New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-15

adopted unanimous resolution and instructed
the ce-chairman Of the commission to inform
that Monday, July %, the tariff In effect
December z, 1888, Us cents, should be restored
upon all articles Of grain and its products, ex;
cept the single article Of corn, which should
he upon the basis of 20 cents per / 90 pounds.
In the meantime 10 was agreed that each com.
pany was at liberty TO meet the rates already
We are informed that the Grand Trunk on Tues
day had already given the three days required
notice of rates Ike those established by tile
baltimore and Ohio. But this notice did not be-
come public until Thursday evening the day
after the adjournment of the presi-
dents meeting, when in Chicago the
This ~ ament was hcralded from Chicago as
an and defiant population OF
the .sidents' agreement. 1t was moth.
ing of the kind. But no explanation
of il was obtained until after o'clock on Friday
In The meantime there had been a sharp depression
in the value Of stocks, which, 1t would seem.
was only checked by buyers who, knowing the
purchases. But 10 is evident that the scheme
Of Misrepresentation has not been abandoned.
A clumsy special from Chicago was smuggled
into this mornings papers stating that tho
Michigan Central had given notice that 1t would
meet the Grand Trunk cut TO 20 cents on all
classes Of grain. This, If true, is like that Of
the Grand Trunks " cut "A desire to obtain
during the four or five days interim 10 July %
portion of the grain which may move at thr
low rate. To say that the Michigan Central
to say that the whole Vanderbilt SYSTEM including
Lake Shore and Ncw-Yorll Central, hold such an
intent. Cornelius Vanderbilt Is chairman OF the
board Of Michigan Central and among us directors
are Chauncey NJ Depcw, William X. Vanderbilt,
Samuel F. Barger and H. ID. Worcester.
At the opening Of the week there was market
that nearly approached buOyancy, and prices maze
material advances, aided not little by important
purchases for the short account The strength
thus exhibited was progressive I'LL struck Dy thr
cyclone Of Interpretations 10 which reference
has ma wa generally conceded
if ii were true that the Grand Trunk Immediately
after voting for the tariff as agreed on July ~ lnd
left the presidents meeting only to violate us agree
ment, ID was heavier blow struck Mt confidence
in railway values than ever before had Deeh
inflicted, and in the absence al any explanation
or denial during all the hours of Friday, 1T came
to be generally believed. Under such conditions
the declines established were meagre and again
furnish absolute evidence that the stocks generally
not in spectators hands. Hence the condl-
tions for panic which is so strenuOusy laDored
for do not exist
To aid the Generalization caused by misrepre-
sensations in the railroad market, weak spot IN
the trust stocks was discovered and develop
National Lead, which during the last five We'EA
with large transactions had risen from about %
TO about 80 and had then remained comparatively
steady at 32a33, was freely sod yea, jumped
upon, until its price at % was . IL per cent
lower than that Of week ago. In connection
with the decline in the price Of lead there were
numerous stories circulated that some two or
more large operators had been badly hurt by the
fall and would he compelled 10 liquidat, not
only their trust stock, but also their holding, al
railway stocks. Banks and institutions TINT
never had loaned dollar upon any OF the trust
stocks were reported TO have called their loans
in and as having thrown those securities ont OF
all loans offered This is the first liquidation in
the speculation which lead has suffered. After
the rapid movements OF the last few weeks u
was as certain to come sooner or later as il was
that violent decline followed the first dstribu-
ton Of Cotton OIL certificates. At the height of
the speculation in lead and sugar we pointed This
probability out and drew a distinction between
them and Cotton Oh and Chicago Gas, which Ind
already been through that experience. Sugar
closed is per cent lower than last week. and
Cotton Oil per cent lower. Chicago Gas, which |
by the way, is more trust than Is Consolidated
Gas Of New-l orlI was made 10 suffer decline Of
) 3-s per cent simply because of its name, but il
recovered that the final loss only 2 q per
cent.
Subjoned Is our usual table, giving the number
OF shares sold of all stocks the highest lowest and
final prices OF the week, together with the final
prices Of week ago, prciiXcd by the average
prices of July H., 1888: