New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-13
CLOSING PRICES OF PHILADELPHIA STOCKS
A BLOW FROM A SUPPOSED FRIEND.

MOnulN NOV, Up. III
The stock market to-day received severe
blow, and it came from the hands of its supposed
friend The opening was made at prices 1-4al-2
per cent below Saturdays closing figures, with
the leading bears conspicuous sellers of nearly
the whole list of active stocks. Notwithstanding
that the early sales were made with a confidence
that betrayed a supposed knowledge Of something
to come, under good buying prices quickly rallied
to better than Saturdays figures and the market
ruled strong till struck by cyclone from the
Grand Central Station. 1t was about noon that
the information first was furnished through
bear source. that the New-York Central and
Hudson Rrailroad Company had made a cut of 80
per cent Oh all classes of freight TO Chicago
The market staggered under an unbelief, and
finally, OH confirmation prices yielded, say, l
per cent to the severe onslaught made. 1t looks
as if the early sellers had knowledge OF the fact
before the opening of the Board. What does
it all mean was the question heard on every
side Has the Central expended S6,O00,00O for
additional equipment for the sole purpose Of
being able TO sacrifice Its 90 per cent of local
business in IA fight for the 10 per cent of its
through business?
The elder Vanderbilt once said that he could
wall the Central in at Now-lorll and Buffalo and
earn 10 per cent on its stock from It's local
traffic OF course 1t Is the Penn
sykania Railroad that IS the cause OF 1t
all Now, by the PennsylVanas last annual
report, of its total traffic between Philadelphia
and PIttsburg, only about per cent OF 1t passed
over the whole distance between the two points
OF Centrals business in 1887 only about 10 per
cent OF it passed all the way from New-York 10
Buffalo or vice versa. Deduchng that part OF
these small percentages when does not 30 beyond
IlttSburg and Buffalo and II is seen row small Is
the fraction which Is permitted TO distract the
whole business of two lmpOrtInt roads and Jeop
ardIzc the interest OF thousands OF owners. Take
Lake Shore in ss7; lis tOtel tonnage WAS 1885,
$50; of that, ,l45,o 91 tons were forwarded west
from Buffalo Including that delivered 10 it by
Eastern lines, but az Chicago only S26,9j0 tons
were received. From Chicago eastward the ship
mcntS amounted only to GOO'0 tons, Whiic the
receipts at Buffalo amounted 10 2,3I4,Il' tons
There is little doubt that the management
of the Pennsylvania Railroad Is troubled with
the atliiction of big head but the Vanderbilt
lines easily could have afforded 10 try The quick
and effective cure of giving 10 IL all the through
business il, could handle rather than pay money
out of It's local traffic to the same end. BAT
despite these things the market took the contracts
nonrrd upon il without material declines for a
market so dull. Prices went a little lower than
the lowest of last week. -,
Oregon Short Line was the one bright spot IN the
market it sold on Saturday at 43 l-2; to-day at
A l-2a46a4j Is, with Boston the principal buyer.
The company's net earnings for September were
81 OS $50, against So 1S5 in september, 1851 ana
for the ten months SS499ll, against S3Ol, 900 Tor
the ten months of last year But we understand
that the buying is based upon some otner IaVor-
able developments soon to be made. ihe stock
loan market did not reflect any ammunition OF inc
outstanding short interest by Friday and sat
| urday's TRANSACTIONS but there wds a good deal
of shifting of loans. We anticipate that to,mor-
rows loan market will show considerable IN
crease in the shOrt interest.
The Treasury purchased only $4,000 II per
cents at 1903 l-2. The rejected OFFERS inciuded H.
As si31, 500 at 12s $50, 900 at l2s 3-S, 100 600
at 1870: 1-2s s25. 900 at 0S 3-4 and S?oO,OOO at
90 The local market was dull at quotations as
follows: