New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-13
c1ns1NG pn1crs oF pHILApELPHIA STOCKS
CLOSING PRICES OF CALIFORNIA STOCKS
WHAT WAS DONE IN STOCKS.

Friday, July Up. m.
To-day it was the Grand Trunk Railway that
furnished a sensation for Wall Street. The
Eastern trunk lines at their meeting yesterday
agreed TO a schedule on grain TO 90 into effect
Julv %. establishing the 25-cent basis for all
except corn which is to remain at 20 cents.
The Interstate law requires ten-days' notice 10
advance rates The Pennsylvania and the Erie
had met the Baltimore and Ohio cut in rates, and
could not restore except by ten days notice.
At Yesterdays meeting it was agreed that pend
ing the ten days each road might at It's own
will meet the Baltimore and Ohio rates. The
Grand Trunk elected to do so, and in publishing
its new rates failed to explain that its schedule
for and after July 22-the same as agreed to at
Yesterdays meeting-was filed with the Interstate
Commission at Washington 1t has done nothing
that it was not permitted to do by yesterdays
agreement. But the Chicago dispatches made
much of the new cut and treated it as If
il WIS violation OF the agreement within twelve
hours after it was made. Every one was sur
prised At first the report was doubted, because
il was impossible to believe that the officials Of
the Grand Trunk could so quickly and lightly
cast aside their obligations and the respect of
the officials of the other trunk lines. But the
day passed and no dcnials explanations came,
il generally was believed that the Grand Trunk
had thrown down the gauntlet and invited
war of rates.
The Western situation also did not seem clear 30
the average mind because the Association adjourned
without discharging the low commodity rate be-
tween Chicago and st. Paul This fact was
put in as bad light as possible, while care was
taken 70 omit reference TO the conclusion arrived
at-with eN-member of the Interstate Commits
sion sitting charman-thr competition OF the
lake and the Canadian roads at Chicago and ST
Paul was of that exceptional kind which Suspends
the operations of the long and short haul clause
/ he news of the day, in the way 1t was presented,
WAS worse than any before publi'h he'd But il
principally was, in the way it was put. II had q
disastrous effect on values, in that il checked
buying disguised holders and encouraged short
sales Among the professionals there tonight is
not c0rporars guard of bulls Yet within n
range OF LAP per cent the stocks offered were
well absorbed showing a character Of buying
outside Of the room traders, better than that of
the selling.
The continued selling Of Lead Trust helped
TO demoralze not only the other trusts. but the
general market. The transactions in Lead ag9rc-
gated 90 800 shares Opening at 20 -, IT, with
frcquen, fluctuations of about per cent, declined
TO and closed at % IL The three brokers who
yesterday and to-day were the largest sellers are
known TO he closely identified with the party
known as the Standard Oil party. The price
has declined per cent from its extreme
highest figures, and is az about the figures ruling
early in June. The days decline Of l.? per
cent in Lead encOura ged an attack on Cotton Oil
and that was sold off TO 80 l-2, and Suglr sold
down TO los 1-2a110. II was bad dry for
trust securities, and few others than insiders
wanted any trust in theirs Yet buyers, were
found for goodly quantity Of stock and they
hardly could have been from among those ignorant
of the real values. MANY stop" orders were
reached as the prices declined, and outside hold
ers have been well shaken up. The trusts will
bear watching for day or two.
The DAY IN THE BOND MARKET
Government bonds were dull and steady at quo
tatians as follows: