New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-29

TUESDAY, Dec. 2S-P. NJ.

TUESDAY Dec. 2s-P.
Tho Interstate Commerce bill has been discussed in
this column under msconce pon to its provisions 1t
that the synopses of 1t furnished by Washington
correspondents have been entirely and OF
character which without extraordinary stretch of i'm
agnaton might be supposed 10 have been dictated by
Wall Street operators 1t only late last evening that
able TO obtain copy OF the conference bill AS IT
stands 1t is entirely harmless instrument against either
the transportation the general business Of the country
except that it provides for the appointment of commits
soni composed of five persons with qualifications which
render the five appontees to be named by the Executive
utterly incompetent for the task imposed Therefore
the commission might prove source OF ANNOYANCE and
delay in the transaction OF business The long and short
haul clause in the bill simply provides that no greater
shall be charged for carrying barrel OF flour ten
miles than charged for carrying it hundred or five
hundred miles This is extremely different provision
from that which has generally been supposed to require
the carriage for short maui at inc
same rate per mile as the carriage
for long haul This point has been the one most
streDuousy urged by the of bear" Spectators in
securities why all kinds of securities should
Immediately go TO the demnton bow-wows" There
are few times except during periods OF severe railway
wars when the Erie Railway has charged greater sum
for the transportation barrel OF potatoes from Paer
son TO NewIork than II did for transportation from Bur
falo to NewYork II the bill override the laws OF
competition and prevent all future railway wars Its en-
actmen into law will prove beneficial both TO railway
companies and the country generally The clause regard
ing discrimination simply prohibits the giving OF one
shipper and of another rate TO another shipper
under the conditions. This prohibits nothing that
has ever been practised The conditions are different
between the shipper of single carload of grain and the
shipper of full train of grain They different be-
tween the merchant who ships single OF rygoods
and the who fills a The terms reasonable and
unreasonable" appear so frequently in every prov1
sion of the bill as to render almost nugatory its
In Tho
Street speculation the BILL upon comprehen-
sive reading, ceases to be available. The esc-tceth
Of all the bear arguments based upon 1t are
drawn
The stock market this morning opened without the
semblance Of panic ST. Paul, which yesterday after
noon was rapidly sold down to s77s. opened at
ss bid and selling at ssh and
little later ut s8l Delaware, Lackawanna and Western
which yesterday rapidly marked down to 13l just
before the Close opened at 13 d. and soon was selling at
1921 Gl322 Yesterdays short sales of these stocks
yet have shown profits and the powder expended
without effect upon the general market We are alb
soutely off from the London market today, 30 that
whatever effective influences there were, purely
local We think that there exists misrepresentation as
to the extent which foreign buying Is factor In THIS
market Information goes to show that the Lon
don speculative market Is specially bare OF American
securities that taking the whole year together we have
imported more securities than have exported Hence
when market so bare of stocks as 1t is
the question, Where are all the stocks becomes more
potent and interesting There little animation IN to-
days market but there was steady hardening OF values
from beginning the end Orders TO purchase mod
of stock were not executed with
out advancing prices several fractions The business,
which aggregated 2139l9 shares fairly distributed
through the list st. Paul closed rs higher
than last evening, Lackawanna lS
higher, Lake Shore Iii higher, New-York
Central g higher Reading per cent higher. Western
Union 3 per higher and Union Pacific per cent
higher Other stocks showed prOpOrtOnae gains, and
there no effort made TO advance prices ana me
"bears have not yet begun TO cover their " shorts
The days simply responsive to the law or
supply and demand The market closed firm at about the
best figures. 49,,
Government bonds duh but firm with the bids adj
yanced the and percents The bids for
the currency Is where changed were higher. Annexed
arr closing quotations: