New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-27
CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco Dec. 20, 1888.
WHAT WAS DONE IN STOCKS.


To-day brought no little disappointment TO the
few professional stock spectators who expected
that the printing Of their suggested idiotic ideas
concerning the vauelessness of all agreements
between railway managers and the possibility
of higher rates for money during The closing
days of the year. would AFFECT market values.
And yet the market had to stand a good deal
of bad news Early the News Agency
which has scent for rottenness exceeding that
Of the average vulture, gave to the Street the
following: The Chicago Herald has an inter-
view with Mr.. p d. Armour upon the Interstate
Commerce law. Mr. Armour said: Put it down
that the law has ruined the railroads and has
not helped the slhppers. Look at the stocks.
They are down to point where the safe invest
ments Of widows and orphans ore touched. II
Congress does not do something very soon you
will see the greatest financial crisis ever wit
messed in this country l think the best thing
would be TO repeal the law out and out, although
something might be accomplished IL the long and
short haul clause were eliminated and If the roads
were permitted to make agreements y
The Chicago Herald" is the same authority
which gave Mr. Armour's famous interview on
the prosperity Of the ST. Paul Company and on
the dividend question, last August when the
stock was selling at so. Mr.. Armour may
have changed; but the Interstate Commerce law,
to-day is the same it August 2,
and the price of ST. Paul stock IS
some 10 per cent lower. Next came the
St, Pauls report of its earnings for the third
week in December, showing a loss of s93,144
from the same week Of Ss7. The earnings for
the week of ss7 had shown gain of 81 OF, 900
on the week Of $50; considering that there
is no business for the railways" and
a. oytr alu loxrrp
during the period of this year, the
Illustration of the good reports to come with
rates restored after January l. But the bad
news did not stop here The Chicago grain and
produce firm which for twelve months has been
the funnel through which much Of the Chicago
rot has been shot at Wall Street flooded the
Street with its private wire" yellow tissues
to the effect that no railway men In Chicago
took any stock In the agreements which had been
made 1t Is said that the firm referred to has been
On urgent buyer of short stocks for several
davs, and that the accounts are not yet closed
But nevertheless the stock market continued
to he strong. In the first half hour prices were
rushed up by buying to co yer shorts" which for
the moment carried prices above the Immediate
ideas OF buyers for a rise. The bears found
themselves the principal buyers and then turned
to dcpress prices, and In doing so, probably be-
tween noon and 3 o'clock sold more stocks
than the amount of their early purchases. At
the decline good but not urgent buying appeared,
10 that before the close there again was sharp
recovery Outside OF the Vandervilts Eastern
lines prices generally closed little lower than
on Monday. But whether prices were at the
highest or lowest of the day, there was an under
tone of strength better appreciated by the bears"
than by any one else. Notwithstanding MIR.
ST. Johns tof the Rock Island quoted scePicism,
the agreements between the railway managers to
do business on business principles, like the Inter
state Commerce law, have come to stay. MIR.
ST. John was not at the New-York conference.
The market closed strong.
THE DAY IN THE BOND MARKET.
Government bonds were dull with the nominal
quotations as follows: