New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-04
LOSING PRICES OF BOSTON STOCKS.
Yesterday. To. day.
WHAT WAS DONE IN STOCKS.

The stock market active, and III some cases
materially lower to-day, out it was at no time
pancky. 10 be sure some Of the industrial
stocks fell 10 or IL per cent, but at the close
there was no clear proof that they were not
selling far above their intrinsic value. Mistakes
about the losses which may be suffered y such
sudden breaks may easily be made. They are
paper losses and nothing more. The common
stock of industrial companies represents only
GOOD will. labels or something OF the same i,ind
which would be rejected as collateral security by
the most liberal lenders of money. They cost
the original holders nothing, and, if they We're
completely wiped ont, the only losses would be
boric BY few innocent investors, WHO w"r'
deuded by the promises held forth III the promo
ton of the enterprises. From the start, tIc III
dLstrlal corr panlcs nave been OVcI-capltdIIlrd.
Every one has recognized the fact but every
sreculator of prominence has been srre that he conl
make "a big turn Oh The long Size OF trs, sto" Ks.
ndcr thc usual organization the preferred stocks
entitled Only TO a fixed DIVIDEND, and all the
rest Of the profits belong to the common stocks.
Hence more less official reports about the cA-
IaOrdinary earnings OF the COMPANIES accompanied
with skilful manipulation Of the stocks. IL Is
real injury TO legitimate speculation that tins
process has Teen checked The Stock Exchange,
OF course, Will never throw out the industrial
stocks BECAUSE too many of its members Jain Il
living from them. but il is an open question
whether the Exchange has derived an actual add
vantage from them.
The decline in the industrial stocks affected the
general market. Western Union Telegraph fell
g. but on moderate buying rallied nearly per
cent. MaDhattan Railway closed | per cent above
its lowest point, and yet lost IL per cent.
Missouri Pacific closed practically AT its lowest
figure with a loss of per cent. These are no, in
dustral stocks. but they are controlled i'll one i'll
terest, and consequently their declines possess
more than usual significance. Railway stocks
displayed commendable resistance, and with the
exception of Rock Island, which fell per cent,
their final declines not over IL per cent
on average. The closing was affected by
rumors of cmbarrassinents but these were an cA-
rather than cause.
TIE DAY IN THE BOND MARKET.
There again no transactions in Government
bonds at the Stock Exchange, but the market was
steady at unchanged quotations as follows
U. s. 4lss. 1881. Us cur s.. 1851 ...
continued at Us curtis, ioU.i0I2 '...
Esi '{$ $5s s: /; !s Is ;$;$: isss
The only business in State issues was small
sale of Virginia deferred o., stamped receipts, az
5. OF city bank stocks Leather Manufacturers
sold !2Oj at 239, Southern 100 at - ana ILL.,
ana 1r;,dcsmcn'S $50; at 112 - and liz.
There was no demand for railway bonds, anu,
naturally the movement Of prices was universally
downward. 1t was so uniform that the market
was devoid Of special features. Reading issues
wcre perhaps, the mcst prominent. and l"y
further declined about l per cent The deferred
in the general As. Eric second consol, were dull.
but per cent dover at %, and Chicago and Erie
incomes lost | l2 per cent at IS -. Chicago
and Northern Pacific lirsts declined IS to II Il,
| and Northern Pacific consol is closed per cent
| of at ca Richmond Terminal collateral trust
| IS fell from 40 TO IS -. Many other issues
sustained fractional losses, and the closing was
| generally at the lowest points. Reference is
| made to our full report Of bond sales
Money Oh call was abundant at about per
| cent In the afternoon the new business was
| lone principally at ). and the last loans were
at per cent.
The Clearing House statement was as follows {:
| Exchanges. $155,323, 034 balances, Sj.6O2I4I.
The Sub-Irasury was debtor 10 the Clearing
House $377,Gl6. Its net loss on balance was
| Sjl &, Gao, made up by losses of S0s,GsI in coin
and Sal 1862 i'm currency. The days opcrat ions
included: Receipts, S2,4Oi09j payments. 81
| 9II,Iil; resulting in general balance Of So
55O,5l2, consisting Of 4,73s,5O0 coin and Sl4-
S12.0l2 currency.
The Treasury bought 100000 ounces Of silver
bullion at prices ranging from 81 30 to s4.4J
cents an ounce. The offerings amounted T. l.Ol4,-
600 OUNCES The Mercantile Safe Deposit ON
panv of this city reported deposits Of silver bullion,
against which certificates are outstanding, NJ
31s.5J1 ounces
The United States Treasury at Washington
received to-day S2l5,010 National bank notes for
redemption.
The customs receipts were S729 403. the internal
| revenue receipts 81 ',26l, and the miscellaneous
receipts S52.366
1o-day's Washington Treasury statement Of