New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-08
CLOSING PRICES OF PHILADELPHIA STOCKS.
NETWORK CENTRAL AND HUDSON'S QUAR-

TER.
Friday, Nov p m.
The official report of the New-York Central
and Hudson River Railroad made to the Railroad
Commissioners of the State of NewYork. for the
quarter ended September 80, makes a showing
that is S40, 900 poorer than the estimated state
ment issued at the end Of September. The quarter
includes the period of the strike and OF train
wrecking The net earnings over first charges
were equal to only 0.S3 per cent, therefore the
payment Of per cent for the quarters dividend
leaves a deficit of 81 ,571. The following COM
pares the statement for the last quarter with that
for the same time OF 1889.
SSs:ss sss:S:;. 's P D:s
Frs. ss siss. ::
D! ss. ss :ssasS Dee Dss ' s
Surplus ........ s52,ai5 esl4a,57l Dec. s2ol, SSo
ALI per cent. per cent Deficit.
THE DAY In THE STOCK MARKET.
To-days stock market was unusually active
The transactions reported for listed stocks az
gregated 55l,0G2 shares, and in the unlisted de-
partnent 55,6S4 shares. The market was early
depressed by the announcement that the Bank OF
morning had advanced the banks minimum rate of
discount from 10 per cent-at least that 1act
was the alleged cause for an immediate decline Of
American railways in the New-York market of
about l per cent from last evenings figures. AS II
matter Of fact the advance In the Bank of England
rate under existing conditions had nothing TO do
with the values at the New-York Exchange, ex-
cept in a sentimental way. But that sentiment
was played for about 400 per cent of its real value
There was perfect rush to sell any and every kind
of stocks. Where the pressure comes from Is as
much of mystery as is the question, Who were
the buyers?" London was not factor in the
ey tS
values for stocks touched their lowest figures In
years-Chicago, Rock Island and Pacific at 50,
IS So, and d Union Pacific at 1s IA were records
that were sufficiently low to discourage, the
investment holders Of either bonds or stocks in
any railway In the country.
But there was stop, Despite foundations
forced and frightened and continued selling OF
short" stocks to catch the last 1-s per. cent
of the Decline there was buying-a holding Of
hats for offers to tumble into-that in the last
hour turned prices upward. The room traders
say that the late really Insignificant rally was
on the covering OF shorts Between being told
one day that the short interest is entirely
eliminated and that a rally on the next day is
to get much mixed on the situation. But do not
forget that the outstanding g short" interest in
its aggregate Is as large as 1t ever was Partly
IL has been transferred from the large bears" OF
a year ago to the local bears of a months
growth.
Looking back for eighteen or twenty-four
months and bearing, in mind the works of rail,
way managers in that time-no cars, and still
cutting Tates-there is developed to the minds
eye of the grandest schemes OF consolidation
and combination that the world has ever seen.
1t now is evident that patiently and slowly have
the cards been played for more than a year To
make a market on which stocks could be actually
accumulated. With the railroads pressed with
more business than they could handle they all
the TING have professed to be engaged in des--
perate fighting for traffic. We say "professed
because the official reports despite the fight
ing. have been satisfactory. The money market was
attacked, and we do not donbt that before this
last Government purchase Of per cent bonds
81 100000 had been withdrawn from circula-
Put the stock market did not yield much TO that.
The success OF the Treasury in purchasing per
cents was a surprise. But every Wall Street
man knows that the cashiers check for about
81 100000 issued In payment of per cents. in
stead of following the usual course of deposit
in bank and collection through the Clearing
House, presented 10 the paving teller Of tle
Sub-Tressury, and paid in gold certificates which
were carried 10 the vaults OF trust company.
The Treasury poured out something like 100000
600 in Onc month. There was no more striI/gency
In Wall Street. but there was disappearance
of Treasury disbursements that no one could
account for. Hence bank and trust company
servative, and had no money TO lend. except on
call. and that at not under per cent. 1t YVES
after the monetary stripgency had passed that
Tho values in the stock market began 10 make
substantial declines. per. cent per dicn!
money market was without material
eject on the values. But mystery,
aided by continuous probing. has finally
ciidinc bankers and railroad managers, apparently
have accomplished their end;
IL" sJsa,srred by precedents the activity and large
husircss of to-day should mark the elimination