New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-18
CLOSING PRICES OF BOSTON STOCKS.
Boston, March II, 1921.
CLOSING PRICES OF PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

TUESDAY, Mdrcn lI-p H.
The stock market exposed u two opposite
influences to-day, and ourousy enough MeE
spranr from the same source. The opening was
confident, but the early announcement OF frcSh
engagements of gold for export depressed prices,
which again advanced on the report that the
Treasury had refused to make price on lis gold
bars The report not denied before the close
of business, and it was not confirmed absolutely
until long afterward The comparatively weak
closing therefore, must have been due Ia this
new phase in the financial horizon. No more I'M
portant question has been presented for long
time Since the resumption OF specie payments
there never has been a good reason why the
Treasury should not impose a premium Oh goid
bars European governments have done so. ana
our imports of specie have invariably been III
the shape of coin. The late Congress authorized
the Treasury to fix a discretionary premium. ana
this privilege was exercised on the last shipments
If the refusal of the Treasury TO sell gold bars
puts this country on an equality with Europe, II
must be admitted also, that legislation cannot
override the laws of trade II there IL baiaIce
against this country, it must be paid, and that t"o
in the standard of value recognized by all nations
If the demand for gold by Europe IS a natnral
and genuine one it may not easily DC chccked
The refusal of the Treasury to sell bars Will
simply advance the rates of exchange TO POM
where the loss coin by abrasion or alloy VIII Je
overcome. Inc instant inquiry VIII Ut w
the effects on the European markets. mere
can he no doubt that the entanglenich's
ON account of Argentine specIlatlons have become
serious. forced liquidation VIII entaA hcaVN
losses and apparently il can be avoided only by
sales Of American railway securities Tor which
there is a quick and certain market II Europe
must have gold it may reasonably ne lnleIfed 'I't
il will have it.. without much dispute about tnc
cost. II has been recently a popular impression
in Wall Street that Europe has closed out lts
speculative holdings Of American stocks; Inc
Genial of It's legitimate request for gold may
show how Little difference there really Ii between
speculative and investment holdings. An IN
fucncc not less important NAV he eNcrted on thc
American public. The inclination to hoard gold
which was started ny the danger OF extreme
silver LEGISLATION, may be revived ana the swash
of that popular tide may not he calculated
The volume of speculation Vas on about me
same scale it was yesterday. The Western rail
way situation was in sOne respects decidedly
worse particularly in the passenger department.,
but the most active Western shares dd nol SuHcf
more than the common los Of IL to ID per
cent. In fact. Chicago. Burlington and quincy
and St Paul were al times conspicuonsy strong
count The transactions in these two stocks and
in Union Pacific were nearly one-half Of the total
business In the late dealings stocks that nave
an international market were weak, ana Inc only
decline exceeding fraction was suffered by L'uis-
vile and Nashville The closing was not strong,
but irregular. at generally small declines.
TIE DAY IN TIE BOND MARKET
Government bonds remained neglected. but
there was no important change III quotations,
which at the close were as follows