New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-20
three years:
Total for II moss4G4 479.224 s493 022 0l3 s57O5 AL
WHAT WAS DONE u STOCKS.

We assert, with a positivcness that challenges
intelligent contradiction, that the prospect OF
silver legislation has not yet been factor in the
appreciation of values at the Stock Exchange.
Such appreciatons did occur in April and
May only partial reflections Of causes far re-
moved from any expected legslation-the Inces-
s;int and continuous Improvements marked in the
general business of the country, and phenomenal
gains in gross and net earnings reported by the
transportation companies. Two months ago we
pointed out the efforts then made u asC nbc a
rising market entirely 10 the anticipation Of
further silver expansion, and explained that Its
purpose was TO use the first opportunity of "A
doubt regarding further silver expansion as a
rod with which TO attack market values The
unwise action of the Senate furnished that OPP
portunity, and ii has been used exactly AS we
eight weeks ago said IL would be used. Again we
May the sole results Of an expected further
expansion of the silver circulation, and now that
there is little probability Of any legislation. the
market for securities must return TO its normal
condition prior 10 April L. So, if the Central
and Hudson Company, with an increasing busl-
ness, gives an earning capacity Of per cent OF, on
stock cannot appreciate unless there is silver egis
lation Go 10, silly writers your readers, If you
have any out Of the Stock Exchange are not fed
on your skinned milk. Neither are they fright
encd at the long and contradictory essays about
exports Of gold and the relative exchanges
between New-York and Berlin and London
and between London and Berlin. Their business
education has taught them that money is for
use, for circulation and that only for that pur
pose is it useful. So then it is a condition, and
not theory.
The activity in TIE movements is the result
Of large Transactions in business TIE accumula-
ton at centres is the result Of a poverty stricken
sta2nation. Under the existing law the yearly
expansion Of legal money by the coinage Of
standard dollars is something like $50, 900 600.
Could we not get along couple Of years longer
in steady and legitimate sort of o way. with
values dependent on earning capacity, without
"A further imitation? No other country in the
world is expanding it's legal money in like
ratio, and we hear nowhere else except in wall
Street and in Congress OF the dire calamties
which will occur if CONGRESS fails TO afford rehcf
10 the poor American The simple answer 10 all
this folly is that with larger legitimatc-not
OBSERVATION-DISCLOSURES in progress than the country
ever before enjoyed, money at Ill the centres
is unusually easy for periods Of activity
I'm the stock market this morning. the points
which have attempted 10 explain away were
used for good deal more than they were worth,
but with the result Of foolinG one except the
.nonts" The bears had no competition
they were in love with themselves. without a
rival They did exactly as they pleased with
prices. except that at their figures they were not
able 10 buy any stocEs. The later rally to near
the best prices Of the day not due 10 any
favorable news from Washington on the silver
bill becausc there was no favorable news IN,
II was due 10 the simple fact that the bears
cot tired Of doing all the selling and stopped
And when they stopped il was discovered that sell
ing orders were scarce ard that buyers hau 10
bid for what they wantcd The short interest
has been largely increased by the operations or
the last two days, and that interest may he con-
fdcntly looked to to start the next boom, whether
or not there is any silver legislation. The market
closed strong.
THE DAY IN THE BOND MARKET.
The Treasury purchased $4,000 per cent
bonds at 122 and $4,000 4 l-2 per cents a, Ioo:
done in Government bonds, and the nominal quo
tations were as follows