New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-23
CLOSING PRICES OF PHILADELPHIA STOCKS.
DESPERATE MEASURES USED.


Desperate situations beget desperate measures
drowning man clutches at straw. Those
axioms tell the whole story Of to-day's stock mar
xet. The market opened naturally higher, in
response to existing and prospective conditions
There was a good buying of stocks; it was of
character which will make stocks scarcer in the
Street than they now are But when that was
over the depressing influence Of the transactions
in Atchison and Missouri Pacific again was brought
to the front and made to do service toward
general depression. There was nothing IN
the whole days dealings that was not entirely
consistent with the situation as it has been out
lined in this column. Pending the election,
there is a disposition to wait on events natur-
ally a dull market. The bears" and their III
terest all the list is large, are attempting 10
utilize that natural dulness to the accomplishment
of their end-a market upon which they may close
up before election day. To-day they Thought they
received a startling card in an interview with
Mr. Gould published IN hi ne pa,y bn" on
values, but declared that he was doing nothing
in stocks. Probably Mr. Gould told the truth
and probably he Is no more E tSeU thu l ae
amented Daniel Drew is. Supposlng that !he
general disposition was to "copper" anything
Mr. Gould said for print and knowing tnaS ne
stock the bears made another attack on the
price of that stock, and washed it down from
u to and AtShsqn t1ey ma tTo s toTa
there is no conspicuous public anxiety 10 pIS-
chase at the present moment IL Will De more
apparent later, when the shorts attempt 10
cover their sales.
EFFECT OF A FINANCIAL BLIZZARD'
We'll this financial blizzard had its effect
upon the general market, in that it checked Buy
ing, and temporarily gave the whole market 10
August to-day was made public; The loss
in net earnings for the eight months
ended August 81 was 81, 644, OS2-an average 1855
Of 1851 900 per month; improvement is shown IN
n loss for August of s239, 745. and yet since the
Improvement began the price of the stock has
been marked down / 3 per cent; little real STOCK,
at about 100, and no financial disaster mas soc oc-
cured; the suffering will come when the New
York shorts attempt TO cover MI,
In the general market Chicago and North
western stock was the principal sufferer from
bear" attacks 1t was sold down to ~ 50 on
the companys statement of earnings for the mons1
from September, 1887. But when allowance is
made for the extra Sunday IN tie
month Of this year the loss ths
twenty-six days Of 1887 were SlO9, 100, ana ior
the twenty-five days of this year SlOS,569 Union
Pacific, after selling up "a to 66, was marked
Oregon Short Line, in the absence OF orders, was
marked off from AZ ga TO 4la4l Is. The
short" interest in Union Pacific is larger than is
generally suspected, and its recent advance has
In Oregon the " short interest is Insignificant,
but it was little increased by todays operations
Some facts relating TO these two properties will
be interesting to parties In interest at this time
The last annual report of the Oregon Short Line
showed that its average receipts for one ton of
freight per mile were 10i0 cents, while the
average receipts OF the whole Union Pacific
system were 1.422 cents. Upon the request of
outside stockholders q commission appointed to
correct this inequality. 1t is, stated that the
commissions report is ready to be submitted and
that 10 will be favorable TO q more equal division
OF earnings on joint traffic than now given. Under
the existing rates 1t is estimated that the net
earnings will amount TO over 100000 for the
stock OF Sl4,000,000. If the company had re-
ceived the average rate Of the whole system, its
net earnings would have been over $500, 900, or
over 8 per cent for its stock. The Union Pacific
owns $4,000 900 of the Sl4 900, 600 capital stock
OF the Oregon Short Line. Hence the advance
during the last few months from % to 40 for
Short Line stock adds 81, 100000 TO the value
of Union Pacific assets. The question Of a divi-
dend al the rate of per cent per annum on
Union Pacific stock is seriously entertained, ire
spective Of Congressional action on the proposed
funding BILL and undoubtedly will be paid. The
company probably will earn per cent the stock
for the current year. but we informed that
1t is deemed desirable to comply with the terms
OF the proposed funding bin. II So Union Pacific |
may hereafter be regarded as certain per cent
stock. Despite the desperate efforts put forth,
the general market shows no material decline from
advanced figures, and it closed strong.
THE DAY IN THE BOND MARKET
The Treasury purchased s674,lO0 1-e per cents
at 1881 The rejected offers included As
81 81, 900 at 1928, $4,000 at 1873 IA $4,000 |
at 1873 Ia 100000 ut 1913 rs, $4,000 at 1870 !
and slOO 900 at 1901 In the local market the
1877 5-s Nevertheless there are some 81 600, 600
or $4,000, 900 As waiting market The quota !
tions are abnormally high Annexed are the clos
ing quotations.