-day.
Yours respectfully, +. SCOFlELD, Cashier
The First National Bank was not the only one
which sent out like notices; the uniformity OF
the demand for 2j per cent is strong circumstan-
tial evidence that between four banks there was
an agreement as TO the rate TO be demanded.
Some private lenders, who are large Spectators,
demanded 40 per cent the rate for renewals.
Money did loan in the Stock Exchange from 10
per cent up to 40 per cent. Before 80 o'clock
the rate was l., at 40 at = and at 10 at
per cent, and final loans were Ya.sae at per
cent, with abundant supply, for which there
no use Comment upon such a manipula-
tion by corporate institutions and private specu-
latOrs, with such unnatural results in the way
of depression IS unnecessary while the facts dem
onstrate that the bulk OF stocks are removed
from manipulatiye influences.
The decline Ill stocks was largely sentimental
The protective action of the Bank of England
showed fear of a large export OF gold to this
country. To provide for this demand the bank
rope to give ii the yellow metal which it is likely
to need. 1t was not surprising, perhaps that
few stocks should be sold for foreign account;
it was a matter iOr amaZcment that rates for
money should be raised in this country. 1t was
only at the Stock Exchange that the situation
was misunderstood. Time loans made at
previous rates, and the contradiction between
time and call loans was only more Sharply
marked In spite of the effort to dcprcss prices
the final declines were less than l per cent.
St Paul was first in volume of business and in
its loss of rs per cent. Union Pacific and Mis-
souri, Pacific closed l-2 lower, and the general
list from IA TO II lower on an average. The
closing came with rally caused by greater ease
in money and by the announcement that the
Treasury would pay January interest without re-
bate l
THE DAY IN TIE BOND MARKET.
The Treasury bought 50 800 per cents at 1876.
Sales at the Stock Exchange amounting 10
So 900 were made at 1876 l-2 and 126 3-s. The
market closed quiet and firm at unchanged quota