New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-06
CLOSING PRICES OF PHILADELPHIA STOCKS
RAILROAD EARNINGS DECREASED.

Friday, Oct 5-p. m.
The Tribune has printed the gross earnings for
the fourth week in September of thirty-three
railway companies; they show an aggregate loss
OF s2O,772 or 0.55 per cent from the week Of
1887. OF the number eighteen show gains aver
aging 9.54 per cent and fifteen losses averaging
1897 per cent The Southern lines
whose business has been materially affected
by the yellow fever scare, are responsible for q
large reduction in the gains and for large part
of the losses This scare now is over and these
roads generally have resumed full operations
The following table divide the aggregates and
differences of the companies showing gains and
losses:
Fourth week in septoss7 Isss Differences ie me-, Pc
Fifteen cos. 2o2o.743 1.sOo35o Dec. 2l9793 1877
Total SO co.'s. s41OoO75 - Os5 9O3 Dec s2o772 o55
The August statement of the Chicago, Burling-
ton and Quincy Company still reflects extra eX-
penditures for the employment of police force.
Yet in showing net earnings only S275,5l6
smaller than for August, s87, there's a marked
improvement over the returns for preceding
months 1t may be gratifying TO know that it Is
reported that the commny's officials think " the
August decrease in net earnings is the last for
fourteen months" They should show very large
gains
PRICES LOWER THAN ON THURSDAY.
The stock market opened this morning something
of from last evenings figures in response TO lower
prices from London. But strong tone was de-
vcloped and before noon a material advance WAS
established with Ncw-England, Union Pacific
and Western Union the special favorites in the
speculation This mornings loan market, re-
hcctcd n large short interest in the active
stocks and in the late dealings to-day il unQucs-
tionably was considerably augmented. 1t now is
more than suspected that the continued sales of
prominent foreign firm are made for the old
"bears,7 and not for European account After
midday the market became excessively DUH and
then began the work of depression which resulted
i'm wiping out the mornings advance and leaving
prices generally from Ia TO 1-2 lower than last
evening; st. Paul and Norfolk preferred are eX-
ccptional in showing final losses Of 30 and
l IA per cent and New-Englnd and the Chicago
and East Illinois stock are exceptional in showing
gains of over | per cent. Where the depression
came from was evidenced by the kind of talk that
put into circulation. The activity and higher
moralize the stock market that talk was used
week ago The probability of gold shipments was
mentioned when the rate for sterling eXchange, is
still l cent below the export point: And finally
it seriously suggested that the Sccrctarys
continued forcing of money out of the Treasury
and making this country the cheapest for money
export Of geld. Suppose it did, what then? The
situation is as follows: September 30 the Treas
ury held $4,000, 600 available for the purchase
of bonds: Of that sum S55,000,G00 was on de-
post with the banks and S43,000,C00 was IN
Treasury vaults. ANY disturbance OF the money
market will food the Sscr.tar Goo Yah @n Se
within 1-4a1 per cent of the prices he is paying.
If the deposits were used TO purchase bonds the
cash would remain in general circulation Just
as it. is now: but the deposits are not used for
that purpose, except when bank sells 70 the
Treasury the bonds which it has pledged AZ Sc
curity for the deposits and in that case 1t takes
from the Treasury vaults the difference between
the amount they are pledged for and the price
of the purchase The situation is simple and
the Secretary is paying such large prices for
bonds, that TO attempt to cloud II, except on the
supposition that after election bond purchases
will cease assumes unparalleled ignorance. The
$4,000. 900 in the Treasury vaults will supply
more gold than the alarmist dares to mention rs
n probable sum To he invested
But drowning men catch Mt straws.
THE DAY IN THE BOND MARKET
The Treasury to-day purchased sl,06S,500
bonds as follows As s403,500 ut 20, and
4 lbs, S665 900 at lO7 5-sal0S Ia. This is an
advance OF Ia for the lbs The rejected offers
included s6,s65,i00 As Mt 1919 l-4al3O, and
so, 90, 900 4 lbs at l0S ID; total rejected
So, 965,40o. The local market was dull, with
nominal quotations follows: