New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-30
CHASING PRICES OF PHILADELPHIA STOCKS.
SILVER SPECULATION.
~, Dat 10


II WAS ono week in August, before the Govern
ment had purchased an ounce OF silver under the
new law. that we directed attention to the fact
that speculation had advanced the price Of sill
yer from about OIL cents to 81 10 an ounce; that
the Government did not purpose to purchase only
about the previous output OF American mines, and
that the worlds stock Of silver was an unknown
quantity Our remarks at the time drew forth
some very caustic criticism from certain specu-
lative silver holders, which would now be good
reading on the slips Of Wall Street news bureau.
BY all means reprint them with all the compound
adjectives Well, the price of silver did advance
10 near 81 81 an ounce. 1t has been down to
81 o., and to-day, after 81 o. 3-s yesterday.
closed at 81 06 3-s. The average trader in Sill
yer certificates since the price was 81 10 before
August 49, has lost money on his TRANSACTIONS
A few only have been benefited by the advance
to $lse The mount OF :. Susi sSs Stock
Exchange to-day was greater than it was
before the first Government purchase under the
new law. The previous holders of silver and
the producers nave haa a , as OF
at the Stock Exchange. But it is an error to sup
pose that the silver speculation has a6sorbed,a ANY
money beyond that absorbed by differences in
prices. All of the increase in silver certificates
was bullion held before the enactment Of the law
of 1890. The holders who since have put it into
certificates and sold them have received their pay
which they before were carrying the bullion, or
have It for use. TLey have not buried it AS
we anticipated in August, the speculative advance
above 10 did 10 general good the necessary and
certain reaction 10 .Gl la> done a deal of harm
to the general situation. Silver, being large
proportion OF the countrys circulation, should
Ike barred from speculative manipulation In the
Stock Exchange, as once before the Exchange
barred the dealings in gold.
WHAT WAS DONE IN STOCKS
Muti1ed drums beating out mournful dirgeS made
met it on the streets. and it was only intensi.
fed in Offices. The universal cry was, There
is NO salvation and no hereafter Yet two blocks
either north Or south Of Wsll-st there is hum
away from Wall Street, till he touches the ST.
Lawrence River on the north, the Gulf on the
south, and the Pacific Ocean ON the west. Wall
Street speculationS are paralyzed by shadow, and
there is no use attempting to deny it.. AS TO what
that shadow i., we have very fully expressed
Erie Erie and western Railroad just returned from
trip over the whole line. in private conversation
with q friend. not intended for publication.
says that in thirty years experience he never has
seen so large movement OF traffic both east and
west as there is now, nor such prospects ahead
nearly 2 1-e per cent accrued Interest on them.
To-day, after the publication Of the companys
statement for the month Of September, furious
drive was made at the stock Of Chicago, Burning
ton and Quincy. aud it vas rattled of from
TO ~ Eus los sr the aer
deductisg first charges, compared with the month
Of september 1880 was si2l, 900. which is le.s
than Oneha the gain in ,oSp
Sives the figures Of 1888, 1889 and 1890, with
tie totals for nine months Of each year The
gain for the month and for the nine months OF
1883 are large yet the price OF the stick ON
September.21, 1888, was 100 LA TO- against To-
days closing at 90 On the strength Of the Bur,
Nngton and Quincy showing both Rock Island
sold of to about the lowest price vet touched
for them. Union Pacific, after carly sales at
As IA, was comparatively firm, and in closing
at As IS pas Ia per cent higher than last
sugar certificates enjoyed fluctuations between
"a ia and 6s closing at 81 ia. or IS higher
is not discovered. it is probable that By tO-mor-
low night the public will know more about the
value Of Sugar certificates than II has ever known
before The facts which the Stock Exchange
should have long time ago forced out or dis
CHARGED the certificates from quotation; will he
made public. But while the Stock Exchange is
Inundated beyond measure ut the allegation that
one OF its members by triekery forces quota
ton OF - per cent below the nominal market, it
quietly submits to q milking process in blind
stock, which has Impoverished its members and
brought dealings at the Stick Exchange into gen.
crab disrepute.
The general market closed up with consider
able rally from the lowest prices. but left them
generally lower than last evening. and commits
sion brokers left the Street beating uutted drums,
followed by small remaining clientage dressed
in mourning garb. The "unmakers" Of the
market are in the Southwest. travelling In private
palace cars with oil the appurtenances in the way
Of luxuries that this implies.
THE DAY IN THE BOND MARKET
, There were no transactions in Government
bonds at the Stock Exchange. but the quotations
were steady as follows:
- Bid AK. nd. Ask
:, Ala 1881 res iO4k IT, cur. 1895 IlS &c..
4 IS 70 1891 cou.. l04S. U.seur.esis9e lls