New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-29
CLOSING PRICES OF PHILADELPHIA STOCKS.
Bid. Asked.
PRESIDENT CABLE UNSET1LES THE MARKET
BY A DOLEFUL REPORT.
Wednesday, Nov. esp.


After an opening of business at the Stock Ex-
change at full figures, backed by an important
London buying which seemed promising, the
market suffered from the effect of the utterances
Of a man named Gable, who is supposed to be the
president of the Chicago Rock Island and Pacific
Railroad Company The whole market drifted
into follower of Rock Island stock. That stock
the factor and leader of the day. r. r.
Gable, the president of the Rock Island Company,
is not one of those railway managers that ever
speak i'll of his property. But he recently has
permitted himself to be quoted authority for
the most dismal of funeral notes on the Western
railway situation. We charge Mr.. Gable with
nothing; but the language credited to
him is of that sort of mournful
regret the calamitous conditions of the rail
way situation that smacks strongly of the Amin
dab Sleek variety.
Chicago and Rock Island stock was the feature
and leader of the market. There was no news
published concerning it-no intimation that the
February dividend will be reduced-and yet the
reported sales of the stock to-day rolled up to
IA 900 shares, at prices ranging from 05 rs down
to l0Oa1Ol l-2. OF the stock there probably
not 5000 shares in the market carried Oh
margin. As said, there were developments to
bring stock into the Street for sale. Therefore,
at least 30 per cent of the reported transactions
were matched orders and of the balance fully
10 per cent Will De rejected III IL ucndHu W oor-
row the stock in Fridays stock loan
market Perhaps Mr.. Cable tonight
has more Rock Island stock purchased
than he had this morning. The expressions OF
mana gers of railways, with few exceptions, seem
to be of a character which indicate their benef
to be that their opportunities TO make money IN
the stock mar Set are limited to the time oil the
next annual election of officers. In many cases
we guess their belief is correct.
President King, of the Erie in his annual report
cut the fat out of the speculative managers IN
the brief remark: :" The policy which has gov
erned the officers Of your company for the past
few years was continued during 1888; namely,
the policy of doing no business which dld noO
pay of itself, and using It's equlpment TO the
best advantage and selecting that traffic which
produced the most profitable results-the local
business We keep the books OF no spectators,
but it is a failure II Mr. Cable tonight does not
own more Rock Island stock than he did this
morning Rock Island stock was the bugbear OF
the DAVIS market; it unsettled the whole list: It's
rapid decline was mystery on the surface that
worked demoral iZaiiOn Going underground the
movement is transparent and it's orlglnators are
visible to the casual obserN er, and yet, except IN
fluctuations its effect the general market was
insignificant Prices generally closed strong at
something off last evenings figures. Prominent
railway officials ought TO be careful OF the COM
pany they keep.
TREASURY PURCHASES.
The Treasury to-day purchased only $4,000
IL per cents at 90 l-S. The rejected offers
included As $50, 900 at l2S, $50, 900 at l2s 5-s
and l-2s Sl5, 900 at 109 IA and 100000 at
100 ID The local bond market. was dull, with
the nominal quotations follows: