New-York tribune., 1896-12-08
CLOSING PRICES OF BOSTON STOCKS.
Monday. December Up. m.


The wise men on the Stock Exchange who
possess occult powers. foresight and other such
faculties gave tips on the Presidents Message
this morning, and early trading was influenced
10 some extent on these utterances. Transac-
tions. however were limited. and prices moved
within narrow fluctuations small changes being
made according to the good or evil predictions
made by the speculating soothsayers. The ma
jority Of traders did little until the publication
OF the Message. and then 1t was TOO near the
close Of business to accomplish any marked re-
suits either in the volume Of business or In price
movement The bear element made a drive at
values as soon as the Message was received In
the Street but losses thus brought about were
small and were followed by no liquidation among
important interests. The points which concerned
the Street most were the treatment OF our ior-
eipn relations. more particularly with reference
70 Cuba the Pacific Railroad debt, trusts
and tariff and currency matters. The Gu
han question was treated of in way
generally expected; also the Pacihc Kali
read debt. but both were used by the pears
IN hammer prices while what was called an at
tack upon trusts gave great uneasiness ana
main 70 bear traders who endeavored 10 point
ont serious results TO the trust stocks on the
Exchange Small declines did follow, Dut par
tial recoveries were made at the close
The portion of the Message which was received
,,,,,b General disfavor in the financial communi-
~ was that in reference TO the countrys reVe-
nues as produced by the present tarin law. Inc
President approves this law. anu ai.er s'aae anrs
that there is a surplus In the Treasury OF more
Than SIPS 100000, in addition to the goid re-
serve of $4,000 O0O he says The payment
therefore, of any deficiency In the revenue from
this fund IS nothing more than its proper ana
legitimate use. The Government thus applying
a surplus fortunately in its Treasury TO the pay
hxy
MICS "a not at all to be likened to man living
beyond his income and thus incurring deDt or en-
Croaching his principal IL Is pertihent "
remark in this connection that the surplus iunu
,vhich the President speaks Of was created by
successive issues OF Government bonds, ana that
tf bond sales had not been MADE there woulu no.
he 81 cent in the Treasury to-day. The argument
that II is proper and legitimate TO meet any de-
ficiency in the revenue from the reserve iuho
in the Treasury is sound enough. out now Ions
will such surplus last when the denclency con
stantly increases? Is IL the theory or the Presi-
dent that any justification exists FOR the crea-
tion of a surplus fund by bond issues ior meeting
reyenue deficiencies? The cost OF maintaining
reserve fund to meet the deficits Of the Wilson
tariff law has already been enormous. and yet
this law is now upheld by the President. and bond
issues to help ii out indorsed. In regard
20 this surplus reserve fund. 1t is interesting to
note that since the beginning Of the fiscal year
Il has fallen Sal 12O1O1 1t continues to fall
every day, and there will be no let up until the
present tariff law has been stricken from the
statutes of the country. For this fiscal year to
Outside of the Presidents Message there were
no developments affecting the course OF security
values. Lower prices In the wheat market and
easier sterling exchange rates had little effect
upon trading. and the declaration OF the usual
quarterly dividends on Sugar stock was offset
by the unfavorable sentiment created among
traders by the Presidents remarks on trusts.
This stock. after loss Of ~ per cent from the
opening closed at q net loss OF 7s per cent.
while in the rest of the Industrials losses Of
LI% per cent were generally made. Laclede Gas
being an exception at a net gain OF x per cent.
Cleveland, Cincinnati. Chicago and st. Louis.
Consolidated Gas. Manhattan and Union Pacific
were the only issues in the active list in which
losses ran above fractions. Railroads reporting
earnings to-day for the last week In November
made unfavorable shOwirgs, and reports from
Chicago showed further falling off In weekly
grain receipts at that centre The receipts for the
week were 2.102,OOO bushels against l,ooO In
the preceding week and 4.2060O0 in the same
week in 1895. Grain continues to be held for
higher prices. and the falling OF In exports and
speculation reflects to some extent the recent
heavy movement which has apparently satisfied
present requirements Exports of wheat from