New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-08
CLOSING PRICES OF PHILADELPHIA STOCKS.
A NARROW MARKET FOR BIG OPERATORS

friday, Dec p H.
On the surface the days stock speculation
reveals little or no change in the general sentl-
ment of professional traders. The talk Is all
bearish,7 and the inexpensive advice heard
on every side is to sell on the rallies" Yet
it is clear that all this talk and free advice Is not
the result of convictions but necessity forced
by market which is too narrow for the large
ope.ators TO turn around in. The great impellfng
power to this last bear raid on the whole mar
hct was furnished by the reduction made III
west bound rates by the Eastern trunk lines
At the time The Tribune admitted the serious
import of the New-YOrll Central and HudsoDs
action but held to the opinion that 1T was the
beginning of the end. 1t did thoroughly de-
moralize what there was of a limited stock mar
ket Prices at the Exchange experienced a serious
decline, and if, in old times, the speculative
interest in the market had been hrger-if brokers
had been loaded down with stocks carried on
slender margins-a gOod-slzed local panic PROBABLY
would have followed
The speculative condition, however. and for
tunatey, was not ripe for such result Stocks
then were not largely held by brokers, ana they
are less 80 held to-day than they were three
weeks agO. Tie decline in prices mas been caused
by an oyeriSsue OF contracts, and not by an over
issue OF certlhcatcs-nOt even IN tne case OF hOch
Island. about which there has been much ldlc
talk Of sales o. treasury stock The result
has been that a short interest, that before
unwieldy proportions, and t0-days stock loan mar
ket failed TO reflect any decline III lls aggregate
To-day the case of all The late decline was
removed The trunk lines give the required ten
DAYS notice of a restoration in Wesi-bOqnd rates
10 20 INTO effect December l. ii the interstate
Commerce law required ten-days notice for Il
reduction. oil the trCuOle of the last three weeks
would have been avoided.
The temper OF to.days market was strong but
il was So despite OF efforts TO make 1T the CON
trary Rock Island carly was nlded OIL from
l 90 TO % IL. and ten minutes Iater inc iocalIly
W,re II is dealt in was deserted ana quota
ton was difficult TO obtain: the stock closed az
90 IA. There was significance IN the strength
exhibited by the general market during the period
of depression in koci Island. u later raid on 81.
Paul to 81 rs WAS more effective on the general
market because it was accompanied by rumoi
OF which 10 one was the father, that trouble was
monthly settlements of that stock next
Tuesday All foreign houses laughed
at the idea, particularly as tomorrows steamers
Will carry away at least 600 shares more OF the
stock for London consumption. The rumor, how
ever had temporary effect on the whole market,
which was dispelicd by later large buying up
Erie for London, winch carried It's price up from
20 is to 20 "a, and stimulated the whole market
bat not always to the best figures of the day.
The coalers strong, and Philadelphia and
Reading was in demand TO borrow TO late hour
and finally commanded premium for use Union
Pacific sold high at G3 Is. but closed al
% 5-s. Our advices are positive as to thc
settlement of all disputes between the Union
Pacific and Northern Pacific TO-dayS Boston
public dispatches indicate that the Oregon Short
Line October statement will Show large increase
We will venture TO predict that the gains IN ret
earnings are phenomenal, and that ON the eX,
tremey low rates which the Union Pacllic stlli
awards i as its proportion on the lhterchangeu
traffic. The last rally was sharp and significant,
coming as it did spontaneously out OF ier0d OF
depression. The market closed healthy and strong
TREASURY PURCHASES.
The Treasury purchased $4,000 IL per
cent bonds at los. The rejected offers included
$40 600 As at 125 IA and $4,000 at % "a. and
S21O0 1-2s at los IL. The local market
was dull and easy at quotations as follows: