New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-03
CLOSING PRICES OF BOSTON STOCKS.
Boston, July Q, 1888.
A LOST DAY AT THE EXCHANGE.
Nfondor IuIv m.


This was another lost day at the Stock Exchange
"a day of lamentation and gloomy forebodings
over the lack of business; a condition which the
average broker is doing his level best to prolong
Mt only does he act look, and talk blue' to all
would-be clients, but he also pays certain sum
per month for stuff to put before his customers
that is we'll calculated to drive them away. 10
day, Chicago kilograms were spread before pro-
fessional operators and woud-be buyers OF stocK
that were, to say the least, discouraging; they
were no worse than dispatches OF the same
character which for long time have been preva-
lent The quotation of one will be suihclent 10
characterize the whole: Special Chlcago-lhere
is q drop of cents in the Eastbound rate on agfi-
cultural instruments to-day" Agricultural III
struments" is good; but if the wise men VINO seho
the dispatch intended to say implements instead
Of instrumentsn they should have supplemented
the information by naming the amount OF such
articles which is sent East from Chicago. The
market IS dull. or rather there is no market eX-
cent such as the bears make when they sell
phantomsn in excess OF the immediate demand
prices Weld but when they wish to cancel the
additional shorts" prices recover without effort.
The raids and the continued lying about the sltua-
ton bring out 10 long stocks
This morl < the market opened heavy and dull
on lower quotations from London, which were the
effects of last evenings cables sent from New forK
An effort to utilize the small declines that occurred
in recoupng previous :" short sales quickly re-
stored prices to higher figures than Saturday
close Union Pacific was the later feature ana
leader of the market. Almost before the hour
of meeting of Congress, it was announced that
6libustering by experts would prevent the consid-
Grafton of the Union Pacific Funding bill; next
came the company's report for the month OF
May showing gain in its net earnings OF
"only" S34 ,432. On those two items the STOCK
was sold down from 55 to SO "a. and proved
to be a bell wether' for til whole market
Why any one should have expected any greater
increase in the net earnings for May IMAM 10
reported can only be accounted Tor by the supPo-
sition that bears on the stock had prepared
surprise by starting the story OF gam Oh Over
e1 90 OOO The five months business OF the company
givcs net earnings S3S0,263 greater IMAM III
fsS7-a total of SO, 963,16s. Allowing 1or IN,
come from other sources and for charges the sa1ic
rs they were In 18S7, the net balance JOE tne
five months is $4,000. or lilo per cent, WIN III,
the best seven months of the year YET 10 DC
, 1Tnc 70 December 81 amounted to s73l6 30
Every month thus far this year has shown gain
because of the companys new northern tI n no.
tons; there is no reason TO suppose riinO az. shou
naming seven months Of the year Will not snow
proportionate gain for the same reason ana yeu
there is large outstanding short interest IN the
stock based upon inside Information tha1 Con
II masses the comprehension or Conservative
thinkers why the Union Pacific Company should
desire the passage of the Funding bill or any fur
Their LEGISLATION RSyend omenaed s@ sontnoes
shall now stand till the maturity of its
obligations to the Government The company par, "a, al.
WAYS has complied with the demands OF the law
when il was definitely settled what the law was
as it stands to-day it is very different contract
from that originally passed. No one any longer
questions the Governments security for its loan
of bonds nor the ability of the company to use
the second mortgage. when the Government can
surrender tin 1895a1 S99--at better advan-
tage than per cent in the issue of new bonds
If matters remain they are now TILL 1879, the
company will thereafter be free from COMPRESSION,
al dcnagogues: if the Funding bill is passed ana
accepted by the company, it probably Will soon
learn that the crop of demagogues allied with the
Wall Street spectators is still growing one
The market gradually recovered from its deepest
depression and closed dull and strong
THE DAY IN THE BOND MARKET.
The offers of bonds to the Treasury to-day
amounted only to Sl59,100. The Secretary ac-
cepted only 81 900, which included all offers OF As
at 127 and l-2s at 107 1-S. The local market
was dull and steady, with nominal quotations as
follows: