New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-19
CLOSING PRICES OF CALIFORNIA STOCKS
san Francisco, Jan. 10 1880.
CLOSING PRICES OF PHILADELPHIA STOCKS.
THE TENDENCY OF INVESTMENTS.

Friday, Jan lS-p. m.
Next TO the absurdity OF the late efforts 70
bear the coal stocks by publishing estimates 2
- that the mild weather has reduced the con-
snmption Of anthracite coal 100000 tons per
days-that Is 20 say, that the average daily
construction domestic and manufacturing, OF
1O4.G17 tons in 1888 has been reduced TO 4,6l
tons-comes that OF the lately oft-repeated tale
that the leading bankers called upon the preSi-
dents of the railways 20 help them out OF their
loads OF railway securities by agreeing 70 adopD
business methods in the management OF tneir
trusts These absurdities only lilnStra1 'he
disposition Of speculative interest IN the stook
market. which sees before IL the alternative oil
individual ruin or widespread CALAMITY iraO
interest for the timo being, IN duiI mhrKee
controls the speculative machinery, ana lt nous
wide open the throttles OF fear and misrepre-
sentation. There Is no absurdity 100 gr1Ac ZOE
generation In their boilers OF desperation
Every one possessed Of any experience knows mat
the large bankers last year had most prosperous
year in the marketing OF RAILWAY bonds that tney
now are securing the markets OF ahe country lor
bonds to supply TIE orders left with Them mere IL
much significance in the rates at which pwo munlol
pal loans yesterday placed The City OF brook
Ign placed $4,000 OF it's thirty year loan at
IL per cent, and Boston placed Sl,2tSOoo ho
3 3s per cent il should be mentioned that the
Brooklyn loan was free from State or municipal
taxation; but the rate 40 which 1t was taken Is
only little over the rate al which United States
bonds Of short dates sell.
During the last two years this country and
Europe have absorbed a large amount of new rail
road bonds During $780, it is now certain, few
new railroad bonds viii be made in the country
Capital is accommodating rapidly and as the finan-
cial companies are restricted TO the class Of bonds
they can invest IN, it is equally certain they will
absorb all Of those classes. Other investors must
look to railway bonds and stocks. The country's
product in 1883 Of gold, silver, copper and lead
amounsed to sil2,00C, coo. That is new wealth
from the bowels OF the earth. The Government
musb continue 10 purchase its bonds, thus CREATING
to one conclusion that in Lhe near future first
class railroad bonds will bring on I.2a4 per
cent basis. and that the effect OF that will be
much changing OF investments and a seeking for
less certain securi des which promise higher rate
OF interest From less important Conditions
heretofore have grown wild speoulations in stocks
But in the minds OF the present engineers of
the speculation these thoughts are chat They
drbble out 10 you through their agencies the
dead 1885: for them there Is no resurrection that
does not begin with a universal commercial panic
They are right; their salvation depends upon the
bankruptcy Of every industry. They repeat 10
you the losses Of eSs which were incurred bv
railway announcements. II any responsible
person will guarantee u continuance OF those mis-
Arrangements during SEQ, fortune Is TO be made
in selng the best railroad bonds in the market
So today the chestnut OF what the LOGS of
AtchisOn, Topcl1n and Santa Fe was in eleven
months published three weeks ago. was passed
around lin strictly private way, of coufse,) and