New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-26
CLOSING PRICES OF CALIFORNIA STOCKS.
San francisco. Aug. %. 1890.
THE SPECULATIVE SITUATION.


T. now is not tight money that depresscs val
ues and checks speculation at the Stock Exchange
II is Mr.. Powdery of the Knights of Labor, and
tho renresentatives of the Federation OF Railway
Emploves in session at Tcrrc Hautc, Ind, who
temporarily are sitting down on values. 30 long
as those gentlemen withhold from the phohc
their decision whether or not they VIII permit
the country to continue its progress, so long Il
there an uncertainty more detrimental 10 DnS-
ness in general and TO stock speculation III par
ticular than will be their futile order that the
wheels of commerce must stop till the Ncw-lork
Central Railroad accepts the avoweG principle
that it must not discharge any OF Its employees
who happen TO be Knights of Labor I'LL MI
Powderly has sat in judgment on the case But
the same organization says to the brickmakers
of the Hudson River Valley: You shall make
bricks only with union labor" The great ma
iority Of wage-earners OF the United States are
not members Of any labor organization, there
fore Mr. Powderlys assertion that he is the repre-
sentative of 2OO0O,O 900 laborers, in total popu-
lation of 5000, 900 people, including women and
children, is palpably absurd. Yet for the mo
ment he and the council at Terre Haute are the
principal factors at the Stock Exchange
10 say that the strike on the New-l DIX Cch'rm
Railroad was secondary condition TO the money
stringency is deliberately TO deny tie facts, that
the stocks which suffered the greatest declines
last week were the dividend-payers OF the So
called Vanderbilt SYSTEM and that outside ul
these and Rock island the declines IN other
stocks did not touch the low figures OF August H.
There are professional operators III wall Street
who would gladly accept the offices of Grand
Masters" and Chiefs of these different labor or
CARNATIONS without stated sal aries. And II Is
not impossible that labor development may snow
that in the recent disturbances the proiesslOhai
operators the actual " Grand Masters ana
"Chieis" who did the engineering OF the disputes
If such they may he called.
Ia bp %
ket which in a five hours business recorded Only
900 shares the transactions in the general lst
and 30,sSO shares i'll the unlisted department,
when Sugar certificates with fluctuations of IL
per cent furnished $4,000 shares Inc tone OIL
such market there was was firm from opening
to close. Fluctuations there were because OF con
tinued efforts to deprcss values Whenever
seemingly weak spot was dcVclopcd-an absence
of buying orders for a moments sharp attach
was made with the result of decline Of l-lal-2
per cent, followed by quick recovery lie gen
eral market marks some oyement-large IVr
| the amount Of business done, but here ana thric
were special features. Big -Four, which last week
suffered the greatest decllnc-a per cent dlNl-
dcnd-payer and seemingly as certain Of II as is
Ncw-YOrk Ccntral-was sold oil 10 90 j-S from o.
at the opening, but with small transactions rose
To and closed at 6s IS. Louisville and Nashville
made a clean gain Of l per cont from ITS opening
price, With closing at 81 %; leading bank
ing firm opened the loan market by loanlng cX-
clusvcly on dividends" AT 10 per cent, ~ 900
900. Now il is the dividends during the last
week which have shown the greatest IL cline from
August Ia low day-Lake Shore nom % 81
70 90, New-Yo,k Central from 100 20 lo4 IT,
Big Four from 90 SIS 10 60. while Atchson To-
pclla and Santa Fe has not sold as low as A. Is
since August l. and ST. Paul has not sold as
low as IS "a since August II. There is good
deal Of humbug about loans on dividends, partcu-
larly when high rates eXacted on Such loans
by firms who are largely interested in nOn-dlNi-
dcnd-paying securities. There is something that
srnacks Of the penny wise and pound foolish oys-
tenn in the eXaction Of 0 per cent for money 81.
only "diyIdend" payers II is not 20 be expected
that new trading will develop SO long as $4,000,
600 OF people waiting for The verdict OF
twelve men whether or not the business Of The
country shall be permitted TO proceed in IFS usual
course The plain fact is that the holders Of Sc
curities are not disturbed and do not propose to
sell Ii is nOn-acton, and not action on the para
of holders which will defeat the schemes OF pro
fessi0nal operators plcd with labor organizations
The market closed dull and firm.
THE DAY N TIE BOND MARKET,
The Ncw-York Sub-Ireasury to-day paid for
81 222 900 bonds, of which $2jO000 wee per
cents accepted at Washington and checked for.
The amount of 1-2 per cent bonds actually re-
deemed under the circular Of August 2l is dill
cult 10 state, because reports from the dINeicn,
Sub- Treasures and from the general department
are 10 a large extent Implications Probably
about S4 OOO. 900 have gone in under the call.
Al the Stock Exchange to-day there was no bust
ness in Governments, bu the quotations for is and
4 lbs were advanced 10 figures as follows