New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-15


Monday, May 14-p. IN.
The official report to the New-York State Com
missioncrs of the New-York, Lake Erie and West
ern Railway Company for the quarter ended
March 81, compared with the corresponding
period of the preceding two years, is printed
below under railroad earnings. This is quarter
In which the company never earns its first charges
The feature of the present statement is that the
deficit for the quarter is s6l,369 less than for
the quarter Of last year, when the company
earnings for its first year was nearly s1oo,ooo
in excess Of its first charges. Owing to change
in the form of the statements, tho figures Tor
the quarter and the half year under March 81,
1885, begin to make correct comparisons with
those of the last two years only at net earnings"
The quarterly statement Of the New-York, Chicago
and ST. Louis Company, also printed below, Win
comparisons is the first statement OF the reorgan-
lied company. Seemingly it makes poor COM
parison with the quarters of the preceding two
years. 1t has been officially stated before that
the new company was appropriating earnings 70
bettermentS which could not be made by the
receiver, and charging the expenditure TO Z OPP
Grating expenses" Under the receiver the com;
py paid no charges enCeps SaT Oh reporns
gross earnings for the first week IN May make as
favorable a comparison with 1887 as did those
before reported
The Secretary of the Treasury to-day accepted
all the bonds offered, 353,150 making the total
purchases to date s19,l3e,eO0.
Clearing House to-day-s4, S44, 560-rehects the
payments for only little over one-half of FIJI
days purchases, and it will be two or three
days before the Washington statement WILL renect
the payments Of to-day.
TIE stock speculation to-day was dull, and
167, S43 shares covered the sales in the regular
market at the Stock Exchange. There was no
special feature in the dealings beyond the fact
that the Z" bears attempted TO take advantage
Of the dulness to mark lower prices These ell
forts were principally directed against Union
Pacific and Northern Pacific preferred, the stocks
of two companies which are making exceptional
good returns of earnings: Union Pacific closed
cific preferred l-S per cent lower In point OF
activity Philadelphia and Reading led and after
fuctuating between 81 and 81 "a 1t closed SO
higher than on Saturday. Erie, on misrepre-
Sentation of the character of its quarterly re,
port, was sold off from % liz to %. Richmond
and West Point was specially strong and rose
Paul was favored by first sales for the " short
account at from rs IA to 72 1-2 and. closed
~ ga The speculative arguments against
values were rehash of last weeks stories.
Higher prices for wheat on bear scare
were solid facts of no wheat this year and hence
no tonnage. The fact that only S26s,l50 bonds
had been offered to the Treasury at noon $780,
900 came in later impaired new courage to the
sellers and it was at once said: " All the strong
bonds have been sold and hereafter they VIII be
possibility of truth but not probability Over
5000 600, 600 Of lbs mature in three years, and
their value for investment is rapidly depreciating
But the point already is reached where money Is
not factor in the marllet-thc Importance in the
sales of bonds to the Government is in the re-
Investment of the proceeds and not In the rate
of money But desperate situations inspire des
rcrate methods and scare is good as q reality
perhaps The loan market revealed " short
interest larger than that developed by Fridays
demand to borrow and indicating the character
of a large part of Friday and Saturdays selling
The market closed quiet and steady.
THE DAY In THE BOND MARKET.
Governments were dull, but the bids were
higher in conformity with the Treasury's latest
prices Annexed are the closing prices