New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-14

reducing rates on freight to Chicago would not
have some effect ON values To-day it did do so.
But that effect was comparatively little and what
| IL was was due more TO the encouragement given
10 an extension Of the short interest than to the
displacement Of real stock Such movement
made in midsummer, 1885, would have made a
decline of something like per cent in the whole
list Then brokers' offices were full Of customers
and loaded down with stocks; now there is not a
respectable speculative interest to be scared by
any spasms of railroad managers The present
owners Of stock are not gamblers, but believers in
the progressive prosperity of the country and are
not disturbed by Wall Street fluctuations, whether
caused by fctions or by well-judged movements of
railroad officials. The stock Of New-York Central
sold only 1-8 per cent below yesterdays closing
price and closed only So lower. OF course, Lake
Shore was the pivotal stock; it opened OF
per cent at 100 7-8, and was freely sold down
to % 7-s and closed &C 90. Perhaps it might
have gone lower If what seemed to be q Van
derbift interest had not stood there with hat in
hand to catch the stock from excited "bears"
The real sensation was made effective on prices
all over the list. Northwestern attacked
with VIM and it declined from ITO 7-8 last
evening to 90 3-s closing at 90 7-s. brokers'
firm which, for long time, has been short Of
L. 900 shares covered up at under II 0, and being
asked late in the day what they thought of
the character Of the sales to them, replied that
in their opinion all their purchases, except 200
or 800 shares, were made Of operators putting
out short" and he added: mo more of it for
my Office, if you please
The" bears" seem to think that the cut of New
York Central was specially damaging event for
Union Pacific; SO they opened that off So per cent
Mt a 10 nd
or did not-prevent It's closing at e. Ore
gon Short Line was dull at 20 1-2a44 1-3,
against 40 l-s last evening Some time
had been appointed to examine the
question of rates on freight allotted to the
Oregon Short Line by the Union Pacific Oh Joint
traffic; that the arbitrary rate. allowed by the
Union Pacific was much below the average
rates received by the whole system. That com
mission has reported recommending readiust-
ment of rates to an equitable superintendent
and that the new contract be retroactive The
report has been accepted by the Executive Com
mittee Of the Union Pacific and a new con-
tract authorized. While the effect Of this is
nominal claim of about $1,000, 900 against the
Oregon Short Line, it doubles tho value Of Its
81, 100000 stock in the Oregon Short Line and
immediately, places the stock of Oregon Short
Line dividend basis
Philadelphia and Reading opened of SO at
A. "a, sold down to Al and closed at 4 Z "a, and
Delaware, Lackawanna and Western was rushed
down from 1877 l-2 TO IS rs, closing at / 80 SIS
UnqueStionably, matter what may be the
fluctuations OF tomorrow or next day, the Central
and Hudson sensation is the beginning of
great bull' speculation, but it Is cruel
beginning.
WHAT WAS DONE IN BONDS.
The Treasury purchased only $4,000 4 1-2
per cents at 1903 l-2. The rejected offers IN
and l-2s S2S0,OOO at 100. The local market
was dull with nominal quotations as follows