New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-06
CLOSING PRICES OLE PHILADELPHIA STOCKS.
SOME FACTS


Wednesday. March 5-p m
The month Of February. 1889. was not a had
month for the railroads Of the county. Their
earnings for that month not only showed large
gains in the month of SsS, but were well up 20
the average per week Of preceding years. And
for the month Of this year, ont Of twcnty-nine
companies which have reported their gross earn
ings for the full month. all save two companies
have returned ganS-most of them LARGE gains
on the month of 1850. This fact, which Al the
moment is of no use in the speculative market,
is the backbone of the confidence daily exhibited
by investors. The demand for money al tie
Stock Exchange, because Of the absence of all
bull" speculation, is 80 small that a maniprla-
ton of money would be waste Of labor, 80
tie manipulation j. turned - the support OF
the foreign exchange market 10 permit the lni-
portatiOn Of gold. The offer Of the Treasury 10
buy per cents at - per cent higher than tie
asking price of the last TWO weeks. If IL Is true,
is menace against any attempted manpuiaion
of the money market between now and April j.
II looks as if there had been some running on
speculation Of Philadelphia and Reading stool, TO-
day But Reading stock is not the stock market
and since the aVOWcd wishes OF large majority
OF the stockholders and of the income bond hold
crs were 50 roughly ridden down in the recent
election the stock has hardly been representative
one. II looks as if the contestants had sulTcn-
dcred to the power of money, and thus FASTENED
10 unload" OF course the bears aided them
in making sales al declining figures. while buying
at every concession There has been a partial
liquidation in both long" and short" account,
in Reading. From 80 IA at the opening the
price pretty steadily declined 10 SO "a at the
close The recorded transactions in tie stock
amounted to 1OH, 900 shares out Of the total OF
2?l 225 for all the listed stocks.
Unless il may be Richmond and West Point
stock there is not another railway stock on the
list that is held as Philadelphia and Reading was.
The decline I'm Reading was certain obstacle -
any advance in the general list. In 50 limited Il
market II could not have had less effect than that
But il did not prove 10 be much Of "A dcprcssOr
Of values generally Western Union, on the
supposed prospect OF postal telegraph opposiiioa.
was sold of further 10 II Ii, but II recovered TO
81 3-4osl b. closing IA per cent lower than
last night. Delaware. Iackawanna ana western
was subjected 10 some hammcrlng on the decline
in Reading. and was sold as low as ia b. but
i, closed AT I3J There is difference hctwccn
a company which in bad coal year can earn more
than It's dividends and one that iails 10 pay Tie
interest on its first preference incomes. As woll
miqht lake Shore be sold because Chicago Bnriirg-
ton and Northern hardly earns It's interest b. ii
cutting Of rates.
In the unlisted department Sugar Trust
made one Of It's periodical sharp movements.
From So 4 AT the opening II fell - 60 -. and
then rose Gs -. closing AT 90 -. Ihc ELECT
If this movement was not TcassuinJ ~ the few
speculative bulls which there are in tie market
Sudden and wide fluctuations IN the uni,'c !
department" now never l.il 10 produce clnl
in confidence. The general maIAcl, however,
closed fairly steady.