New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-18
CLOSING PRICES or PHTLA DBLPHTA Stocks
R.ported bu Jonr Il DAVE & Co. 40. II WHY.
FRIDAY. Dec. TT. "

FRIDAY. Dec 17-P
The stock market to-day hardly presented a trace
Of the unsettled feeling which prevailed at the close
of business yesterday. OF course there were some
fluctuations, but at each moderate reaction the
orders to buy seemed 70 be increased. 4 notable
feature of to-days business was the advance of Si2
per cent-from 1i41s TO 153-for Chicago and Alton
stock. In that stock there is no short interest,
and il is not probable that spectators, unless
chasing a" short interest, will advance the price
of any stock 10 per cent on transactions of only
$500 shares, and particularly of stock that is
selling at 40 The logical conclusion therefore. Is
that the advance was made by q demand from in
vestors. who think that 3 per cent Government
bond TO be the uture standard of interest in this
country. This single instance illustrates the differ
ence there is between the present stock market
and oil previous markets that are within the
memory Of the "odest inhabitant" ana
why the recent speculative reactions have been so
small and were so quickly recovered FROM Rightly
or wrongly. people believe that the Chicago and
Alton stock will return income of fully per
cent upon its present price hence investors are
willing TO buy it at over $50. On the other hand,
Western Union stock illustrates a case of lost conf
dence. Measured by the results of is business
during the last twelve months, when the
competition was in its infancy, people 40
not for it in the future the value
of even present figures, from the point of view OF
3 per cent interest hence prevIou. uulncky invest
OTIS in that stock sellers of it. instead of buy
1t is true that to-day its price rallied from
rs TO 1898 but it is very questionable if the rally
possesses any other merit than that OF speculation
for turn upon large accumulated short" ln-
tercst. Western Union has steadily fallen about 20
per cent in the face of an advancing market, and
further rally of 3G per might be, if it occurs
only natural effect of n liquidation of a general
" bear" speculation. Too much company on
the short" side of stock sometimes becomes
cumbersome to the leading spectators. The gem
era market made handsome advances for the day.
but Wabash preferred stock particularly notice.
able because of the large purchases of a prominent
firm, and Of Its advance from 81 to 8JlsGS5. st.
Louis and Iron Mountain also was speciality, and
advanced from SOLE 10 5il4. The reaction in Dr'ces
that usually closes market such as to-day's was
occurred within the last five minutes of business
but it was small-hardly averaging 4 per cont
that it is not worth mentioning, and the market
closed strong.
Governments were dull at the Boards. with sales
of only 1914. 100 but prices were finn. The Treas
ury purchased $lG7. 900 Gs of 1880 at 1929.
Messrs Fisk & Hatch have opened subscriptions to
the expected three per cent loan. and rumor
says that the subscriptions already amount to
81 80 600 600 but the firm declines to furnish any
information on the subject further than that con-
tanned in the remark: RumOr cannot guess the
amount within 500 600" However we RE-
cord" that a guess of S110,0O0.O 900 will come in
side of difference Of 800 000. 900 from the amount
of subscrip tions. Annexed the closing quota
tions: