New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-15

For months 1893 682 7+7 s4sl o33 w" Sooa
WHAT WAS DONE IN STOCKS
One of the strongest features OF the PREM
discussion of the currency question Is tne %,uc
IGNORANCE of even elcmental influences ny WIFI ~:
the movements Of money are directed. 10 oiiS
has been added ignoranGe OF e aWS To doubt
tb n authoritv of the Treasury Department 10
issue bonds in maintaining specie payhen's -
on the same plane with the QUESTION s,iU .Wcr csb
iisbcd If the holders Of $500, 600 600 leqal-ten-
der notes had presented them 10 the lreasa'k Oh
the first business day Of 1879 tney woh hnd heSn
forced into the street to obtai in the coin lnere
has been no change in the law, and me r I'm,
Of the Treasury TO issue b9has unu "cr na Secrr
,ar;ns II is asserted also with great WISDOM
that the ressued leeal-t"ndcr notes cannot I've pro
tected by the Government' aithchsh ILL.,. nostnroue
was sptcnca nsr" allowed there would still remain
The sherman Silver law Of 1890, when nas mor
been repealed Until i hall, has n ~ ienn ' ali classes
~ National currency at par with gold. his
was the only redceminO provision Of that act:
Tho ejaculation In stocks to-day WINS qul"t ahI
fairly frm until the last hour, when prices yielded
easily ON the announcement that IN" Cablnct nan
decided against present ssu" of bonds ms
action ought 10 have "en r.hSs an ,ssu" did not
evist Tho decline in stocks. il may be inferred
was nothing moro than the result OF n'a Ea,i
attack. In the hone that the decision OF me WOW
or.
further advance In stocks There can be no
douht however, that the controversy about mo
condition Of the Treasury ana fh" unccr'hih1N
about the outward movement o. poId nave olr-
couraeed few smd holders OF recurl,r~'
Predictions Of extremely large exports on Satnr-
dov were made freely near the closr oi business;
and of course, n was assumed thdt the re1'Sa,
of the present Government TO issue bonds wonid
create Greater European demand lot III" precious
metal Tie advance in the rates for Ioreisn
exchange was due - natural ana not arnnc'h'
causes TIE statement OF The prln"ipai cN-
ror.s in January was even less laV"r',,
bic than had been expected. and
the exports from NewYorll thus far this month
have not been encouraging. The supply Of com
mcrcial acceptancrs. on this account: has h""n
scant willie maturing obligations have been
heavy The shipments Of gold which may nc
nodc will not he because the President and his
| Cabinet saw no necessity for s'rcrGthenng INC
| Treasury stock Of gold. They will he abc
| AND in strict compliance with the laws OF trade.
While Tho general movement Of prices was
| downward and last ones were nearly the lowest
| for the 1ay II is noteworthy that the heaviest
| losses were suffered hv special and Industrial
shares which are hardly known abrond Th"
| stoc,S which have an international market were
| nv no means wealS. although they closed tr""-
| tionallv lower The movement w9s relatively
uniform. however. although declines rarely eX-
| cccde1 ! per cont.
THE DAY N THE BOND MARKET.
| Government bonds were virtually neglected nj
the Stock Exchange. At the lest board 81 600
each Of couDon and registered Is were sold To-
| spectivev AT lIo "a md 1927 IS. The closing
| quotations were as follows: