New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-23


II is hard work to write of tO-day's stock mar
kct without alludng 70 that ungracious remark :
We told you So II is the common capital Of
writer's who are right once IN hundred times.
The market, however, did open naturally al better
figures than yesterdays closing prices and some
early gains were established. But with all the
elements favorable 10 a great rise in values, there
was no marked ebuoyancy. 1t was simply an
effort on the part of the bears" 10 cover small
part of their short accounts added TO the invest
mcnt demand that made the early advances. After
the first hour the market for a time de-
pressed by the renewal Of short selling. For
the moment the ouispoicn views Of two or three
prominent men being "bullish' and against the
market, tie suggestion 10 the small speculative
element in the street is to copper such outgiyinss
and in the present instance that fact probably
was fully realized before the large capitalists
referred 10 consented 10 talk. Mr.. Gould speaks
now 10 less cmphatically Of the value Of Mis-
souri, Pacific than he did when il was selling above
par Those who coppcrcd him then have had
opportunities 10 make large money. But times
have changed. All the railroads Of the country
are taxed 30 their utmost ability 10 handle the
traffic offered 10 them. And the country is greater
than all the Goulds and Nandcrbilts combined.
Their uttcranccs may make fluctuations in the
stock market, but except by trcachcry to the in
Icrcss OF which they trustees, they cannot add
10 or dctract from, By 81, the increase
Of their respective railroads.
Io-days stock market was scarcely broader than
il has been IN preceding days There was the
usual small investment demand, bat there were no
indications that II Was any greater than 1t had
been on preceding days, when prices declined
There was no apparent increase IN the local bun
speculation. Therefore IT. Is necessary 10 look 10
the desire Of bears 10 cover thcr shorts Ioi
GI cA pltnatlOH of such buOydncy as Today Sl"'h
market exhibited. The liquidation OF that accom-,
must have been small III business Wnich, n
Guiding the transactions Of traders, amounted Only
to 2l3.9OO shares OF listed stocks. After the
first hour's business prices again were raldcd,
and Missouri Pacific was sold OIL IS per cent 10
- J-S that stock closed at - "a, against ~
last evening. The " bear cpistlc Oh mon P1cllc
stock, the publication Of which was secured in
morning paper, fell Hat on the market The
substance of the Cammack Jones interview may
have been news 10 the writer, but 10 every one
who ever bought or sold 100 shares Of stock il
was ancient history. Union Pacific ruled strong
al daV and closed at 80 IS, and Oregon Short
Line al "a gave an advance of per cent. Even
The anthracite coalcrs, including Philadelphia and
Reading. marked higher figures. Perhaps the new
prospects Of Il bountllul yield Of the ice crop
help them along. After the midday raid on values
there WAS a steady and continuous hardening
i'm prices IT was due less 10 bull' spccula.
tive demand than 10 scarcity Of offerings
The particular pet Of the Governors, the un-
listed department. did not fail 10 put in its usual
work toward Generalization. Cotton oil Trust
receipts declined IRON 81 3-4 to % IA, and Sugar
Trust sold down 10 "A IA. The later rccovcrlcs
70 the best prices Of the day were the result
Of the condition OF the general market The
trustees Of both companies can make over their
Official signatures plain statement Of facts, show.
Ing what the real approximate values are. They
do not do it, and the Stock Exchange continues
10 AFFORD the leading men in both trusts a market
in which they may milk the lambs at the cost
Of only 81 per 900 shares, and then wonder
why speculation is so dead
The general market closed strong at about the
h ghcst figures
THE DAY IN THE BOND MARKET
The Treasury purchased only $1,000 1-2
per cents at l04 IS. At auction $4,000 regis
tered l. sold at 124 1876. and at the Stock
Exchange 81 1000 coupons sold at 20. The quo
tationS were easier as follows: