New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-25
CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco July "a, 1855.
REPORTS FROM THE RAILROADS.

/
The Chicago and Northwestern Railway Com
| pany begins its new year by making gain Of
81 20,756 in its first month June the month
Of 1ss7 and Of 81 $685. on the month Of 1886.
This rather indicates that there is still some bust
ness doing in that part of the country
The Oregon Railway and NaviEation's state
ment for the month of Junc-printed below-on
its face does not make a favorable com parisoD
with preceding years The gross earnings for the
month were S7O,369 greater than in June, 1887,
but the operating expenses were see, 257 greater
and, therefore, the net earnings were sl3l, eSS
less than in June, 1897. An inquiry at the COM
panys Office for Of this large increase in
expenses ehcits the explanation that the lessor
the Oregon Short Line Union PacGc)-has pur-
sued the conservative policy Of devOung earnings
to bettcrmenls to such an extent that the operat-
ing expenses will soon be largely reduced from
those OF former years
The stock loan market to-day reflected con-
siderable liquidation yesterday of the outstanding
short interest, yet there still remains uncovered
large account. But despite yesterdays liquida-
tiOn, to-days market ruled strong from be-
ginning TO end. The business was than
usually well distributed and more than the usual
number of comm sson firms held p Ircha Ing der.
There were two spasmodic movements OF
prices, but the rule was steady and quiet adj
vance, whose every Is per cent gained was nailed
and clinched. St Paul made squirt from II 3-4
to which figure 1t had slowly adyanced-to
~ IA; here Yesterdays buyers Of q" shorts re-
newed their contracts and pressed reaction TO
Il 81 but the stock closed at ~ 3-s. Union
Pacifc rose to SIS "a, and closed ut So 3-S, and
Oregon Short Line sold up to 80. The coal stocks
were strong, but Philadelphia and Reading hardly
sympathized with the others although 1t closed at
63 Ia On August 10 Reading stock Will sell
ex bonds for assessments pad: at present quo
tatons for the bonds sc l2) the equlvalent OF the
present price for the stock Will be 4S Inc i4l-
lowing from The Philadelphia Record states the
situation with approximate accuracy
1t IL generally Understood that the managers of the
Reading Company WILL at their January meeting divide
the profits company for the period from Juno l.
1897 to November 80 1885, counting the eighteen months
"a one dividend period be other fair
OF deductng the proper os all the interests that
should participate to gain their rights In accordance with
the reorganization agreement During last year the net
earnings of Reading Railroad were sl09s57i and OF
the Coal and Company sl,44s4s2 making together
o53 first six months Of present year owing to
strike net earnings decreased 81 539 the earnings
of 1883 will probably be $40 500 Oo5 not earnings for
last six months Of last year s7,52s OBI probable net
EARNINGS June /, 1887 TO November 30 1855 SIS
lc7 100 the fixed charges including rentals inter-
est etc on 10th Railroad Coal and Iron companies
according TO last annual repoiL 49, are s7so2.1e2
per year. eighteen months Sll7O5243; balance.
&c 723 Surplus applicable to preferences incomes
and stock The first preference income mortgage
vdes for the issue s25 900 bonds the second pref
erence income mortgage for s2S 14o5s whe under the
third preference 1t is supposed that nearly
SIS OoO 900 will be issued The total amount thus Is
only be 500 1f0 SIS which eighteen months
interest or IL per cent will 81 800, 53o
surplus 81. 763 227 Thus a surplus OF about cent
will probably left the Shareholders after paying full
interest s75 every bond of the various
Of preference incomes
Louisville and Nashville was up TO so 3-s on
higher quotations from London. and London buy
ing on the report of Edward Bates Dorsey, who
the property at the request OF foreign
holders Of It's securities The trunk lines were
oil strong and Erie rose to 81 Is. Western Union
was inactive and dragged at 20 3-sa 10 "a The
market closed quiet and strong at about the best
THE DAY IN THE BOND MARKET.
The Treasury to-day purchased S30o ZOO
10000 lbs at l07 49, and s., 600 As at
1877 i-s The local Government market was quiet
and steady at quotations as follows: