New-York tribune., 1889-11-12
Monday Nov. lip. m.

Monday Nov. lip. m.
Touching bank statements, there few
things which should always be remembered IN
calculating their value. First, they are the effects
of conditions past, ana not causes Of conditions
TO come. Second, as they are made upon system
of averages instead of the actual conditions at
certain dates, they are as likely to reject the
conditions of carly in the week for which they
are made as for the latter part of the week Last
Saturdays statement unquestionably more nearly
reflected conditions which prevailed before Thurs
day than it did those of the end of the week.
The condition of last Friday night was supple
mented on Saturday by gain of 81, 100000 from
the Sub-Treasury.
WHAT WAS DONE IN STOCKS.
The dread of monetary disturbance affected the
early dealings in the stock market to-day and
perhaps it was not allayed entirely at any time.
On fuller comprehension of the financial situa.
tion the market rallied with some spirit, but the
movement checked by continued declines IN
Missouri Pacifc and st. Paul. 1t becomes daily
more apparent that the controlling interests in
the first named stock are not in sympathy with
efforts in favor of higher prices. The reasons may
be disappointment at the prospective success OF the
Atchison reorganization, or hope that the
Missouri Kansas and Texas plan may be de-
feated While the opposition of bankrupt rail-
ways may be a menace 10 solvent competitors,
their successful reconstruction is not unlikely to
be nearly disaster. IL is improbable, at all
events that the recent selling of Missouri Pacific
has been for the short account while the move
ment of traffic in the Southwest, as well as IN
other sections of the country, Is known to be
large and fairly remune rative. The points of
attack most favored by the bear faction do not
include Missouri Pacific under its present. con-
troll That st. Paul, Northwest and Erie were
sold by operators who hope TO rebuy at lower
prices may be considered certain. The unusual
activity and weakness of Erie may hardly be eX-l
really for London account, the fact would NOS.
prove that it had not been instigated by orders
from New-Yorl. The influence of the declines in
stocks named did not greatly impress the general
list II was resisted, moreover. by the advances
in Northern Pacific preferred and in specialties
like Manitoba and New-Jersey Central, and per-
haps still effectively by the obstinate
strength of the substantial dividendpaying stocks
Among these the final changes were slight and de-
void of meaning. The closing irregular, and
while the exceptionally strong stocks ended just
below their highest figures. st. Paul, Atchison
and Erie were about at their lowest, and rally
of 1-2 per cent or so in Missouri Pacific failed
to make it's closing strong. Throughout the day
the market active only in few leading
shares. In the general list the duncss as
discouraging the stubborn resistance
assuring
The trust shares were quiet and featurelcss,
although Cotton Oil certificates scored fractional
gain on the progress already made toward the re-
construction of the trust on business basis.
THE DAY IN THE BOND MARKET.
The Treasury bought 81, 900 of 4 l-2 per cents
at 06 3-4 and S30,400 per cents at 27 snail
were made at the Government price and quota
lions were UNCHANGED.