New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-01

, DULL MARKET CLOSING STRONG.


While to-day's stock market was waiting for
developments from the action of railway manager
and was extremely dull, it ruled firm throughout
There were a few small reactionary fluctuations
but the general tendency markedly toward
an appreciation of values. The trmness, how
ever, was more due to an absence OF stocks Tor
sale than to an active demand. The stock loan
market developed little or no change in the
" short account With Rock Island. which
stock on Wednesday unusually active, the
demand 20 borrow freely met by supply not
only from Wednesdays buyers, but also from
boxes where certificates have been locked up for
long time; so that the loaning rate OF it ruled
at fiat to / per cent interest for carrying. To-
day the transactions IN tuaU STOCK were only one
fifth of those OF Wednesday,, end 1t tuctuated .
per cent, closing IA higher than Wednesday
Undoubtedly the insiders III the company without
saying so, are encouraging the idea that the next
quarterly dividend Will be less than the usual
/ IL per cent.
Lake Shore and New-Yorx Central developed
exceptional strength. ST. Paul, after 1t recovered
to above 63, was well sustained. foreign firm
advises Us that the shipment OF ST. Paul TO London
during the last five weeks, including that by to-
mOrrOW's steamer. amount to d. 600 shares
Missouri Pacific and Manhattan stocks to-day
we're specially weak, although the latter re-
covered l per cent from It's lowest; but they
were the Exceptions III the general mark l.
Philadelphia and Reading stock rulel strong after
an early drive to break IL below A.
Union Pacific ruled strong, although IT Is eX,
pected that its October statement VIII make =
poor comparison with October, SS7, when the net
was over 81 500 coo IA gain Of S3OO,OOO on 1856,
the operating expenses for that month beng only
4 per cent oil the gross earnings The satisfactory
condition Of the Union Pacific, however, Is recOg-
nized when the railways generally seem to be IN q
chaotic condition of wrnngllng among themselves.
This satisfactory condition is not little due to
It's connections through Washington, Idaho, Mon
tana and Oregon by The Oregon Short Line which
during the last year has been showing Increased
net earnings Of nearly 90 per cent The Short
Line has done this with an arbitrary rate for
freight allowed TO it, which, in 1857 was at the
rate of .O4 cent per mile, while the average
rate on the Union Pacific was Ia ; cent per mile.
The rate for 1883 has been still lower than III
1881
As has been already reported commission has
recommended a revision OF the contract so that
tbe rates of the Short Line shall be equal 10 the
average of the system The recommendation I'M
doubtedly will be adopted At the rate for the
whole system for this year, the Shoct Lines net
earnings would be at least 100000 greater than
under the existing unequal distribution. The
So 600 600 of stock held outside Of the Union IA
cGc's ownership OF S., 900 600 is very closely held
by parties who seek only equity from the parent
company. The market closed strong at about the
TREASURY PURCHASES
The Treasury purchased $40, 30 l-2 per cents
st 1O9I-s The rejected offers included per
cents S25 900, at l2s, and $50, 600 at % 5-S,
and 4 . per cents So 600, at l09 3-s. The local
market was quiet with quotations as follows: