New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-07
CLOSING PRICES OF BOSTON STOCKS.
A REMARKABLE RAILROAD REPORT.


And now comes the Chicago Burlington and
Quincy Company with statement Of its business
for the month of Maya statement that is remark
able among the remarkable statements made by
this company during the last SIX months 1t
shows gross earnings for the month si02 ss5 less
than in May ss,; that is all right-it is not
large loss considering how the company then
slashing rates But an increase Of S400545 in the
operating expenses over the same month Of sS7
calls for the exercise Of a credulity which we do
not possess. Not single article used in the
operations of the road from the lubrcator used
on the wheels to new rails put in place OF old
ones cost the company in the last month Of May
much in May, 1897 by from 0a20 per cent.
And yet the operating expenses for May OF this
year reported 81 per cent greater than in May,
1887, and for the five months OF this year, ended
May 81, they reported Is per cent greater
than in the five months Of 1887. The net earn
ings for last May given as only SOS, and
for the five months as only s935S29. The COM
pany's first charges amount to about $4,000
per month, which for the five months would be
g. 200, OOO or nearly 81 300, 600 in of its
net earnings in the last five months, ended May
81 We do not believe that the figures reported
correctly represent the operations of the COM
pany, and our incredulity is confirmed by the fact
that to-day despite a showing that discredits the
company's first mortgages, its stock ruled strong
at over liz, or per cent higher than its price
of June Is, when no one, not inside, anticipated
such an exhibit as was made to-day. The COM
parative statements for three years arc printed
under Railroad Earnings"
NEW FEELING MANIFESTED.
What is the matter? Has every suddenly
become impressed with the conviction OF the trl-
umph Of Republican principles at the NATIONAL
election? There was a transformation OF sentl-
ment developed in to-days stock specul ations the
cause for which does not appear on the surface.
OF course 1t may be that the large short inter
est-which this column has insisted eXlsted-sud-
denly awohe 10 the fact that during the last three
weeks, despite continuing avalanches OF bad news
real and manufactured-prces have steadily
hardened: TS;day's news y: including the May
the worst Of all reported. The Chicago dis,
patches (?) Of further cutting Of rates eastbound
were not only emphatic, but also sensational to an
extreme degree Added 10 that local print, eab-
Grating the deplorablc condition of the traffic war
between the trunk lines, was published and clrcu-
lated some half-hour after the favoritc few had
been appraised Of what was coming to knock the
market But, singuarly enough, every addition
either local or Wcsiern-to the agony, was re-
sponded TO by a further adyoncc in prices and
stronger tone az the advance. Before the issue
of the local explanation Of the trunk line situa-
ton which was so labored as to reflect crcdit on
its author, Lake Shore stock had ruled strong at
90 l-2a9O "a. The stock closed at 81 IL Inc
entire list moved in unison. Northwestern closed
q per cent higher than June IL; II. Paul IA
per cent higher, Burlington and Quincy l-2 per
cent higher Missouri Pacific PER cent higher
Union Pacific l 1-2 per cent higher. Northern
Pacific preferred 3 IA per cent higher ana
louisville and Nashville per cent higher:
There is significance in these changes combined
with the fact that during the intervening time
all news published has been OF the most DIS
couraQing character. As TO the extent OF the
ontstanding short" interest, the opinions ex-
pressed here are confirmed. \ careful and dis
Interested observer Of the situation said to us
today that he doubted if aiy one would name
the amount OF short interest within 30 per
cent of what recent Developments cansed him TO
believe il TO be. The recent dulress has hidden
tbo extent of it, as the daily renewals OF loans
are made by mods and winks without the chang-
ing which would occur in an active market. 10
DAYS buying, however, was not hid by carr
inS of shorts" that interest was only Follower
in an appreciatng market. and II MADE SLOW
progress in the liquidation OF It's contracts ihe
market closed quiet and strong at about the
highest figures.
TIE DAY IN TIE BOND MARKET.
The offerings OF United States bonds 70 the
Treasury amounted TO S457,000; the As at - 80
nio7 10 and the 1-2s at 1Os i-2alO' %.
All offers were rejected. In the local market
Goycrnments were dull with the asking prices OF
4s advanced IA per cent. Annexed are the CLOS
ing quotations: