New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-28
PHILADELPHIA CLOSING PRICES.
THE NEW LEGAL-TENDERS.

Monday, Oct. 27-p. IN.
As there seems to he some uncertainty as to the
status of the new legal-tender notes issued for
PAYMENT of silver purchases under the law OF
1890 it is necessary to repeat wornout en-
PLANTATION. The law of 1890 provides for the
monthly purchase of 100000 ounces OF hne
silver by the Treasury, and that such purchases
shall be paid for by an issue Of new lesaltender
notes. receivable for all public and private debts
That is. the purchase Of 100000 ounces Of fine
silver at 81 10 per ounce requires the issue OF
$4,000 new legaltender notes. When such
issue is made it becomes a permanent part OF the
Nations legal money and it circuates through the
banks and through mercantile circles and IN and
out of the Treasury exactly does the old green
back lega-tender note. OF course the Natlonal
banks count them as part OF their legal reserve,
as the law authorized them " do: The banks nave
done so from the first issue, otherwise the issue
of the notes would not be as it is-a continuous
permanent expansion of the legal money In the
country. After once issued, II IN the treasury,
they are there in place Of other forms Of money
which would have been there if the Silver act
had not become q law, for receipts from customs
and internal revenue, and are paid out by Tie
Treasury for it's dues exactly as are the old green
backs Once issued in payment for purchased
silver, the legal-tender notes OF 1871, In OF on!
of the Treasury are cash" to be used and treated
exactly as are all our other forms OF cash me
statement by a supposition that they were now
counting the new egal;tender notes as a part Of
counted for by the fact that on Friday, October
II, about $45OO,O00 of the befOre-locked-up
money was deposited in bank.
WHAT WAS DONE IN STOCKS.
To-day's stock market generally Yves less active
than on the last days OF the last week. The
transactions in the general market aggregated only
20O761 shares, against 1s0,966 shares for the
halliday of Saturday, and in the unlisted de
partment to-days five hours recorded 97,14l
shares, against 81, ISL shares for Saturdays two
hours. Sugar certificates opened OF per cent at
65, followed by one sale OF 200 shares at 81 =
the next sale was 900 shares at 90 IL AFTER
that the appreciation in value was progressive,
subject to less than the usual fluctuations, but
after selling up 10 20, there was quick reaction
to &c. and then, after recording ~ IA, there was
as rapid a decline to 20 10. at which the Ger
tifcates closed The total transactions aggre
gated only $1,000 shares-a fair business, bnt
small compared with Thursdays 14O, 900 shares
at 72a66 l-2. Fridays l96, 900 shares at So 3-4a
81 3-sa6s Is, and SATURDAYS two hours 5000
at Sc l-4a65a61 3-8. There may or may not be
significance in the fact that the large dealings to-
day were done at advancing figures while the
per cent reactions were effected with compare
last Tuesday sold at ~; they since have been rs
low as 81 3-S, and to-day were up to ~ -
But who, if any. except the insiders has made
any money In the extreme or intermediate wild
fluctuations Of the last weekl Who that has
dealt in thccertifcates has not lost money in the
week? And yet the Stock Exchange doors are
wide open to a skin game that would have put
Ann-st to blush at the zenith Of its glory. The
surface indications of the days dealings are that
the inside manipulatOrs have purchased 10000
shares for loo s they sGa But as
ment Of the actual condition of the company and
of its profits since its organization will be made
to-morrow or on Wednesday. perhaps the surface
In the general market to-day it the stock
of Burlington and Quincy that was the special
for ,b was rs Sod IL on S r9
at 90 SO. While this operation was in progress
there was quiet good buying OF the general
list st. Paul was made .o1 to yield S3s per cent
Chicago Gas was heavily attacked, and declined
from Al l-2 to 81 "a report that the Peoples
Gas Light and Coke Company had mo notified the
DESTROYS Of Withdrawing from the Gas Trust,
and would not contribute any more funds for
dividends. and wants it's securities" returned so
sufficient reply to the statement is that the
entire stock Of the Peoples Gas Light and Coke
Company Of Chicago belongs to the Chicago
Gas Company, that its directors are appointed
or elected only by the votes Of it's stockholder--
the Chicago Gas Company. Yet. In democrat
lied market such reports pass current, and are
stock from Al l-2 TO 81 "a. With all due
respect to the New-York directors of the Chicago
Gas Company, who are the representatives of
the absolute necessity Of as quickly possible
dispensing with the services Of two or three Of
the resident directors. who for more than a year
past have found a greater profit in working the
stock market than was to he derived from the
dividends on their nominal holdings Of stock
in o company Of which they are trustees
The general market under the discOuraging
local infue developed good degree of strength,
and majority Of the list closed with some gains
on the last prices Of Saturday. Yet it is beyond
dispute that would-be buyers are frightened of
by a condition of affairs which Is incom prehen sbe
to them. They see gloom and dependency where
they think there should be activity and appre-
citation.
THE DAY IN THE BOND MARKET.
There were sales of Government per cents at