New-York tribune., 1890-08-07

sd AEkA
TIE STOCK MARKET.

Wednesday, Aug. G-p. m
There has been nothing clearer than that the
local money market ~ the Stock Exchange dur
inr the last three days has been largely artificial
and the result of hidden manipulation. The
natural conditions have not warranted the prevail
ing, let alone thc extreme. rates which have
been paid for call loans only at the Stock IN
change The bank statement Of last Saturday
returned an average surplus reserve for the week
Of - 9j9, $50. and on Friday. which reflected The
whole weeks bank movement, the rate for call
loans was Il per cent. OF course yesterday
withdrawal OF =. O0o. 600 gold for export reduce,
the banks cash by So much. but the surplus was
reduced thereby only 81 ,500.oOO; taking that
sum from the average Of the preceding wee"
would leave the surplus reserve at S',foo,ooo, or
$. 100000 greater than the avcrae" oi the week
ended Inlv 49, in which week money at the Stock
Exchange ruled al 4ai - per cent. 81 couIS"
an ignorant sentiment has LARGELY aided me
iianipulation in cfcctlnG It's purpose. bu' where
y,as ihe motive power created? Is thc question
ToIlav's developments strongly indicate that The
member, OF the Stock Exchange are indebted iorl
the nigh rates iOr money which some 0l thch
have had 10 pay TO lis special irirnds-the III
sidrrs in Sugar Trust. OF course these are say
lOrk National banks which,. a. in last March, !
never let an opportunity pass to call money AZ |
thc last legal minute - help along Hurry. 50
as 10 relend AT higher rate The brokers
who. after last springs experience. contlh"" I" |
are entitled 10 just the amount OF considerations
which they obtain whenever the opportunity ="
pinch them occurs. But as 10 to-day develop |
mcniS: The representative banking house oil me
Suonr Trust interest was discovered - hc sending
i'm orders the money market ut the Stock
EXchanQc-a place where II shohld never DE
borrower, unless iOI respectable hdlanc'-t'
take S2J.O0o, S"O.OUO. or H'"'Oo"' "S '"' -, '" |
might he. at as high rates as possible. u
another broker. who IS not @cnci2 llN idrhlINc'
with the SlQar interest was employed 10 hld per
alu he
on SUGAR certificates II we take these facts IN
connection with the sudden Application "l Nr- !
cciycr Cray lwho is in Europe. OF the North Klfer
Company. t. the supreme Court Of BrooIIFn vi
le made party defendant in the sur ns''"'"d
with the avowed purPose Of h9Nt"nin3 j.
organization Of the Trust under the I"NN'
much of the monetary mystery "i Inc
las, three days is cleared a"OH II any one
thinks that Nh. 'Tays application "'s no' s.4-
gcstcd by the Sugar powers that be, "r "ntf
HIM oar hcarIics, sympathy.
NJ crops is tine cry now sung with all possible |
variations II and about the n rk IAcn'h-r. ''d
Oh a duh market the beats only In the mm,ln@
of figures are using the best Of their prsslHsilc
interest, lnot views - impart 10 real holders an
idca ;hat the tnitc- States Is Oh the Ner2r 81
starvation. We do not cXaEgcra'c Their sl1i'- |
mcutS one io'2; We only put them in pam tu:-
lish. our way Of pntlng II - absurd. bui no
les than the attempt I" convey ihai iHlpI's-
sion by taking here and there section wllrh has
suffered some damage and retailing an cNa-&ra- |
ZION p, the average of th country No" tie winter
wheat Is harvested. and According t4 ""V'rhn'n'
reports il is 21O.OOO.Oo0 bushels. No one When
brought down 20 figures est SiimaieS the spilnP
wheat which now Is nnder the reaper ~ less
than l500o0,D00 bushels; total "Ec3i crop
10000. 900 bushels. The corn crop in sections !
is dama4cd bat no one dare pui his signaiur" = |
an estimate l,~s than l,j00 00,o0o,co" bushels, |
which. with coo. 900 600 buslcl, Of The crop of
for the railways after January J, when
thc ncV crop OF corn Will begin 10
move. Sow wc take it that the Western farmers
wno raise tie crops are rs well posted Oh tie
condition OF their new crops a. am experts who
aic paid for carly nfOruotIOn by speculative
firms 50 we come 70 the hate receipts Of grain !
n tbe Western points of accumulation. We find
that i'm the week enGcd July -, after the har
ycsfing Of spring wheat had begun. the receipts
This year were ?,o4o'G' hnNl"iN wheel 'e'inN,
204I54i in the week Of 1889, and against
D. ,Gg 600 bushels in the week of lN~s; of corn, |
?.4s9.?3O, 1.909403 and l,i1G,920 bushels r.
spccticvly The man who wants 10 sell ihc Wet
cr, Crnrr short on his business capacity is |
cana lrd ol.lV by the present hears al the Stock
Exchange II the general 0utIo0lt for this years |
crou were nearly 80 bad aS tie wall street agu-
cnltnris reports them 10 bc. would thes' sharp men
of tlc Nes Dc in such haste 10 part with their oil,
oven M present figures. which are 30 cents for wheat
.,'.;net !; : a wear ago and 80 for c0rn against /
- - vc,r ara Go TO- two-vcar-oIl4, and when "
.r. Ten wears old appreHtc" thySclVcs 10 black !
smith and learn if the pounding "i red hot IRON !
will not impart 10 thy brain possihlh'N Tor |
something else than constant repetition Of lies.
o There j. stock market Ii4'h'N III 'ur !
stock Exchange put on the airs oi giants ana
make and unrakc prices AZ thcir sweet VIII. III !
sntiricol tone the, ask, where are YOur " bull |
Iradcrsp AS we have continually remarked they |
Go nnt c>is, IN the Stock ENchana; bai they 10
ovist q, va, discovered last April. when the
90 Loarsr attempted to recoup their sales of con !
tracts The buil' in the market, and thc 0Hly |
" buU" in H. is the public and ~ no lon9rr - " !
~ buiI" ON margins lis "bnlllsh' proclyi'cs
lcoin and end with the buying Of shares and T,
,,Eino them away II has been hulhng stocks
o,,nr tIo, fashion for t,vo ycarS-nOi in brokers !
oa,ccx where advcrs could be volunteered that J
= turn ,uiobt he made by selling ont and huvine |
I,ck The bears" had one lesson In the ncW !
method last April: the day Is near when they !
win learn the second chapter. To-day market was
ike that of the last two DAYS; under early |
nmrcbasino orders the prices marked ma |
irrioI impr,vcincnts But when orders of that |
class had hccn executed the desperate wrath at !
iIc .,uhiofI.ur,s of V; Ines again TOOK the moor
and held IL 70 The end. Even the anthracite coal
.locls ,crrc s,d If bccal'e ot PROMISED con |
timed droutl, and all the trnnk-iinT shares
welded some fractions, because ono small M |
porter Of foreign merchandise threatened them
,,tI, l,cl, of business The market closed sc"ln-
inpv weak AZ the lowest figures, bni ~ me SKIES
do not fall the d" bears" are now SOWING 10 the |
wind 70 reap the whirwind. They have ne mar
lct 10 thcmselvcs and do all the selling. VINO
is il that buys? We only know that II IS not
Stock Exchange bulls
TIE BOND MARKET
The Treasury purchased S'1o'5jo per cent