New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-11
CLOSING PRICES OF BOSTON STOCKS.
Boston, Sept. 10, 1888
TIE BIG FOUR TO THE FRONT

Among railway stocks which have been neg
lected because they were little known to the gem
cral investor that likely to come TO the front
their rits is that OF the Cincinnati, lndlan-
aroiis, ST. Louis and ChcagO-Biy -Four. The
company has been through the fires of reorgan-
zatiOn anu has paid dividends at the rate OF per
cent per annum since 1885. In March, 1887, 10
issued to its stockholders 5000 600 of stock at
% per cent cash-the remaining 30 PEI cent be-
ing for distribution Of undivided earnings. The
proceeds OF the new issue of stock were to be ap-
piled to the pay ment Of the premiums on its old
Bonded indebtedness for the purpose OF refunding
the whole debt into a per cent general gold bond.
general mortgage for 81 600 600 per cent
bonds was made. being for $1,000, 900 more than
the old Indebtedness; the surplus of 81 900 000
was sold for purposes of new equipment, etc.
Under the plan Of conversion about $1,000 900
OF the Old and per cent bonds have been con-
yerted into the As the prem urns on the old bonds
being paid in cash from the cOmpanys treasury.
Drexel, Morgan IL Co., still will con-
vert the old bonds on the basis Of
z PER cent bonds will mature, which VII b, re-
placed BY the issue of a like amount of - without
cost Then the debt will Stand s7,00O.0oO PEE
conversion is completed the annual interest charge
will be $500, 600 Making up its account for its
fiscal year ended June 30. lsss-a year OF ratio
net earnings of siO75,42i Il. Interest on
bonds-without deductions for conversions
s5l4, s53 10; balance for stock s560.16S, or 5
per cent on the full capital stock OF 100000 o
With the conversion complete the balance would
have been 1914, 600 or ga per cent on the stoch
in bad year When the bridge AT Cincinnati Is
completed The Big Four will make a direct con-
noction with the Chcsa Deake and Ohio. and II Is
said that it will derive from that connection earn-
ngs from coke alone of 800 per day
TRYING TO FORCE LOWER VALUES
TO-day's stock market developed some n;er-
force lower values. II was ntimated at the up
town resorts last evening that the passage of ths
Retaliation bill through the House on saturday
would seriously affect prices to-day. The Lon
don market for American railways came quoted
curOusy easy, while British cOnSols were steady.
The market generally opened quiet and rather
offered chances for arbitrage sales in this mar
kct The bears devoted the forenoon 10 buying
regular ST Paul stock and selling seller so
days at | per cent difference against themselves.
In the meantime. Western Union. the coalers tho
trunk lines Union Pacific and the Northern Plcihcs
and the market generally ruled strong. and made
afternoon dealings developed desperation on ths
part OF the bears They threw on fhe marilet
the regular St Paul stock which they had eX-
changed for their seller so, and employed Tho
l9udest-voiced broker in the Board 10 offer down
the price OF Northwestern. The result tho
same as II has been twenty times before-a frac-
ionhl decline in the whole list. ST Paul to-day
commanded LIES per cent for use the results
OF the days operations seems 10 be that there -
an audluOn TO the short interest OF cash stock
supplemented by the amount Of seller 60 days
put out early in the day. As a part OF the came
Of depression the leading broker OF a leading
: bear was Offering the dividend on 81. Paul 40
l per cent This is stale and cheap method
OF bearing" the stock-probably much cheaper
than selling the stock. The directors of 81. Paul
may or may not declare small dividend al
their meeting on Wednesday. The recent buyers
OF IFS stock have not purchased il in expectation
of any dividend. in ignorance Of what lie
business has been during the last few months
They have bought it because it was sold down
on that business and in expectation Of what .
VIII do in the future. The crop reports issued
today are not get before us: but whatever they
how they must be read with the knowledge that
since their date September all conditions have
Improved. Despite the extraordinary efforts "a
depress prices, the stock market closed strong.
THE DAY IN THE BOND MARkET
The Treasury purchased $500 bonds; the rec
tccted offers were ST. 100000 per cents 10
20 5-s and $1,000, 900 IL per cents ar l06 IS.
The local market was dull with nominal quotations
as follows: