New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-29
CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco, June %, 1ses.
RAILROAD EARNINGS IN MAY.
Thursday luna ON

thursday, June Esp. ne.
The statement of the Pennsy lvania railroad for
the month Of May makes remarkably favorable
comparison with the month of last year, when it
is remembered that those of last year were phe-
nomenal Including the profits from the Western
leased lines the net for last month is s1241OO less
than in May, 1887, but is S577,72 greater than
in May, 1886. For the five months ended May
81 the net earnings of the company, including
profits or losses by the Western leased lines, for
this year are s625,S16 less than in 1887. and are
s1,065, 637 greater than in 1886.
The New York, Lake Erie and Western state
ment for May shows net earnings of SAG, 223,
against S740, 602 for the month of 1887 s626, $50
in 1886, S314,29s in 1885, and s294,572 in 1884
For the eight months of the company's fiscal
year the net earnings are $780, 663 less than last
year, and s542, 900 greater than in 1886. Allow
ing for the usual amount of income from other
sources" the company's net earnings during the
last eight months were 81 90, 900 greater than
the sum required to pay full dividend on the
preferred stock, and the last four months of the
year yet to be heard from.
Philadelphia and Reading Company's statement
for May shows 6 decrease in net earnings from
May, 1887, of s39,224. But the company has
adopted the correct and honest system of creditng
to sinking fund 10 cents per ton on all coal
mined. Except for this, the net earnings for the
month would have shown gain. AS made up,
they are S527,863 greater than in May, 1886
For the six months ended May 31-onc-half the
compsny's fiscal year-the net earnings are
S1,529,96 less than in 1887, but they are
S1,253221 greater than in 1886. The loss from
last year is entirely due to the forty days strike
But, despite OF that, the earnings of the last six
months are in excess Of obligatory fixed charges.
The Norfolk and Westerns statement Tor last
May gives gain in net earnings OF 50 per cent
on May, 1887, and of 1898 on May 1886 For
the five months ending May 81 of this year, the
gain in net is "a per cent on the same time OF
1887, and 5Y.9S per cent on the five months OF
1856.
The statement for three years Of the four com.
panieS named are printed below.
Thrty-seven railroads now have reported their
gross earnings for the third week in June. OF
the number, thirty have returned gains, and seven
ferences Of the two classes, giving gains for all
of 81 per cent, arc as follows:
Third week June 1887 1885, Differences cent.
hisy 81 90 49, "a; 80 IS s5 I
Thirty seven cos oeS 1Cos 377 Inc217 2Cs $40
THE MARKET FIRM, THOUGH DULL
The dealings in stocks at the Stock Exchange
to-day amounted only to S3, O06 shares. And yet
the market was firm There is absolutely nothing
to say about the market that has not been re-
peated here time and again. There is no such
things as bull cliques in existence. All the specu-
latve talent of the Street is anchored to the
She TT side, by the impossbity of recouping its
contracts, and all the local influences are eXered
for the depression Of values or to scare holders
into selling at current figures. Where the real
and phantom stocks are held is mystery TO the
Street and to That they are not generally held
margins, or by o speculative interest that is
be frightened into selling by the screeds OF ANA
teur experts" has been sufficiently developed
during the last month. Time and again. efforts
have been made to create a selling market by RAIDS
on values, but every time the attempt has been
made it has proved futile. Buyers there were at
the concessions, and when the rdld ended, q quick
recovery in values on small transactions followed
To-day after The earlier advances, prices were
pushed down only TO make good recovcrles 1he
holders OF stocks are not combined, while the
shorts hold hourly meetings to devise methods
TO break prices, and to certain eXtent-to that
extent which will not betray them-the members
of the bear" crowd are true TO each other IL
is a local combination in Distress using all the
machinery for manipulation against scattered
public interest, which has confidence In the val
ues of what it has purchased. There IS only one
drawback to the formation Of powerful clique
TO twist" the shorts no large quantity OF stocks
can be accumulated at the present quotations.
We never are much inclined to bull' st. Paul,
and when the present bear party were puliihg
il at Os we were taken TO task for not accepting
as law and gospel the half hourly bulletins on
it's value But if the shorts" in the stock now
existing had fallen into the hands OF Clique,
its real value would have little to do with It's
market price till the last short had settled his
accounts. The market closed dull and strong.
THE DAY IN THE BOND MARKET.
The offerings Of bonds TO the Treasury to-day
Amounted to IS, 309. 000-Si ,534, 600 As at l2ea
los al and s3375, 900 lbs at OF 12a1 OF 5-s.
The Secretary accepted only s24 $50 As at l2S all
that were offered at his limit. The local market
was dull at quotations as follows: