New-York tribune., 1888-08-29
CLOSING PRICES OF BOSTON sr'ohs.
Boston, Aug 29. 1885.
GAINS IN RAILROAD EARNINGS.

Tuesday, Aug. asp. 20.
The Tribune has printed the gross earnings for
the third week of August OF thirty-nne companies
or systems which give an average gain OF 9.oo
pcr cent on the week Of 1887 OF the NUMBER
thirty have returned gains and nine losses. Ihe
following gives separately the aggregates ana
differences of the companies showing gains and
losses:
Third week In Aug jsss rrD D.erenes .asi sss
Kne CO. 80 o sSi SO 65S Dec e3si7 92o
Total 80 co.'s o7o $40 ss 307 92o Inc s2ssOe7 as5
There now are few persons who care as much
for their reputation as they do for the almighty
dollar who will deny that the depression In stock
values during the last of 1887 and the frst four
months of the current year was due to an over
supply of phantom stocks" short sales-and to
reports and predictions concerning the trailic OF
railways which since have proved to be false In
every particular. Excepting IN cases where
strikes-whch may or may not have Deeb lnVlUd
by the managcment-haye nterfercd with the
regular transaction Of business, the-e is not gall
road in the country which in the twelve months
ended June 80, $50, did not carry larger ton
mage per mile than it ever did IN
any preceding twelve months. An unnecessary
il not criminal, sacrifice OF rates to the stock
interest OF certain Arrangements largely reduced
the net earnings But despite the cutting or
rates. the business so large that the gross
earnings in the twelve months were phenomenal
A stock speculation based on mlsmanagement
and on a continuous string Of lies Was the source
of much loss to many small holders OF stocks
But there is some consolation IN the assurance
that the conspiracy between the clique of Western
m, nascrs and Wall Street operators has resulted
in no profit to the conspirators During the
whole period OF depression there was continued
buying OF stocks By investors, who paid Tor What
they bought and retired the certificates from the
partales OF the character Of bulling' the mar
zet: it does not do that to-day. But the stock
market only lately has begun to rs1ect the re-
suit Of such absorption. The speculation Is as
duh as it ever was, and yet almost every period
OF three days for over two months has marked
material advance in values The old short In
ereSt is still in the market because II cannot get
out except at ruinous losses One day II drops
out in the endcavOg TO lquidate In one class or
stocks and another day in another class Of stocks
But beyond the shifting OF the short accounts
from trader TO another little yet has been ac-
cOmplished in tho way OF general Iiquldatoh
Fluctuations there are daily, and there always
will be some as long as the stock market exists
Traders make them. But there are no indica-
tions of an outppurng o; long stock, either IN
TO-day's market as like yesterdays as TWO
peas in a pod. There was strength all around
with Delaware, lackdwanna and Western and
Philadelphia and leading the special features.
Western Union also was conspicuous for It's late
advance after enrly pressure TO sell IT, Chicago,
Burlington and Quincy. which 1t hardly can be
imagined any one should wish TO make Few cont
tracts IN, spurted from ll2 IA to ll5 Ia Oh
small transactions. Union Pacific was compara-
lively dull but its value steadily hardened. The
market closed quiet and strong ot the best figures
of the day.
THE DAY IN THE BOND MARKET.
The Treasury purchased $4,000 bonds This
rejected Offers were Sl,500,000 l-2s at 0S and
S235, 900 at los is. The local market was dun
with quotations steady as follows: