New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-22
oIosIYo PRICE on PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS

N"'odnyb way El-p.
The stock market continues TO dsvelon q
tendency to broaden it has brOadened. Daily
there is less manipulation and buying and selling
on matched orders and larger volume Of actual
business done than has been the case for long
period For instance, to-day's business of
364 $50 shares furnished more legitimate COM
missions to regular houses than did a weeks
business Of more than 100000 shares a few
weeks ago. And yet there is one class of
operators who are still unhappy. The stock loan
market reflects a shifting OF loans rather than
any material reduction in the amount of out
standing short contracts The continued exist
cnce Of large short interest, If it was not shown
in the loan market, is clearly demonstrated by
the work done to discourage any upward move.
ment Of prices The local organ Of the bears
to-day gives out q long screed purpOrting to come
from the vice president and general manager
Of one OF the leading granger roads," in which
the played-out story Of fifteen years ago OF
antagoniSm between the railroads and the farm
ers Is rcvamped in style which betrays SORROW
that such things should exist. The vice-prcSi.
dent and general manager who wrote this long
plant carefully conceas his name. 1t would
BIO ungencrous to suppose that it was written by
or for the leading bears OF the street, and yet
any one who read between its lines would have
difficulty in arriving at any other conclusion A
Chicago special also credited to General Passenger
Agent LomaS, Of the Union Pacific Railroad, the
utterance OF some pcssDistlc views on the gen.
cral situation, but it is noticeable that in his
uttcranccs he seems to be better posted upon
the movements oil freg ht than Of passengers, Wucn
come within his special parttnent.
The business OF the day was unusually well
distributed. Among the grangerS, Chicago
and Northwestern and Burlington and Quincy
were the principal features. The shorts in
both of these stocks are evidently growing IN.
easy at the continued buying for investment.
They deal QuixoticIly, rushing in TO buy, rushing
the price up upon themselves, and then 10 force
reaction turn and sell rapidly part Of their
purchaseS-a process which makes the liquidation
Of the shorts tedious and eXaSperatIng. ST,
Paul, with less feature, continues 70 mark some
advance in price without much activity.
The Oregon and 1ransCOntinental speculation
for the moment has dwindled to small proportions
The dealings to-day amounted to less than 5000
shares; the price opeaed at 80, declined to 50,
the last sale was at 36 l.2, but tho closing bid
was 81. Neither party 10 the contest for control
OF the election yet admits defeat and probably
both parties arc buyers OF the stock in moderate
way for the purpose of killing proxies or votes
While the stock IS scarcely mentioned in the loan
crowd, and neither yesterday nor today was there
an established rate for the use OF the stock, in
the open market cash stock generally commanded
price I-2 per cent higher than concurrent sales
in the regular way. or course no one outside
the two adverse controlling parties can absolutely
know the actual situation, but the movement
in the market indicates q possibility that before
election day the excitement in the stock may
be great as 1t was at the closing OF the books
OF transfer
The Northern PaciRcs were active, but failed
10 hold yesterdays advance, and after fcverish
fluctuations closed at - rs and 81 l-S re-
spectvely for the common and preferred stock
Union pHcifc was dali, but after an early de-
preston developed considerable stTp myth on the
cessation OF sales for the short account
The co8lcrs were ali strong with Philadelphia
and Reading leading in the amount Of it's i'm
provement. The stock rose from a. 10 4 Is, and
closed at As "a. The sales " for investment
made At about ~ l-2, promise 10 turn out as nom
dividend payers. The trunk lines were dull and
firm. CheSa peake and Ohio stocks deyp Hoped re-
newed interest, with sales at higher prices for
the common and both the preferred classes.
Chicago Gas Trust was unusually active with
SneS OF over $4,000 shares. II early rose 10
- "a, declined 10 SO IA, and closed at SO 5-s
against % last evening. The occasion for the
unusual activity and fluctuations was due 10 con-
Trajectory rcports N 10 the character OF the de-
cison Of the Court in Chicago in the suit broug ht
by the AttOrney-G eneral OF the State OF Illinois
The carly impression was that the decision was to
be favorable 10 the company: later that il would
be adverse 10 the company, which induced some
selling ny the early buyers and more for the
short account. The suit Of the Attorney General
was on "A writ 70 show cauS why the trust cy-
lists The Attorney in his complaint did not set
up that the trust Illegal in violation Of any
statute law Of the Stntc Of Illinois, but simply
that it WAS combination opposed 10 public