New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-15

CLOSING PRICES OF CALIFORNIA STOCKS.
RAN FRANCIsCO Feb. IA 1888.
TIE RECORD IN WALL STREET

Tuesday, Feb. l4.-p. m.
To-day's stock market broke Saturdays record
Of small business, the transactions amounting
only to 1902 shares against Saturdays $4,000
shares for two hours. And yet with the supreme
dulness prices do not decline Stock commission
firms generally express their belief that prices are
scraping bottom and wonder why their customers
do not buy stocks. One reason is that all or
nearly all Of them are paying $50 per month to
have spread before their customers half-hourly
editorials or arguments based on ALLEGED facts
made to SUIT the theories advanced that prices
for stocks must decline For two days Wall
Street agency has devoted nearly the whole of its
time to show that its report of the September net
earnings Of the Chicago and Northwestern Railway
was correct, and that fhe vice presidents denial
at that time lin October was wrong. The differ
ence between them is only 81 5000, and it is not
Of the slightest consequence to the general specu
lator or investor which is right. The whole con-
troversy at the time from the fact that for
some days before the official report OF the Septem-
her gross earnings was published, showing a gain
on September. 1886 of 100000. the news agency
had been reporting that the gross earnings would
show loss Of first 81 90. 900 and finally of near
100000 The nsignifcance of the point on
which the news agency is trying so hard to Justify
itself is shown in the fact that five beg pardon
for the of /" IT, but we now arc using it on
the fashionable. pcemistic side)-if the Chicago
and Northwestern Railway Company should earn
net in the five months from January TO May 81,
1888. 5000, 900 less than n earned in the same
months OF 1887, it. still would show over per
cent earned on both classes of its stocks. The
same half-hour editorial writers all day have been
busy trying to explain why their estimate of the
results Of the Chicago. Milwaukee and St PauPs
business for the year ss7 proved to be so far ont
Of the way All that trouble could have been
saved by simple Acknowledgement that they
had erred i'm departing from the business OF news
fumishers to engage in that of editorial writing
and forcsighted auditors Of railways in general.
And yet commission houses continue TO pay $50
per month for such stuff TO drive customers out
Of their Offices inst exactly as bankers from hnbit,
continue TO advertise in " The Times railway
and other loans which they have TO sell. just
agine n reader Of The Tines who pays any
attention TO the only financial article il ever
prints its Sunday Financial World looking for
an advertisement Of any kind. cxcert for one OF
some person no wanted 10 buy some security.
We have dwclt too long on one OF the reasons
OF the stagnatiOn at the Stock Exchange. An
other il its own Short-S ghtcd policy. It's every
effort during the last two years in the way of
legislation has been toward intent 10 hurt
rival Institution rather than to help itself. and
every one Of these efforts has proved a boom
crang besides elicting nublic sympathy for the
little exchange around the corner The Stock
Exchange never made greater mistake than when
il created its unlisted department. in which it
permitted dealings in any valid security with
ont the form Of passing the security committee.
PhcniX Mining was one Of the securities that was
dealt in under thc franchise Of that peculiar de-
partmcnt, and not few brokers owe to it q drop
ping out Of one or more clients Now II Is pro-
posed by petition to the governors to establish an
official auditor Of all railway reports means
Of bringing back trade to the board. There is
TO objection to the scheme. if an auditor can be
found who will not give private information be-
fore bis official examination is published: but the
probability is that some OF the daily papers in
every case will anticipate the report Of an official
auditor. bound m by the red tape of the Stock
Exchange. Until the Stock Exchange can secure
the ability to handle its own business and prevent
il from growing beautifully loss day by day 10
should not undertake the management Of all the
railways there are in the country Dispossess
yourselves. gentlemen, OF the idea that Won have
a patent for dealing in securities he liberal as
we'll rs inst TO rivals and realize that being the
fountan-head you once were Of all stock
Transactions in this country. the greater the OPP
pOr'unties Offered to spectators the more must
come 20 your cash boxes. and you will to
realize that Wall Street is the " only black spot
in the country The days market after small
fluctuations closed strong
GOVERNMENT AND STATE BONDS.
Government bonds were duh and easier with
the bids for the As and l-2s off IA per cent.
Ann1ye1 RI tho closino ouotntionS.