New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-04

WHAT WAS DONE IN STOCKS.

Wednesday, July }.
The general stock market to-day was more active
than it was yesterday or Monday, and the transac-
lions in listed stocks amounted to 26s, 900 shares,
against 10000 shares yesterday. The action
of Western railroad managers, as it was reported
TO be- accomplished its purpose in depressing
values. and a Chicago grain firm which during
the last twelve months has obtained some notorety
as dissemination and interpreter Of " bearish'
news was an active seller of all the grangers for
the short account The firm admitted this
in reply to a telegram Of inquiry and added, " We
EXPECT to reap handsome profits from the sales
Hereby possibly hangs a tale. 1t is believed that
the clientage of the house referred to is largely
made up Of freight agents of the principal Western
railroads. those who yesterday labored ~ with
the Chicago, Burlington and Northern to induce
1t to withdraw its noticed low rates on through
traffic, falling in which they voted TO sacrifice
their whole business TO meet the competition
of a road whose capacity is limited to gross
earnings of less than 100000 per month-less
than one-half the weekly earnings of the large
companies.
1t is SAFE TO say that such roaring farce never
was put OIL aLy stage. Let us imagine the re-
ception which would be given 10 a scene behind
the footlghts when a boy year old and
of ninety pounds avoirdupois serenely pulled
the noses Of full-growr men, With
average capitals of hundreds Of millions of dollars
And yet that is the exact exhibition which the
Chicago meetings Of freight agents have been pre-
senting TO the public view, and which the princi-
pal Chicago broker of some of the representatives
at those meetings delights in picturing over the
wires Z" We first sell the stocks and then set our
clients up for show as fools or something else 1t
is not such a long time ago that we read that the
presidents of the railways were 10 be held respon-
sible for the general management, and particularly
for the rates on traffic. The sequel however,
shows that the presidents-thoSe not in sympathy
with bear operatons-never were so completely
ignored by their freight agents as they now
Practically, the freight agents have said to the
presidents: Stand one side; we are short Of
stocks and till we covered there must be set
Element OF this great question" and the presidents
submit So far there is any evidence before
the public relating TO present difficulties there is
none TO show that there is such IL thing as on
cxecutive officer ATTACHED TO any Of the Western
railroads Under such conditions, and they exist
beyond dispute, il is wonderful that prices, not OF
stocks alone, but also OF bonds, are So well sus-
tanned against pressure OF short sales on am
apathetc market The condition IS forced and
SPECULATIVE one, and therefore likely 10 be fixed
up at any moment. When 1t IS, the recovery IS
likely 10 be sharper and more RAPID Than has been
can be- but many man has gone 10 the gall0ws
on less circumsantial evidence of guilt than there
is TO prove that high and low officials are opcr
ating railroads with single eye upon the stock
market.
The greatest sufferers to-day were Burlington
and Quincy Rock Island Northwestern and 81.
Paul, while NchiSOn, after decline Of per cent
10 80 rs, closed only Is lower than last evening
At 80 o'clock the market had made good re-
covery, but after that it was severely assaulted
with Reading, the principal point OF attack, which
drove the price OF that stock down per cent to
46 5-S
Among the trust stocks, Sugar. after opening
off ar Ii 9 -, Immediately sold at l14a1l2: the
late dealings were above Il 6 TO II l-2 and the
closing was at Is. National Lead was active,
selling as low as 81 5-s, but recovered and closed
at 81 5-S Cotton Oil opened of at 30 5-s, but
was active up 10 Sc 81, aad closed at 90 LA
Sc -, against 80 rs last evening.
The market closed steady at about the lowest
prices of the day.
TIE DAY IN THE BOND MARKET
Government bonds were dull There is abso-
utey little market for them at the Stock tx
change aud the following quotations are nominal
and not the figures at which any large amount
could be sold: