New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-11
CHICAGO AND NORTHWESTERN REPORT

Friday, Aug. lO-p M
The annual report OF the Chicago and North
western Railway Company, a full synopsis OF
which was printed here this morning, is full OF
instruction 1t so happens that its fiscal year
covers the period during which the Chicago.
Burlington and Quincy management conceived
the idea that with its vast extension Of track
and n corresponding increase Of its liabilities it
ruled the situation. and that all other Western
railroads could do business only by its august
permssion and its final realization of the fact
that it was a fly on a cart-wheel-an infnlteslmal
obstacle in grand progressive age. It's course
during the last twelve months has done much
damage but its own stockholders have suffered
three dollars to every one dollar OF loss entaleo
on the companies which it started out TO crush
or bring 10 its terms. The lesson. however, TO
which we refer is the real insignificance OF the
warfare which has existed 1t was in July, a
year ago, that the Burlington and Quincy ana
Burlington and Northern entered upon their at
tcmpts at conquest From that time there nave
been weekly if not daily reports OF cuts IN Irelgh'
rates ranging from 10 10 40 per cent-caH IL
only once a week and figure the reduction made
in one year. Yet the full effect on the traflc OF
the Chicago and Northwestern during that year
was reduction in the rate H. received FOR freight
Der mile OF from IL TO lO2 cent or less Oii
IA per cent. That loss was important ana coso
tho Chicago and Northwestern Company over
$4,000 600 in net earnings but 1t does not renecc
dispatches aGe aided by Wall Street agencies
have attempted to make the reductions on very
small proportion of the business appear 70 De;
The western lines lately have developed q local
business more rapidly than ever did the railways
east of Chicago. A sample OF wall Street metn-
dds of bearing stocks this morning was 1ur-
nisbed by q contemporary, which publishes a COL
umn of alleged Wall Street Talk" which IN It's
attempts to be witty fails TO reach It's SUCCESS IN
IL prinfa
The surplus Of the Chicago and Northwestern
Road was 81, O0s 700 at the beginning OF the iiso
fiscal year the pamphlet report OF which was IL
sued Yesterday while at the end OF the year IL IS
down TO 81 906 900. n drop Of over 30 per cent.
Facts The surplus May 81; 1857, was
s29e45 37 90: on May 81, 1888 after PAYNE y
ner cent on the common and PEI cent on tne
ppreferred stock, the surplus was s4,3O3' 63I as.
THE 6rurps given in the quotation cannot DE
found in " the pamphlet report OF eltner year
CONDITION OF STOCK SPECULATION.
The stock market to-day again was quiet, but
il ruled at higher average figures tnan on any
xerc fluctuations and irregularities. but they
were significant Of only changing Opinions WiisH
thus far have kept the marHet IN Hc%i,ns oh
ton and prevented that booming OF values whicn
may precede q elimination. Among me prolcs-
sional traders the majority continue 10 iooA loa "
reaction" and az the slightest turn OF pIIcp,
downward they play the game TO WIN on the
side Those who expected lower opening lhi
morning were disappointed. The market oP'Hc'
generally higher than last evenings ci9slns
prices, and steadily advanced I'll after MIDDAY
After that there some declines IN the 1,ii
which had made important advances. Iniir
dclphia and Reading was a special feature OnloI
Pacific and the Oregons We're IN good dcin"ha
Delaware. LacSawanna and western r9sc u
1873 g. oai37 10. The mornings loan marNeV ~
Elected some addition TO the short interest III !
few stocks but generally the situation was un i
| changed-renewas made up the bulk OF the pus1
ness Chicago dispatches again made havoc WI WI
| the spring wheat crop they heretofore nave VIII
railroad rates: but II would he unfair to say tin
/ these dispatches now had any effect. lhey on
| attract attention and here and there caus
smile, The market closed quiet an'
| strong at figures lower than the best.
| THE DAY IN THE BOND MARKET.
The offerings Of Government bonds to the lreaS
urv TO-DAY amounted 20 S29S. 00O at prices hlghe
| than the Secretary has yet paid The baby snow
! Continues for the amusement Of business men
| The local market dull with nominal quota
| lions unchanged Us follows: