New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-16
CHASING PRICES OF BOSTON STOCKS.
WHAT WAS DONE in STOCKS.
Thursday, Dec 15-p.

Thursday, Dec 15-p. m.
The stock market to-day was merely an obiect
lesson TO Congress There may have been good
deal Of manipulation about the movement, but
under it all was the substantial fact that gold
was going to Europe. The advance in rates for
call money was simply the result of concerted
withdrawal of funds by the city banks. The
purpose was to check the outward flow Of gold
and the hamboyant speculation in the industrial
stocks. The banks began TO exercise just dis
elimination in loans. 1t would be invidious to
say that they threw ont one stock or another,
but The general conduct was plain 1t ray be
regretted that such course Of action is nearly
like a twoedgcd sword. Higher rates for money,
if they can be maintained oppose further en-
Forts Of gold, but they cannot fix the premium
which European countries are willing u pay for
the metal, and they are only a temporary obsta-
Gle in the way of natural laws. They may dis
turb values - such an extent, however, that
control Of the market may he lost. The III
dustrial stocks, for instance suffered the greatest
losses to-day. Disillers and Cattle Feeders fell
; per cent and the others in this groap from
| TO per cent. Tho declines Of about ga per
cent in Western Union Telegraph and Manhattan
Railway. and of So per cent in Missouri Pacific
demand better reason. hey are not dealt i'll
abroad and consequently the selling was not for
foreign account. They We're not liable T. dis
elimination by the banks, and yet they seemed
TO be pressed for sale, and their last prices were
practically their lowest. Even the Grange" stocks
the Interstate Commerce law has been pronounced
by the courts almost unconstitutional and It's
regulations about pooling agreements may soon
be modified. The declines in Rock Island and
Chicago, Burlington and Quincy were exceeded
by that in Lake Shore. while the Nickel Plate
stocks nearly lost the Improvement made yester-
day. and New-lork Central was heavy. even if
il was extremely dull. The final losses in Erie,
Atkinson; louisville and Nashville, and Northern
England were only fractional. The closIag was
not at the lowest figures, but it. depressed
and without inherent strength
TIE DAY IN THE BOND MARKET.
There were 10 transactions in Government
bonds but the market was steady at these quo
tatonS:
US So 1881 con- Gu, g, 1872 1sSS 1 ,S7
s ss: I Iss ~ ill., ill., :s; }i5
of 81 900 North Carolina 6s of 1919 at 1872. OF
city bank stocks Republic sold go at l'o.
The general bond market was depressed IN
sympathy with the fan in stocks. 1t was worthy
OF notice that the final declines were rarely more
than Il fraction. Chicago and Erie incomes lot
nal IS 'cio.cd with locs Of l;2 per cent at 43
Chicago and Northern Pacific hrsts were l-2 per
cent lower at "a, and Northern Pacific consol9 IS
were made by few special issues. Reference is
made 10 our full report Of bond sales
Money on call ruled at per cent until the
last hOur, when q sharp demand cdrrled the rate
10 - per cent, and 10 per cent was the last rate
The Clearing House statement follow:
Exchanges. Sl39, lo',sO3; balances Sj,565,Os7.
The Sub-lreQsIry wa debtor to the Clearing
House 81 ,Ol9,4l9. It's net loss on balance was
$30l ,O92, made up by lossey Of Sl9,924 in cur
tons inclnded Receipts, S2,9G4,7ll payments,
$500, SOB; resulting i'll general balance of
ll4l62,s43, consi,finc Of $l07,34j,lss coin
and 1851 1855 currency.
Tie United States Treasury at Washington re-
ceivcd to-day $29s,550 National bank notes for
redemption.
The customs receipts were S932,4l7, the in
ternal revenue receipts 1891 ,3s4 and the mis-
cellaneous receipts Sls,j35.
lo-day's Wa- ineton Treasury statement OF
cash on hand and deposits in banks compares
with the figures OF the last previous statement
IS follows:
Nei god haadSi2'io o1o 1923 s'0,5s7 tlCJ,iSj
ia s25? s%q sls' =, inc. e95s2I
Actual cash m tn
Treasury Nal'>
ccrtliicas sis al3 7ij sl57 GJ5 3i7 Inc 1921 coo
Deposits ia iGn@. Hos 40 ll,51:.Il7 bee. 1885,
Net cash 4I49 60 .37 $40 oI4 4GI Dac $50 ~
The foreign exchanges were again higher There
was not much business, lcc3us., gold may be-
shipped in preference 10 bills. and there will be
no specie shipped before Saturday. Following are
revised quotations for actual business Bankers
for long and short c.crling respectively; French
francs. DIG - and 5i5; richmarks, 95 l-2
and %.
FOREIGN MARKETS
The goveraors Of the Bank Of England at their
weekly mectn. made DO change in its minimum
rate Of discount which remains at 8 per cent
In the week the jan: gained $4,000 bullion, and