New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-31
CLOSING PRICES OF PHILADELPHIA STOCKS.
Wednesday, July Pep. m.


The Secretary of the Treasury either has or
has not a dis oretion in regard to the delivery Of
gold bars in exchange for gold coin. If, accord
ing 10 the Secretary's reading of the law author
ling" him TO exchange gold bars for gold coin, lie
has discretion, but he must do it on the appca-
ton of any foreign banking house If that is the
law, which il is not, there is necessity for the
new rule that all applications must be referred TO
the Director of the Mint There is not. and never
was, law in existence that left anything to the
discretion of the Director of the Mint. II there
exist a discretion in regard to the exchange Of
gold bars for gold coin resting with the Secretary
of the Treasury and We assert there is, now is
the time that it should he used, ny refusal 10
pay Government obligations in anything except
legal mOney-coin. An American jewellcr must
go into the open market and buy his requirements
at the market value, but foreigner demands
and receives from the Treasury gold bars at coin
value As the whole American system of cur
rency rests entirely upon the gold surplus in the
Treasury, IL is time that business methods and not
theory, should govern its rash letting out OF
gold at a foreign demand. Not one dollar Of
gold would have been exported during the last
four weeks If gold bars had not been
available demand AT the Treasury. And
S2,50O,OO0 in gold bars will 60 out by to-
mOrrow's steamer
WHAT WAS DONE IN STOCKS.
Inc market AT TIE NtOcK ENcHdnGc To-Day was
dull as it was yesterday, and the transactions in
the general market amounted only 10 1888
shares. The unlisted department added jl.4oj
49, 200 and National Lead $500 shares.
Sugar RcfncricS, after an advance Of Ii 70
IS "a, finally closed at - 5-s. We hear that
the trustees who have formulated the organiza.
ton scheme are slow in dcpositing their stocks
with the Central Trust Company under the pro-
posed scheme. We are not disappointed NJ the
turn of affairs. Men who have made their s. ooo.-
900 To Sl0,000.000 in manipulation Of the
stock, by the grace of the governors OF the Stock
Exchange. are loath to surrender the great adj
VantICcS they have held under rule Of mystery.
And yet, believe that the buyer OF Sugar GER
tfcates at current figures who docs not watch
the tape, will barring rascality In the. manage
mcnt, like that which has occurred NJ The Stock
Exchange, make great deal Of money. II is
best. however. to await the reorganization under
laws that will not permit such fnc
for the speculative interest Of the in,
sders that the proposed reorganization shall
go through, II will 20 through; il not II viii he
postponed. The outsider who PLAYS with Sugar
PLAYS with loaded dice, and the Stock Exchange,
with IT'S eX-preSidcnt, choices in the possession
OF a skatlng-rinx where dagger signals are stld
partment.' That unlisted Department.. made
for the sole ard only purpose Of crushing the little
Consolidated Exchange around the corner, las cost
the Stock Exchange 100000, 900 in commissions
factor in making the extreme 0ulncsS that rules
in the general market. VIII the board ever rise
70 its Inherent power and demand diylslon o'
the commissions made in that unlisted depart
ment No..
The days general market was void Of special
features. YesterdoYs recovery from! Mondays de-
cline on short sales not only maintained,
but in some instances further advances were cstob-
lshcd During the last three days Atchison, To-
pella and Santa Fc stock has been the favorte
for hear attacks exactly as was Rock Island ~
9Oa9Q A a week ago They sold il to-day as
low as AZ IA, but il closed on a dull market "a
AZ rs. The passing Of The dividend on ST.
Louis and San Francisco first preferred stock was
foreshadowcd in this column siX weeks ago.
The statement now appears for the first time
that there no dividend earned In the six
months ended June 80. 1889. and II is beyond
question that for two or three years the dividends
on the first preferred stock have been paid from
borrowed money. The plea that a first pre-:
fcrTed property has lien ahead Of any debts Of
the company, no matter when created is too alb
surd to discuss. A debt is debt and pro-
pretorship' no mater tier what its decree free
case case is so Clear that there is 70
fear Of any litigation in the matter. Vnless 10
is begun by some one short" of Atchson stock.
The passing Of the dividend San Francisco
first preferred stock, as will the possible but
improbable non payment OF any interest on Atchl
son income bonds. will work for the benefit Of the
Atchison common stock The control OF the Atchi-
son property has passed beyond the control Of
a speculative interest Barring Brothers are not
spectators: they hold the securities their
Of the last three DAYS likely 10 haze happy
time when they wish 10 cover their contracts.
The earnings for the three weeks in june and
since January ] printed below.
The general market ruled firm oil the way
through and closed strong at about best figures
THE BOND MARKET.
The Treasury to-day purchased 1891, $50 4
per cent bonds at - and S'l $50 IL per cents
AZ 1903 3-4 The small offerings OF Tie II per |
cents al the Treasury figures is a mystery, be- !
cause they will mature September !. 1891, and |
with all coupons on AZ that dat" will be worth |
only IOj J-s. At the Stock Exchange there was !
no business done in Government bonds. Annexed
are the closing quotations: