New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-06
CLOSING PRICES OF BOSTON STOCKS.
CLOSING PRICES OF PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Thursday, Nov. 5-p IN.
The most encouraging feature of the stock
market to-day was the buying for European ac
count. 1t was too extensive and confident to
he merely an arbitrage business and will involve
undoubtedly the actual shipment Of considerable
amounts of securities. This persistent buying was
the more surprising because the London market
was somewhat depressed. although the settlement
at the Paris bOurse effected without distur
bance. 1t is hardly possible that the revolution
in Brazil should have no further influence on the
foreign markets. and the fall in British consols
must be attributed to this cause but the fact that
the Bank of England did not raise its discount
rate is an assurance that no disturbance is appre
hended. The probable explanation of the foreign
buying is afforded by the defeat of free silver
coinage in the only election in which it was an
issue The influence ON European investors Of Re-
publican success in Ohio may not easily be
measured.
In spite of the foreign buying prices of stocks
yielded with altogether too much readiness. The
uncertainty about the outcome of the Maverick
Bank failure was not relieved and although hope
full reports were received from Boston, heavy ship
ments of money to that point were made. 1t is
almost beyond doubt that since the bank failurc
was announced these shipments have amounted
to over S6,O00,OO0. and thy may have been
considerably larger. Fortunately, the condition of
the city banks is such that the loss Of even this
large sum may be borne with cOmplacency, while
the higher rates for money, which naturally
follow, will attract currency from the West and
gold from Europe. Confidence was represSed,
however, by fear of other unhappy Developments.
1t not the speculative element in Wall Street
which was disturbed by the proof that the con-
dition OF the Boston bank was known to the
Controller of the Currency long time before its
doors were closed. 1t is not an improper inquiry
whether other banks may not be protected in the
same way, and until the doubt shall be removed
the public buying of securities is likely TO be
timid and of small proportions 1t is no pa LA
ton of the fault that the Department had reason
to hope that the bank would surnIOunt it's diff
cultes, for the National Banking Act gives no
such discretion to the officers who are charged
with the duty of seeing that its provisions are
strictly observed. When IL was known that the
officers Of the Maverick Bank had transgressed the
law, the action Of the Department should have
been promptly in accordance with the law. II is
fortunately matter for congratuation that
neither the Keystone Bank In Philade'nh nor
the Maverick Bank in Boston is the = OF a
class but for that very reason their infringement
of the law should have received the punishment
provided by 1t.
The course of prices to-day was downward, and
while the selling was largely professional there
was comparative lack OF buying power. The
anthracite coal stocks declined more readily
ton for their weakness. Reading was perhaps
the strongest, but its final loss was 3-8 per cent
while Lackawanna closed per cent lower. The
Granger shares lost about l per cent, and indeed
the average decline was nearly as much. The
closing was not strong, although the last prices
were small fraction above the lowest points.
THE DAY IN THE BOND MARKET.
There were no transactions in Government bonds
at the Stock Exchange, but the market was heavy
and bids for the as and some Of the currency issues
were reduced 1-2 per cent. The closing quota
tions were as follows.