New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-26
CLOSING PRICES OF CALIFORNIA STOOR&
SAN FRANCISCO Msrch rs. 1896.
OLOsIya pRIOEy or PaiLAOELpHlA sr0OxS
THURSDAY. March 25-P. ".

THURSDAY March 25-P. ".
In writing last evening had occasion TO remark
that the movement OF Eas-bound through tonnage by
the railways (and might have added, the West-bound
through TONNAGE was factor IN the companies
of little real i'm portance except
troll the rates for the larger and more
important local business. Tho report OF the Pennsy
vania Railroad for the month OF February happily
comes hand this morning just In time to confirm and
emphasize remarks. Unfortunately have not at
hand the particulars Of the through move
ment by the Pennsylvania Railroad for February. 1884
and 1855, but the total movement out
OF New-York to competitive points by all the
railroads IN February 1886, only about 1.500 tons
greater than 1888 Therefore the difference in
to that company gncant be regarded; but
the difference in rates is OF Importance. not much
the probable 10000 1900 tons OF through
freight tns company took out of NewYork the effect
the rates for its local business The Eastbound
through business out or Chicago by the Pennsyya
two hnes-Pittsburg Fort Wayne and Chicago, and
Chicago, ST. LOUIS and Pittsburg-we able TO
pare for the month Of the tive years and subjOlned
ings for the same periods:
Through tonnage out Of Chicago, ~
Gross earnings Of lines east OF ,..--
llttsburg sS,O757oo sS,549475
Net earnings of lines cast OF Pitts.
Deficiencies from rentals Of West
eih 43O,feO IOl'O'f
Net to Pennsylvania Company. s6S9.7O9 sl,lG5.65O
-
but the higher rates for the smaller tonnage which gives
higher all the local tonnage, gives gain IN
earnings the whole tystem OF T02J92l, wlch makes
the difference between falling behind first charges and
earnings handsome dividend IN tie stock What IS true
OF the Pennsyvani sysem il true of all the trunk lines
in the pool The figures also show how foolish it always
has been and always will be for the trunk lines to demon
allZc whole business by fight insignificant
part OF H. The Pennsylvania Railroad however reached
the apex in the role Of Vndlctyeness when 1t reduced
cmigrant fare to 81 from NewIOrk to Chicago by
which IT, for time, secured all that business at Its own
expense.
the selling disposition exhausted and with that the
feature was scant supply or stocks The opening was
marked by an absenc OF orders TO sell ana consequently
after little delay, the first figures showed markell
Improvements Oh last evenings prices so much
that soon after the opening a number Of brokers
tclephoned their respective offices words to the
effect Z" We do not believe in the market" Yet with
two exceptions the first prices recorded proved
to be the lowest Of the day The market however con-
timed be eversh and unsettled with frequent uctua
tons, hut noticeable that each upward movement
Impression Of room traders that before the close the
leading "bedrs would make another attack and mark
prices down not dispeed till the close and the
final rally, when marked the mghes prices OF the DAY,
partly due 10 the disappointment OF that hope The
general character OF jhr buying good all day IL was
BOT Stimulating bat done In manner which Indicated
desire To purchase Al tue market figures, bat as
che, ply possible The decline in the foreign exchanges
credited to purchases Of stocks for London accounts
This, however not yet inclined to credit. The
loan market revealed good borrowing demand Tor
DraTly all stocks and few commanded DremiuA for
of b6ayy SGor interest," but today an the de@aSd
seemed 10 he legitimate and stock deliveries
rather slow. The business OF the day much
less than that O yesterday having amounted 10 o3il3o
Shares ,O2J 81 the Stock Exchange and 1910 at
the CousO dated-against S27.l94 shares yesterday.
The active stocks at both boars St Paul. Lake
shore Delaware. Lacks wanna and Western and Union
Pacific. Tie markets closed steady with advances
The tone Tor Government bonds was firm but irregu-
lar Bids for the Is u lower aud FOR the 4l2s u
per cent higher Annexed are the closing quotations: