New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-12
CLOSING PRICES OF PHILADELPHIA STOCKS.
REPORTS FROM FIFTEEN RAILROADS.

Wednesday, July lip. m.
Fifteen railroads have reported their gross earn
ings for the first week in July OF the number ten
companies have returned gains on the week of 8S7
and five have returned losses. The aggregate Of
the whole number is a gain Of 6.51 per cent. The
aggregate OF the companies showing gains and
losses, and of all with the differences arc shown in
the following table:
Tsn wsSa IN y s al 1872 s 11 ss e
Five companies 20577e 229, 27sDec. 3e,4s4 1919
Total Is cOs Ell 504 807 81 o6c 7o5 Inssi O. aos ISL
The days dealings in stocks reflects a somewhat
wider market and further development of conf
dence in the general situation. Passing by the
fictitious causes which have wrought the large de-
clines in prices during the last twelve months and
the needless and criminal railway wars that have
existed and still do exist, there is sufficient in the
developments of the last few weeks to explain q
change in sentiment regarding railway values
much greater than yet has found expression at the
Stock Exchange. The Government crop report
issued yesterday promises more than full average
yield Of both winter and spring wheat. The for
eign advices are extremely encouraging for large
demand for wheat, and it is on the latter pros
pect and the activity of foreign buyers already
that the price Of wheat is advancing and not on
any fear of short home crop The corn crop
promises to be the largest ever raised, which means
better quality Of pork and of provisions generally
than the average Of late years, and consequently
better prices for that portion OF such products
which we export. Rye, barley and oats are re-
ported in condition away above previous seasons.
The hay crop is the largest ever gathered. Cotton
shows an average lower than at date Of last year
but yet higher than in 1886.
In stock market where natural conditions ruled
these facts quickly would have developed an active
speculation. But as fictitious factors for so long
a ftr1A hnNr Nh rio fhn yah
little time is required to pass from the old TO
new habit. of thought. The dealings Of every
day and what one oyerhears as he passes along the
street demonstrate the fact that the late power
of the bears to fix market prices if they could
not force holders to sell, is still recognized as
factor in the market. 1t is common to hear one
say, believe in much higher prices, but don't
you think they will raid the market again?' 1t
is on that idea that the average dealer has been
operating during the last two days Hence, while
there unQuestonably has been no little purchases
for individual short" accounts, the loan market
indicates little change in the aggregate OF
the short" interest. To-day's market was strong
all the way ont yet in its fluctuations it offered
several temptations to the belief that the present
rise had eliminated, and that the proper thing
to do was to sell for q reaction of l or per
cent. and, with the education of the last few
months firmly rooted in the average SPECTATORS
mind it is not wonderful that the smaller bears
are playing into the hands of the larger ones who,
having exhausted all their methods for depression,
realize that facts, and not fiction, are soon TO be
the controlling factors in the speculative situa,
tion. There Is no panic among tne pears
yet, and there will not be so long as the grizzlies
can induce the cubs to believe that the advance
is only saltwater affair, and will end in
greater decline than ever" The rate-Cuttng'
between the Eastern trunk lines is reported to
continue, and the prices of their securities are
stronger and generally higher than before the
dressed meat war began. The statement of the
fact tells who the late buyers are. The market
closed strong ut material reactions from the best
prices Of the day.
THE DAY IN THE BOND MARKET.
The offers of bonds 10 the Treasury amounted
10 81 62S 250-4s at 127 3-sal 7 p and LES at
lO7 l-2al07 5-s The Secretary rejected all offers
An unlimited order TO sell these bonds IN the
ment, which dealers think they have at ~ for the
As and lO7 IA for the l-2s. would have reduced
the market quotation at least z per cent Yet
the nominal quotations were rs follows: