New-York tribune., 1890-08-08
CLOSING PRICES OF BOSTON STOCKS.
Boston, Aug. T. 1890.
Thursday Aug. 7-p m

Thursday. Aug. 7-p m.
It is surprising that there could have been any
mistake about the firm TO which we referred thlS
morning as the representative banking house OF
the Sugar Trust interest" year ago, when
the firm suddenly called all its loans on Sugar
certificates and refused renewals at any amount Of
margins, its name frequently printed and
was a by-word in the Street OF course, 1t was
known that under any circumstances or for any
purpose Of manipulation such banking firms OF
standing as Kidder, Peabody & Co.. Brown
Brothers, Morton, Bliss Il Co, and Drexel, Morgan
& Co., etc, etc, never are borrowers OF money at
the Stock Exchange, If they ever are borrowers
at the large institutions The firms named and
others of like character are always lenders Of
great or small amounts at the Stock Exchange,
and seldom if ever at higher rates than the legal
rate of per cent The business of such firms
is not of speculative character, and their profits
are not derived from temporary application of
Shylock methods. There is another class of So
called bankers who consider it perfectly
legitimate for them to enter into conspiracy for
the manipulation of money, not for the
sake of the high rates on their loans.
but to forward the interest Of their happening
immediate cllcntaGc In the price OF stocks; and
there always are two or three National banks
that are eager 10 join any such movement solely
for the purpose OF obtaining three, or four days
high rates on their loans 10 stock brokers.
WHAT WAS DONE IN STOCKS.
The stock market opened this morning without
Of corn or peck Of wheat in sight from
the new crops And Yet the Western and South
western merchants in town are making unusually
large purchases for their trade of the coming
autumn Probably they know less of the pros
poets CT business in their own section of the
country than do the local plgmies at the Stock
Exchange But it is well even for the local
Stock Exchinse giants TO remember that 90
cents for 900, 900 bushels of corn will pay
the Western farmers more than 10 GEMS and 81
cents respectively did for the crop OF $50. and
that the farmers stood those low prices so well
that their purchases for consumption never before
were ciual to those of the last year. IL IS hardly
ten years since the freight traffic of all roads
west OF Chicago and the Mississippi River was
made up of 90 per cent east-bound and 40 per
cent west-bound. Now, Notwithstanding the
large growth of the west-bOund traffic, the tonnage
East and West is very nearly equal This Is
factor that the giants in speculation refuse TO
recognize. Ten years ago a fight between the
Western railroads on bound traffic would have
been simply ridiculous. Yet all the fights of the
last year, such as there have been, have been
change-the carrying West of full freight
cars instead of empty cars-that has
enabled the great reductions which have
been made in the rates a ton for each mile on
freight carried These are factors which the in
vestOrs in railway securities have caught on TO,
but which the professional traders at the Stock
EAcnanSe, DOtu giants ana plgmles, 40 HOO ScO
realize
The speculation to-day at the Stock Exchange
was after the recent fashion. 1t was with an
undsgnised effort that the bears at the OPEN
ing marked lower prices Almost everything on
the list yielded to the desperate assault values
The feature of the day is that when the bears
rested, intense dulness and slow recovery fol-
lowed Again after | o'clock the engine of de-
preston set loose and reaction from the
best figures was the result, but before the close
another upward movement set in. which was
quiet and undemOnstrative, but which left the
last figures close to the best of the day There
are evidences Of an impending break in the ranks
of the bears" When that actually occurs, there
will be such a scramble to recOup contracts as
has seldom been witnessed Take Atchison for
an example: II to-day was sold off TO 40 5-S, and
slowly recovered to Al l-2; bur no sooner were
its earnings for the fourth week in July pub
lished. showing gains of SlSl,787, or 90
per cent, than desperation again mar Sed
its figures at Al 1t closed at Al l2. The market
closed dull and strong.
THE BOND MARKETS.
The Treasury purchased S444,0OO per cent
bonds at l24, aud $4,000 A l-2 per cents at
1913 3-4 total, $446, 900. At the Stock Exchange
there was no business in Government bonds.
The quotations were steady as follows: