New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-08
CLOSING PRICES OF CALIFORNIA STOCKS
sAN FRANCISCO, Fab. z. lSSS.
TRYING TO INDUCE HOLDERS TO SELL.
TuocdaU Feb Tn. m.

Relative to the stock market 1t is necessary 10
remark again that all the active speculative forces
are at work for decentralization OF values; the
energies Of pen, telegraph and talk are all en-
ployed to try to brighten real holders OF stocks
into selling them, that old and long standing
short accounts may be closed, If not with proht
without loss. IL is well enough to say that present
prices show handsome profits on part OF the
outstanding short interest But present prices
are not tho figures at which line OF stocks can
be purchased they PTosent nothing more thah
the be- for dolly hits NJ rise or decline OF IL
per ccnt or | per ptA Just as the traders happen
70 run. Whittier the fluctuations OF the day
leavo prices Mt the close 1 per cent higher or
lover thap they were at the opening possesses
no Sig iGoance; the real condition of the market
rernains unchanged. There is little question that
he large bears would gladly close all their
accounts at current quotations but at every effort
:, 10 so prices have advanced so rapidly that the
effort has been abandoned, n new line of shorts
put ont, and further cuts IN railway rates nave
Tn the meantime there is no speculative puII
element in the market to force an advance am iu
drive the shorts into covering. Inc Duh III
interest consists entirely Of a public when mas
quietly absorbed stocks paid for them ana carricu
them away. For instance, the NanderblitS propa-
bly, never had so large an interest IN the Vhnaer-
bt lines" outside of Ncw-Yorl< Central and HUI
son as they have now, but they are Indifferent TO
market values and hence the prices Of Lake Shore
Michigan Central. Canada Southern ana North-
western Weld more easily to bear pressure than
do some Of the non-dividcnd stocks. YET there
remains that large outstanding short interest
which some day must cover: it cannot at current
figures and whether r. will at lower or much
HIGHER prices Is problem of the future. In
measuring the probabilities. it must be taken INFO
account that railway matters at the west are ~
about their worst, and that any real change-not
IN, hourly reports prepared for the Stock En-
changr-must be toward a restoration OF reason and
n return TO the principle that certain service :
worthy OF it's remuneration without hafrlg
mentioned to-day's stock market. we have fully
described its methods and its conditions 1t re-
mains only to add that early in the day the
point was freely distributed that Union Pacihc
was to he sold down: that was after It had opened
ND 3-S per cent at 50 ID. Well. IT. was sold down
10 50 / g rose to * 5-S. and closed at 80 IL.
being compared with the general market eN-
ccptionally strong. On the other hand the " Van
derbilts"-al Of them. including Northwestern
were exceptionally weak and all that for effect
The days business only amounted 10 1l3.1S9
shares. and every unprotected stock yielded 70 p
enlargement Of the short" interest rather than its
and il must be remembered that every 90 shares
sold " short is as available i'm the loan market
rs p real certificate issued ny the companies The
market closed duh and irregularlv changed from
last evening; such changes as there were were
significant Of nothing but local fluctuations.
THE DEALINGS IN BONDS
Government bonds were duh and steady at quo
tat ions rs follows