New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-10
FAILURE OF A DEEP BUT WEAK SCHEME

p
The best laid plans of men and mice gang aft
aglee.' We beg pardon Of mice for using the quo
tation in connection with the deep if not " well
laid" scheme concocted to break the stock market
by attacking such stocks Lake Shore and
Northwestern. Our remarks of last evening on
yesterdays dealings, however, should absolve US
from any Intentional disrespect to mice or men,
In applying the quotation to one Of the weakest
inceptiOns OF manipulation for speculative pur-
poses that witnessed at the Stock Ex-
change. The alleged cause for the attack
Lake Shore the building of the South Pennsyl-
vania road from Pittsburg to Harrisburg in Penn
sylvania, made the brokers connected with for
eign firms who executed the early orders. and
the principal brokers of the bear contingent,
who conspicuous in the later hammering, tho
laughing stocks of the Street. The energy and
the faithfulness displayed toward the principals
were praisewOrtly; but the scheme failed, and
last evening we wrote " we are inclined to quote
the closing as strong" There no longer is a
doubt that the Western railway war is to a great
extent a part and parcel of tremendous effort
TO knock stock values so that cheap stocks might
be purchased. 1t is scandal that such is the
case, and probably conviction in a court could
not be made, but certain directors of the Chicago
and Northwestern Railroad while the statements
made may not have been authorized Ivy them
cannot be ignorant Of the use of names in the
predictions of a long war. and much lower prices
for the securities of which they assume to be
trustees. But these gentlemen do know that in
the SIX months ended November 80 the Chicago
and Northwestern earned its full years dividends
and all that IS required Of it Is to its fixed
charges III the SIX months TO end June So
1888. We sometimes led to believe that a
sold out trustee investor will go further to damage
the credit of his trust than a bold and open
handed bear dare 70 As to to-day's stock
market, il WAS dull and strong in figures from
opening to end. The total transactions amounted
only to 667 shares against l55445 shares
yesterday. The transactions in Lake Shore were
5000 shares smaller than yesterday. and the stock
closed II per cent higher than it did yesterday
against 20, 600 shares yesterday, and 1t closed 3o
per cent higher than last evening, with the other
IL, 600 shares Of short stock yet TO be bought in,
before yesterdays business is evened up. The
advances were general through the list. but they
were not made without resistance: yesterday the
bears" aggressive; to-day they acted only
on the defensive, and that with desultOry and
tmid methods. The plans Of mice did gang
aglee,' and once more it was developed that while
the stock speculation limited and Improbable
for brokers, stocks were so held that schemes
for their dislodgement only resulted in finding
market for larger short" interest. TO-day's
loan market for stocks developed unusually
large demand TO borrow Late in the day some
funny business" was attempted in Northern
Pacific preferred: while 43 81 was bid for the
stock, an effort was made TO send ont quotation
Of ~ 81 at which ii was pretended sales had
Deem made. or course such TRANSACTIONS oo"ld not
be made when a broker unable to execute his
order to buy at AZ "a, and the Chair declared
all sales below the last figure named off. One
more illustration Of desperation demanding des-
perate measures. The market closed strong at
near the best prices.
WHAT WAS DONE IN BONDS
Government bonds were dull and easy with
the bids unchanged. Annexed are the closing
quotations: