New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-18

methods which have been used TO depress values
of stocks. II is 10 be hoped. for the honor Of thu
clans, there has been no cheating around thu
board; that none Of the managers have secured
their stock at the expense OF their colaborers in
the field Of wrecl<ing But IL looks little like
IL. Else why the violent attack on the integrity
of our best friends in columns which for No long
O time have enjoyed the advantage OF early in
formation concerning the proposed plans Of the
wrcckers?
This condition which sets men holding RESPONSE
bic situations OF trust 10 saying TO each other
You're another" has not been brought about by
the language recently used by the Interstate Com
mssioners. That Commission did not speak I'll
the growth Of healthy public opinion forced IL to
do so, and till holders OF securities
already had taken action that carried anxiety int
the ranks Of managers IL then did not speak
strongly, when II said that proof Of guilt was
difficult 10 get, because railway managers like
all other awbrealers will not tell on each other
Laws are not passed with the expectation OF
preventing crime, but 30 make IL perilous 10
violate them. IL Is unlawful 10 commit bur-
glary, but II convictions depended upon the tales
Of accompliccs there would be few convictions Of
and punishments for that crime. IL is de-
tective who generally collects and furnishes tho
evidence where honor among the participants
in "a crime forbids "ppaching'
The course OF reformation now Is moving along
perhaps rs rapidly IT can be expected 10
do, and no enc expects any management To plead
guilty at the bar OF public opinion 10 the ac-
cusations OF acknowledgement or OF lncompctsDcy.
To-days stock market in part reflects this chang
ing condition While there some buying
for London and some good buying by some home
investors, the purchasing that made the advanc-
ing prices modera attempt 10 close Up
short contracts Where these attempts were
made, there the sharpest advances. The
attempt, more serious than any heretofore, re-
fleets a break in the ranks OF the wreckers q
loss Of confidence in continued successful use
of the cry " no business and "A realization that
managers are being brought 10 book
The dealings amounted 10 32l,S shares.
large part OF this was made uD by the buying
and selling of traders who turn in and out q
dozen times day when the market develops
decided bent as IT did to-day from the open
ing So that little progress was made IN the
Honidstion of the short interest Don't let 10
be forgotten that the outstanding short con-
tracts Il" long stock in the hands OF some
one, and marketable real certificates
at the Stock Exchange, and therefore that the
holders are less ready to accept profits OF TO
Der cent than heretofore. This Is another feat
ure that makes change, Or rather a strength
ening of sentiment Oh the side Of appreciation.
In stocks where the short interest is snail, or
if large, as in Lake Shore. where little effort
was made TO recoup, the advance although
marked, was less than in such stocks as ST. Parl.
Northwestern. Philadelphia and reading and Della
ware Laclawanna and Western Oregon Short Line
made advance from 80 to - l-2, and closed
at AS short interest in H. on its state
ncnt, probably would have carried the price up
} per cent without reaction As it is IL stands
on its merits. The statement for October gives
net earnings OF 81 907, gain OF ~ per cent
on 1887. For the ten months ending October
81 the net shows gain OF over IS per cent, and
the sum for the ten months Is more than equal
10 full years charges. And this result is made
with the rates allowed 10 il by the Union Pacific,
still at the old unequal proportion, which CON.
mission, after investigation and reading OF
the contract, has reported must be corrected so
that the rates allowed 10 II shall he from tho
beginning approximate 10 the average rates OF
the whole system. The market closed strong.
THE DAY IN THE BOND MARKET.
Government bonds were dull and the asking
prices were advanced l-5 per cent leaving quo
tations as follows