New-York tribune., 1890-08-28
CLOSING PRICES oF PHILApELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Wednesday, Aug. PIP m
The Chicago exaggerated dispatch published in
the morning papers relative to the condition of
the strike at the stock yards was well calculated
TO affect the mornings market for railroad So
eurities. General Manager Chappell, of the Chi
cago and Alton Railroad is credited with the
following Every Chicago railroad and all their
connections and every railroad in the United
States will be tied up unless thers is withdrawal
of the demands OF the striking switchmen Of the
Stock Yards Switching Association" For an
effective weapon for the decentralization of railway
values generally nothing connected with the New
York Central strike has been equal 10 this alleged
saying: Ii the striking switchmen OF the Stock
Yards do not withdraw their demands every rail-
road in the United States will De tied up This
is not the language used by the officials OF the
New-Yorl Central in their extreme need. They
said; ; I'VE will employ new men fast as pos
sibe and run the railroad despite the demands
OF strikers" And they did il. 1t was not left
to the strikers to recall their demands: but the
officials went 30 work to overcome the illegal and
criminal obstruction which the strikers put IN
the way OF the company fulfilling its duty to the
public. Not so with Manager Chappell, Of the
Chicago and Alton-but do not believe he
ever uttered the words credited TO him. II, how
ever, was hard blow aimed at the stock market.
clines from last evenings figures only to the ex-
tent of 1-4a3-4 per cent. The carly forenoon
dispatches from the Chicago Stock Yards as fur
nlshed by the news agency, particularly by Dow,
Jones d Co., gave fiat contradiction TO last
nights newspaper dispatches. The separate roads
were handling their own freight in the yards with
little no difficulty, and Dow. Jones ~ Co. sent
Chicago sIeclal-Grend Master Sweeney, Of the
Switchmens Union called on Manager Chappcl,
OF Alton, and told him the union would not give
the strikers any backing. lie stated Alton had
taken the proper position and characterized both
Alton and the Stock Yards strikes as ridiculous.
Lake Shore is this morning working III the Stock
Yards with five engines and encountered no trOu-
bic. Fort Wayne men did not refuse 20 handle
cars reported.
With these latter contradictions to the news
of the day there followed a rally that partially
recovered the early losses. But the market had
been disturbed by renewed fears OF strikes and
after the rally, became exceedingly dull. IL was
at the critical moment when the market was dull
hanging between hope and icar-that Kcrnan d.
Co. received the following: Chicago spccial.-lt
is reported here from the Pan Handle yards that
the switchmcn have struck.
1t is reported" all that was necessary to
start raid in dull market that marked p:iccs
of nearly Icr cent, and later issue by the
same agency, that A private dispatch received
from one Of the most conservative banking houses
in Chicago says the strikes al that centre are
not regarded seriously, and predicts that they
will he disposed Of gradually, without causing any
particular trouble" failed 10 restore the market
10 the early figures. Ii tie present temper ~
the professional traders they have more cont
dence in an il is rcportc'i7 bad report tha1
in n aer careful modification that is not in
tended 10 carry conviction.
In thc Ioealtime the world moves on. willie
wan street wcrships the god of gossip. The
railroads continue 10 accommodate the public anl
to show increased earnings despite strikes and tie
KNIGHTS Of Labor The mOrcy market has got
over it's scare, and il row l. TOO late 10 ask il
there was any legitimate reason for scare ~
ali Looking forward instead 81 backward
there now seems 10 be no reason to anticipate
auvthing bur an unusually easy movement OF
money during the remainder Of the year. consi lev
ing tie LARGE expansion OF general business, which
is all contributing to railroat earnings. The
new Silver bill has got into working order, and
fhnt turns out a daily average Of $i1j,OOO rev
lcgsl-tanders for what the DAY vas merchandise
or 81 $50. 900 for every ten days or $j.2JO, GOO
FOR each month, or S6Z 100000 per annum. There
is moi the slightest reason 10 doubt that the
foreign demand for our productsTwil this autumn
he fully equal 10 the demand of ne
o,,tpmn Of 1913. The credits Of the country
arc well in hand and not exposed The Hcw-
yorl, bank loans, with the 0r2c expansion 81
General bugnoss are 81 3 000. 900 less Than year
e,,n cut urssjnIists have for lor" n tine
rnl led fhc rnost in stock speculation mat thcir
dght 10 hold supremacy is only cGialled by ther
ally, Nr Powderly in his supreme effort to
retain his salary.
THE DAY N TIE BOND MARKET.
There was no business done IN Government
bonds m the Stock kXchanGe, bnt some ra9a-
actions in the I per cents were mace over 'Ile
countcts o. the large dealers. The quotations
were firm as follows: