New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-22

TUESDAY. Dec. PIP. ".
Before the opening OF business this morning the specu
atve atmosphere in and about the NewYork Stock Ex
change was as fully impregnatcd talk and type could
furnish material for with the idea that London must
qudate speculation in American raj ways The Lon
don quotations lower than those Of last evening as
every one who knew the course of the NewYork market
yesterday afternoon knew they would come Lonnoh
always follows NewYork in quotations for American SC
curties whether Is ruling higher lower than the
home quotations its fluctuations measured by those
of New-York. But this morning particular stress
was laid upon the weakness OF the London market the
23o o'clock quotations from which were published before
opening at 10 o'clock To give additional weight 70
the phantom of London's decline and point to the
theory London hqudate." il Stock Exchange
houses with supposed London connections that received
the home orders do the heavy selling ut the
opening OF the Board. The I" London houses
tonight, when they make up the extra COM
m.ssons of the day. may well say: 1t Is
an i'll wind that blows good. The MASKING" orders
well executed by the brokers TO whom they had been
ntusted they opened the first figures lower than yes
terdays closing prices and made further considerable de-
clines they finished That later the market de-
velopcd a hardening tendency and finally almost
buoyan qualities the fault OF those who had
ecuted the early selling orders but that the orders to
mash the market not followed by further orders
kind and continued to the close OF business
Whatever might have been the effect Tomorrow OF con-
tnuance Of the mornings tactics, there is little question
that to-day it would have promoted recovery In prices
which from L to 2l2 cent and for to-day the
full requisite capital might have been supplied by pluck
Ancpatons of another day. however seem TO have been
heavy for pluck TO honor hence Mt the close
instead weakness there undcrtone OF strength
TO such an extent that compared with week
ago the tables turned Instead OF and
n feeling of uncertainty in the bull ranks and n ques
tonng of "Where Is the money 10 come from T. II Is
Where all the stocks The period of stringency In
money has passed away. The railways which will Issue
statements about the New Year going to make I'M
usually favorable exhibits In which the net earnings will
show gains dsproportionate to the earnings de-
spite the learned predictions OF The frenng Post AS
Stunning that the figures teegraphed from Albany from
the report of the Shore and Michigan southern
Railroad for the ended september 30 1850 are cor
rect surplus all charges including dividend
on the guaranteed stock g. 049 00i-equal TO Az
per cent on the stock for that twelve months. But
the earning of that surplus distributed through that
twelve months AS follows:
Quarter ended December 81; IS ..---....- s6al2d5
on r4r ted March 81 1851
Quarter en- ei September 80 1856 .......... s2s.l
Total for IL months.
So OF the per cent earned in the twelve months
IT p.r cent was earned ia last quarter ended Sep
tenher 80 Every conversant wi the business OF
the railways anti irates much better showing 9r the
the quarter ended september 80. The surplus earnings OF
the e9py U'her 'na 30 '0 1856 %ers soso
against S954 587 for the preceding year
increase, $l.032.340. Judging solely from
surface Indications II wonld seem that the short Inter
est in all dividend has been Increased instead
OF being reduced by the late decline: II that suppositi"
proves trIe few more statements like the late ones of
tre Central and Hudson and Lake Shore land there viii
be flood 0f them about NewYtarsJ will have marked
effect on values at the Stock Exchange; 1t will not be
money panic. Even 1t PaIl. which to-day was th"
special object of the early attack and which closed -
higher than last evening. may enjoy "boonI" that will
he ont proportion ~ its merits In the Late dealings
the fancies except Pacific Mail participated III the adj
vance the whole market closed strong.
Government bonds dull and easy with bids for the
Is OFF a per cent Annexed are the closing quotations.