New-York tribune., 1886-07-07
..rxa rrrnxr or sarLAp4SPa1A SrodEA
ei0'' SAN FRANCISCO. Jaly 6. 1886.
Thursday. To-day
TUESDAY, July 6--P. w.

TUESDAY July 6-P. N.
4. .r.su,arly a. the years roll round ana bring 'he
- YEAR and tho d-year, July 1. just SO frequeh"y
- .om.,mes at the quarterly periods. are elaborate
..a,.m.nts put forth showing that the paSmen' ~
s,,.nds and interest ut the respective periods Will
,rt n .uch OF such a number OF millions OF do"srs
cd by the suggestion that large part OF 'Ae'e
o,.hursements must be rrnvcsted In secur'es- w
worse logic appeared from the impress u CIV.
,. Go back only ton years ana II even 10 per cert OF
,ha amount that annually has been PA'u
ont by the Government States mun'o'p"n". ",r-s
and corporations had been surpluses to the
and rsinvested in securities. values to-uAs "oU. -
based on a relation Of about l-lo Oh pei o'"' -
.rnum The fact is that the Vanderbilts "ouu''
Astors and Morgans hold only very sma part o' "e
a,y,Jend and interest paying securities OF 'hs
while those who nave surpluses rema'nnS iioH -
..oss fron Investments may be counted In tue hunu
r,ds those Who are living right up 10 tneF ii0o"e'
from such sources ust he counted oy the e"p'0' "
~ several seven digitA 1t follows that very isrko T
so,a.o, ALI Kinds OF dividends and interest dscurse-
lnents goes TO pay the butcher the grocer w.
the usr etc. and that these little left OF TOT eA'
ns.ranrs LET alone reinvestments.' Perhaps never
hafo-. IA. the ~renvestment" narp been strung 10
higher key than during the last ten days' ou' S "
never have fascinated a smaller number OF o"!e~
To.a.y,s stcsk market more and no less ina"
,he nstsra sequence OF last weeks operations iH''"
specula,ors wao deceived by s-'urua' "O
-. ,..rs disappointei with to-dsy's results "a gem
.r.Iiv !. the case man submits MS JuuH"ou'
- IN. dctaron OF As rule. hrst nSurrs pre-
ssnted strong appearance; buf at the pivotal point
w-srrn Union-rsakness developed Ia tho ea'ies'
tr.n.s.tions; the stock oIencd with ssie AT
10 against 697, saturday mOrninE but the mmeu'Hte
,nccrediug sales CO.'S 69i2 and down 10 b. IL
.ubsequent rally 6ss iDtervened before the STOCK
deolu~d to GO a66t4 a.. Paul. Northwestern, ODaha'
Lax. shore Erie. New-YOrE Central. Delaware L.cka'
wanna and Western Union Pacific and Louisville auc
Nashville all opened from 4 TO g per cent higher than
Saturdays closing figures What the subsequent de-
olu-s were distinctly iniicated In onr general
list" Tney sufficient to more than wipe out all OF
euriays galns leave prices lower than they were
FRIDAY evening The railway war at the West grows
more yruen. and the crop prospects reported less
favoraOy. Bat important factors today are less
accountable for the decline than is TIE cqned position
INTO watch au -aGviSet mdnpu stioh Ms forced the
People wlsl bay nor sell sharrs IN
Trinity Church property when the one slde they arr
Ian AZ the viii Of tcw men TO be swainpru Dy tue
vrrole cApfal. IT the Oner SIDE 10 nave Ohy one
source 10 look for se ASIDE rom eNtcrhi III,
ENC the speculation IL 100 much IN the po-toh Vi
.tails win ani heads lose To invite a. active par
t.cipauon even by professional traders 'ue maIAet
cisec At the lowest prices o. tue OdJ' al" ~
u-ur-s should be called weak ..a 49,,
quiet ana easy WIN the
b- for the 50 of I per cent Annexed are tAo cioss
quotations.