New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-12
CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco, Nov. II, 1880.
THE STOCK MARKET.


The deluge arrived to-day, and probably with
the forced suspension Of Decker, Howell & Co.,
simply because their collaterals having been dis
credited they were unable to borrow money on
them, also came the end Of the forced hquida-
ti0ns at the Stock Exchange. The action OF the
Clearing House, late this afternoon, in deciding,
after examinations Of the conditions OF the Bank
of North America, the Mechanics and Traders
and the North River, to issue an unlimited amount
Of Clearing House certificates and for an in
definite period, is a virtual suspension of specie
payments at the Clearing House and makes the
entire amount Of the associated banks loans
nearly S4OO, 900 O00-available for settlements OF
differences at the Clearing House. II the banks
ever were to recognize a situation that has been
forced by q manipulation, their action 10 little
tardy It would have been better to forestall
the manipulators by action two months ago,
when the special locking up OF money began
To-days action illustrates all further efforts to
manipulate the money market, as the Clearing
House can issue certificates. on the pledge Of bills
receivable and securities faster and to greater
extent than any clique Of stock gamblers have
the power to withdraw money. But te-days
action, after the msnipulators have carried nine
out of ten Of their points, is much like locking
the barn door after the daily disappearance OF .
horse or cow for sixty days. when there is nothing
il. it is Of fret Importance to the general in
terest of the country 1t checks the operations Of
men who for personal gains or for other personal
motives have shown their ability and will to
ieopardize The whok business of The country to
cmmstanoss ana tn Forced conditions there was
wisdom in leaving the amount Of the issues Of
certi6cates unlimited. and the period Of redemp-
tion Indefinite. We understand that this pro-
vision was carried only after hard struggle in
the Clearing House meeting But T. was nec ss.
which it is aimed are fictitious fabrics, woven
from illegitimacy and the fears Of honest people.
The stock market this morning opened In good
form at HIGHER Hounes than last evenings closing,
infinenced bv msterinliv hieher quotations from
Tnndon and favorabIe repofts Of the progress of
the hsIf.monthlv settIements in Americans But
IT, was onicIrlv anrarrnt that a screw was loose
somewhere bv the sharp declines that followed in
Wizards: North American down from % 1-o to
40 Northern Paoifc from 23 l-2 to FL rs, and
the preferred stock from 81 lie to "a. Following
this frst break thar was o substantial recovery
Sor iii stools and at noon prices eenerally were
,,,i,no a. aho,t the MT figures of the day Then
rane reneweS ssI,in@ Of Ike Wizards which was
GANG Ienewea III, Se 's,sr nscker Howell Co
hoS nnt hasn .%ia to take nm their over 6ertiAca
ton Of about 100000 yesterday at the Bank of
North america sSa W. MniGS Toe NortS xmsrs.
aePeslted sec9riues an1 s s.b ~ ;nanStsnas. e.
iea was unao'e 20 pay 60: a.,sstias haS tn ho
the Neaisns .hs"n Snrcnd ssies Nnrtb Americana