New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-23

MONEY! MANIPULATION WEAKENS.

Tuesday, Oct. Up H.
The manipulation of money at the Stock EX-
change which has covered only the uhcirC'lh
ornounts of daily balances, shows signs OF weak
ening Never till this morning dld we thihN uHau
any one supposed that the late daily rates quoVeo
at the Stock Exchange in any manner rehecteu the
rates for money which the aSsocia'eu pahAH
were receiving on their S40GOOO,OOo OF loans
or those of the equal, if not larger loans OF uSU
and insurance companies of this city buJ OLE
has 70 live beyond the old score of average
longevity 10 learn the amount of Ignorance thN
may be compre ssed in a small space. Til now we
never knew that the quoting of law from the
statute book was evidence that the law was not
q dead letter In our childliIe simplicity we had
suuncsed that the facts that for months and years
after specie resumption some of the largest OF
New-Yorl National banks ran along with re-
serves of only 21a24 per cent of deposits, without
receiving any notice from the Government TO MI
up was evidence that the law, requiring 20
per cent reserve, but which permitted the count
ing Of special deposits of gold as part OF me gal
| reserve and was enacted when gOld WIS ruliHS
/ at premium, was under the new oidef oil thlhe'
! after January l. 1870 at the Treasury Depart
| ment regarded dead lette r-as a law enacted
| under conditions which were changed by PeSump-
| ton and the refusal Of the Ncw-iork banks 10
| accept Of any more special" gold deposit. Bur
we live and hope to learn. PlagdrlstS from u pun
! lca,ion a week old should not imagine we are
quoting them, when we are referring TO 'h'
original.
The value of the minute bulletins issued at or
near the Stock Exchange every day Is shown by
the fol9wng extracts from today ISSUE Go. OF enc
! Of the Wall Street news agencies Inc lifsJ one
was issued before 0 o'clock and has reference 10
yesterdays business
>" The loan crowd was full Of stocks all day.
There was nothing that might not have been
borrowed at per cent Long stock literally
poured ont. People who had been holding on all
| through the dull months of summer, let 20
At IL 80 o'clock the demand for stocks in the
loan department most important feature.
St. Paul and Reading loaned freely ut per cent,
| while the rate for money was per cent. The
active stocks are believed TO be heavily oversod.'
The first statement purported 70 be an opinion;
was fact that could not be ignored
WHAT WAS DONE IN STOCKS.
The stock market to-day was dull and the
recorded transactions in the general market
amounted TO only %, 72O shares, 1900 shares
less than the business Of yesterday when long
| stocks literally poured out SO Yesterdays
buyers must have been Of better class than the
sellers. With this reduced volume OF business
there was steady yet Guctuating hardening OF
values. Talk of tight money is still a factoF in
favor of the " short side, but it does not affect
the great holders of securities, who for yelr or
more have been buying on the sumps, not to sell on
IecoycIies but to hold and control with them the
great railway systems Of the country as business
enterprises; to make them profitable inves iment,.
| They neither " bull' talk their propert.es up
!
! They are like intelligent farmers, who, having
! purchased the bind and sowed their seed, are now
cultivatng and willing to wait for the harvest
| II IS strange that Wall Street operators do not
| wake up to this condition. They will. Whether
the stock market is ACTIVE or dull il requires the
same amount of money 10 carry the stocks of
! the country. And every boy in the Street knows
! that never in late year have Stock Exchange
brokers been such small borrowers Of money ms
/ they now are If the brokers have not got the
/ stocks in their loans. where are they? Still we
/ continue to deal in rhantoms and now the bears
have I'll. advantage in the market price ard
/ again il is the bulls (the few there are, who
/ hold il for few days. In the meantime the
great hulk Of certificates remains un!is'uIbed in
The strong boxes Of their owners, who not dis
! turbed by the changes in market values.
Io-days market closed strong in figures
TIE DAY IN THE BOND MARKET
Bonds continue to dribble into the Treasury at
the Secretarys high figures despite the hOwlings
! OF Wall Street writers, VINO less than two months
1 ago began and still calling on the treasury
10 advance prices for the relief OF wall Street
And tie daily supply Is sufficient 10 prevent any
accumulation OF money in the treasury vaults.
even after the purchase OF more than s21.O0o.OOO
since the howl began. TO-days purchases
amounted to SHes. 500. PER cents, o3iO, 800, and
/ IL per cents. $4,000 at o. 81. The local
market for Governments Is still que with the
/ nominal quotations unchanged. as fellows: