New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-16
CHASING PRICES or pnILADE1rHIA STOCKS.
THE STOCK MARKET.


Readers" inquiry covers hec' oil +'''I'
interest Without regard 10 the evident poAli0al
bias of Reader" I've answer Is. HE Secretary
of Tho Trc2surv's 1T, report 10 Congress shows
That the money in circulation in the lntcI STATES
outside of the Treasury holdings. aud i"ci"dln-
National bank notes. which are not " I'2'I-''I-
doris was on October Of the respective years 49,
follows 1870. $77O.%12.oo0, or Si'"' per c.P-
ita: 1880 81 O29. 033. So, or sos per c1P'''.
and 1890. 81 ,4gs. O72.7o". OF S23"' per capt. BE-
In the twenty years since 1870 The cIrru ."l'H "i
National bank notes outside OF the treasury ms
been contracted Sll7 .0sG, 9Gj. 50 The amount 90
LEGAL money in circulation outside Of the Treas
ury has been increased during o." twenty N'I'
Ss44s41674. or u, per cent. Yet ne '''''''
has lust passed through the longest p'hod Oh
actual monetary strinecncy in rs history. 40
Conrrcssmcn or any one Csc now icIcfc il1' i"r
late strinsency had any other than an af'l''"i
origin. and that il was followed p} scare VIII"
was the child Of It mystery
Suppose that last August and September o."
nroposcd interconyertible bond scheme had been
in operation The powers Of money manipulstof'
would have been increased tcnfold. Tie twenty
five or thirty millions which were Withdrawn from
circulation ceased 10 draw any interest WITH
The privilege OF dcpositng the same amount Wtih
the Treasury and receiving therefor bona ic'-
ing any rate of interest there would nave Teen lA'
81 Ing on the amount locke MP, ~ It OPP
ZION need not have stopped there. Win tie BON!
in hand for the first lnrcsimril tAtc "'"i
have been collateral upon which 40 any TINE
money If obtainaDlc - all. which iHl-ht hc I'I"-
Vested under any ntcrcOnvcrtlhic hem" II - pos
sible 70 propose. 80 the game might Nr P"fI'
till the entire zoos" cash Of tie country Was Hi"N
locked mp in the Treasury. ana me Irchs"N .N"'
having out interest Tor money on coil loI VIII .
il had and could rot repay I'll ear '"4-
The use might ne mddc oil IN" 81. ms ''I"'
- Il I L.
dcDoSlts This country wants 10 ln'clcoINc 9! l''
bond scheme unless is aNOwrd object J., - Flt'
10 money maniPuletors greater power iof g."
than they ever before possessed.
orr Boston correspondent, IN ms e bdpl"l ON
Union Pacific measures 'Ar pr'-olt sp"r!I'iiFr
situation al the stock Exchange ~ ms tciNc cpl
tome follows
To tLose who believe there is no good m him
lNr Gould il would ~ useless 70 point ont ihi
from purely selfish point OF [irw he - noi'n -
adopt policy which Will enhance the value "I
railroad property in which tho bulk OF hi> cnof-
nous wealth consists With SIch Interests at
stake, hr must build up: lie cannot AFFORD 10 Ter
down II his worl. has been in any sense dcstIur'-
i've heretofore, it mrf; be constructive from now
on"
2 doubt thai Nr Could to-day j. more power
fu parsonage both III the railway situation ami
the speculative situation than j." ever before was
II matters not now the methods which were ON
ploycd for LIS getting there. the foci y that he -
there and that the LARGEST bankers IN the "liy now
look TO him for counsel. The speculative qucn-
power that has fallen ~ his LOT No one know
But the known facts DO afford an oppori lnlty for
the forming Of partial judgment. ~" declines
in values have been large in market that Tor
two Years has been pOtrd for an abfcvcr of >l"Ct
lation II IS known that Mr.. could during III"
declines has accumulated larg" blocks Of Ni.fFs
Probably to-day he is the second. # not the first
largest individual holder ct railway securities iu
the country, with an important and l'rgr folio"
ing. from Nr SAGE down 10 minor persons. ASIDE
from intrinsic merits which in thr end will 49,
scrt Themselves what IS the puplic belief ~ Nj
Goulds intentions in the immcdotc future
correct answer 10 that question will tell what
rev year As !. H. II. Wy says. Mr.. Could Is per
force Of Individual interest compelled TO bc' con
StructiOniSi
Such reports Of today's conference Of railway
magnatcs at Mr.. Morgan's residence rs are -iNcn
Oilt Will be found in our news columns rs %
before was under stood that tie conference yas 10
he informal, and only preliminary 10 future
action on The part Of the railroads. II seems /"
rs that The action a4rccd upon is q long ,tlldr
toward satisfactory settlement Of the so-call"d
vcXed problems Of railway management. Nor" wa
accomplished than II was expected would be al
tins informal meeting. plan for cooperation
was formulated and agiccd TO- subject 10 perfection
Of details.
To-days stock market was dull and almost
fcatnreless5 The fluctuations were within mario"
range, and showed nothing more than the changing
views Of hoarI-r"om traders. The rIIN'I
managers were ont Of the market, being c"niinrd
in Mr.. Morgans home from / q. IN. 20 80 p m
The closing, rs compared with Saturday noon,
shows generally advances ranging from - 10
per cert. But none except those who were sholt
realized The extent Of the advance I'll they com
pared the figures. because tie ma rkct seemed -
he even dultr than IL was. witt total record OF
only l36 6ji shares for the transactions. HE
advances were none the less real, benz
5-s per cent for Atchlson and 81 Paul. - for
Burlington and Quincy. ! per cent for Canada
Southern, Il per cent for Missouri
Pacific and Northern Pacific preferred,
"a per cent for Pacific Mail. . for
Union Pacific and Texas Pacific, "a per cent
for Western Union Telegraph and . IL per cert
for Wheeling and Lake Erie preferred stock
few stocks show small final declines. but the
market, closed dull and firm despite the well
calculated point that to-day would be selling
day on the meeting of railway managers"
THE BOND MARKETS
bonds but the quotations VIZ firm follows: