New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-24
CLOSING PRICES OF PHILADELPHIA STOCKS.
DESPERATION OF THE BEARS


The interesting point III to-days stock specu-
lations is the clear development Of the bears
desperation. Many persons who before have
looked at the market with hopeful views, but
through glasses darkened by " bear manipulation,
this evening have perfect confidence, relieved
from the doubts which were the growth of sur
face survey of the movements of prices IN the
stock Exchange For this rapid development OF
confidence we are indebted to a philanthropic so
called railway expert by the name OF W. Henry
Woods the same gentleman who several months
ago issued, without signature, supposed ana sss
OF the Rock Island Railroad, when the stock OF
that company was selling at about lO2, ana pre-
dicted that it would continue TO decline tiii IL
sold at 30. Ii is stated that the gentleman hoios
close relations with Mr. Cammack, OF wnoin ], mas
recently been asserted, after the Gould fashion,
that " he doing nothing IN the market ana
had no interest Of Importance To-day,s enort
of the expert was directed against the Chicago
and Northwestern Company 1t was issued III
circular form and the Street was Hooded Win tnen
promptly at o'clock. But TO be just as well as
wise, and to prevent the poor deluded investors pf
New-York from having any advantage over the
Western investors, the circular was mailed to
Chicago on Sunday night A Chicago dspatcn 90
Dow, Jones & Co. says: " Chicago stock oniees
west. signed VIM. Henry Woods That was
kind: it was thouchtful; it was hike the big loan
syndcates which make their offerings IN Europe
and America simultaneous so That no one marKeo
gains an advantage over the others.
A SAMPLE OF MR. WOODS'S CIRCULAR
Already too much space has been devoted TO the
greatest effort of Woods's life, il measured by
its merits; but it is part OF the market tian
that it would prove to be n hrst-class batter
ingram. We shall spend no time in answering 1t
beyond showing how trustworthy 1t is oy giving
one quotation. Not only has the company no
surplus, but its floating debt is now much larger
than the cash and quick assets on hand At
the daie of the company's last annual report
tl.a mug .OfTlN
exclusive OF materials and including So, 009e
cash. amounted TO S5.400,000: its current actual
liabilities, including interest and dividends &C
is loaning large amounts OF money at low rates
il made loans today at per cent Perhaps
the expert is right in not regarding cash as
a quick asset when it will command only 2
pcr cent per annum Well the effect Of the
simultaneous explosion at Chicago and New
York vas not startling IN haIs SaaO SLIM Fl IT
the Chicago and Northwestern stock, purely with
n phianthropic purpose only to be in position
where they might stem the impending panic.
Bat their good-naturc could not brook the stipu-
lated delay in the issue: they knew that Chicago
had it early in the morning 30 almost immedi-
it became common property;-the news that at
o'clock something terrible about st. Paul
was to be made, public. . Iw'snty-t hres
traded in between III So and ITO 80, and it
closed at ITO 3-4-5-s per cent lower than last
evening. The principal selling orders all day
were traced TO broker who is closely identified
with the bear interest; he gave his orders
out on the floor and scattered them widely-some
to the best investment houses in the Street
The general market to-day did not respond to
the forced depression in Northwestern on the con-
trary, ruled strong and generally made some gains
in value. There hereafter will be fewer doubt
ers of the existence of large short interest
and of its desperate situation.
THE DAY IN TIE BOND MARKET
The Treasury to-day purchased S77LOOO 4I-2
per cents at los 1-2. The rejected offers included
As, $4,000 AT 1913, s03,400 ut 1913 ID $500
mt l20 and 100000 at l30 The daily offers
of les ut the Sc 'Tetary's figures seem 70 be
snoicicnt to prevent any accumulation OF money
wake up gentlemen, with your $4,000, 900 or
Sl3,OOp,OOO OF Is. If the Secretary after cleo
ton should cease to purchase bonds, you know
how the prices will drop. Annexed are the clos
ing uuOtDtions. 49, Wv