New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-21
CIDsI NC PRICES OF PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Oh yes. the short interest Is all covered up
That is the reason why. after two hours mar
ket-from 10 to II O'clOck-at higher figures,
with a fair amount of activity. when duness
sucoeededj the professional operators. by and with
the consent Of eminent bankers, made one Of
their fercest assaults values. There was
stopping to instruct the minute bulletins how to
explain the decline. except to ascrloe 1T to a
London selling at an hour when London should
have been dining. That large part of to-days
late selling for London was on the order of an
American dealer in South American nuts. is one
of those things which may be morally certain
Of, without possessing the legal evidence to esab
hsh it. If our foresight had been as good as
our hindsight is we would have kept record of
the daily sales for London account made in this
market, as they have been reported by the experts
of the news agencies. We are confident that the
daily reported quantities for that account would
aggregate fully third. if not One-half. Of all
the business done at the New-IorlS Stock En-
change in the stocks which London deals in. during
the last four weeks.
Is it not about time. now that things have
Quoted down in London, and the outlook there
has improved materially from the late realities,
and immensely from the reported conditions, to
" ma4ket 'N Our n0T market IS stlH dull and
q pressure of sales for bootback Will
temporarily Affect prices. Why, then. the neces-
twenty-four hours explodes itself by publication
of tie facts? There would be some mystery
about large sales, seller three days, for boot
black, which would last and be effective till the
matured
To-days stock loan market and the manlpula-
ton of the market as soon as tue early buying was
ended, and the continued efforts to WORK inc
money market, are the best possible evidence that
the large professional operators are Still largely
" short Of the general list; that they, have not
succeeded in transferring their short accounts
to the board-room followers. We hope they never
will he able to do that, because they are better
able to stand the losses to be suffered on the re-
turn of reason than are the average bOard-r0oni
traders. 1t looks little as if the cheating had
begun: let it be all among the big fellows ana not
to the ruin of any Of the lambs on the hoor,
who now are seeing brownstone fronts IN the
profit of their 800 or 900 shares shorts
All the news of the day was favorable TO o
higher range of values. And the market for the
first two hours, under excitement and good BUY
ing, responded by higher quotations. l'nt that
class of buying exhausted itself for the day ana
the market lapsed into dull mess Then the rad
began, and 1t was not little aided by the almost
universal recommendations of brokers hungry Tor
commissions who were fortunate enough to have
any clients who lately had made purchases, TO Sill
for reaction. Probably not one in ten of the
clients who accepted this advice will buy his stocks
back, unless at a higher figure than his sales
" for turn large part Of to-days mampu-
laton was intrusted to the Spectator who last
Thursday was conspicuous in marking SO for ST.
faul. tndp SIOUX UO-udyt uCCuIG HUM
go Is to 90 closed at SO 8-s. Although the mar
ket suffered material depression from tic best
figures of the day, the closing was firm in tone.
THE DAY IN THE BOND MARKET.
There were no transactions in Government
bonds. The bids for the 4 IL per cents and for
the unstamped is were advanced l-S per cent In
the quotations. II there is any one possessed OF
the idea that the Treasury will make further pur-
ohases Of the per cents they had better measure
the following fact The nominal Treasury sur
plus is now stated to be about S62, 900 900; tnat
includes S55l65,0 07 held for the redemption OF
surrendered National bank note circulation and
$20 900 900 unavailable subsidiary coins. 80 that
there really is no surplus, but deficit But Of
the so-called surplus Of $82,000,000 about
$30 000, 600 now is in general circulation by the
Treasury deposits in National banks, and $40,
000, 900 is In the shape OF unavailable fractional
coin in the Treasury; so that Of the surplus,
counting in the special deposits for bank note re-
dempton, only $I2,000,0OO is in the Treasury
vaults to be added to the general circulation iii
any form. The 4 l-2 per cents which mature
on October l, 1891. have got to be provided for
and the large appropriations against an estimated
reduced revenue will prevent any accumulation
of money in the Treasury vaults. The Treasury
deposits in National banks are about as low as
meets the convenience Of the Treasury's daily
operations and the interest of the banks to re.
tain them. Therefore the quotations for the
per cents at anything above l20 look high for
investors or for the exchange Of the = per
cents at par and interest to maturity by lnstitn-
tions and trustees Annexed are the closing