New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-06
Total % co.'s 90 .oos 80 l2C9so Inc elssO72 GAO
AN UNDERGONE OF STRENGTH.

The days stock speculation was dull, and
5o392 shares is the record of transactions at
the Stock Exchange But the small and insig-
nifcant dealings characterized by an under
tone of strength which was in marked contrast
with the pad-for Outgivings Of the leading bears"
which continue to be of the same discouraging
character as heretofore There is no reason to
expect anything different The bears are
short Of heavy lines Of stocll-todays loan market
developed no material change-and they alone are
spending any money 10 further . speculative IN
tcrcst They have fought Tor dull1rSs and the
ruin OF brollers-nartav they have succeeded
but without the anticipated profit TO themselves
The market is dull. but that neither brings real
certificates or contracts for phantoms to market
the latter recently made came back with an adj
vance Of lag rer cent, but that sort OF business
Just so much off the prices OF earlier sales. The
recent disturbance among the Eastern trunk lines
calls for a special ard prompt IN
Of the freight officials Of those lines are allied
with Wall Street q" bears? II looks like IT, he,
cause before the existing demoral lzaton occurred
the bears organs predicted just what has occurred
The situation is much exaggerated Yet thcre Is
some disturbance, hut no railroad official holding
the ordinary relations OF employer 10 employe
il speculation and you won't be far wrong. Bad
rs the real situation is. the veteran bear OF the
day if not his cubs can rccolect when he sold the
trunk lines because the live stock rate was 81 per
'
the stocks sold except at large loss and aiter
that the prices some per cent Ills friends,
the freight agents, captured the Doodle" Inc
East-bound shipments from Chicago by rall fer the
first six months Of the year were es3,7o3 tons
against 81 :, 701 tons in the same time OF $50.
And yet we are told the trunk lines arc fighting
because OF the small business. or course, TINS
through business is very small percentage OF the
companies' business they would better surrender
the whole of il than demoraze I'll" whole business
by fighting Grain and -four coming to New ork
in the summer belongs to the water ways because
il can come that way at rates profitable TO inc
boatmen which will pay the railroad nothing. Az
present there is an immense amount OF bumoug III
jcctcd into the real situation for speculative effect
and il is Of character that could not he USED sue
ccssfully if certain railroad officials held real IN
tereSt in their properties as large their sDecula
thc presidents of the Eastern trunk lines to devote
q norton of their leisure hours 70 more careful
supervision of the doings Of their SubOrdinates
The market however looks as if history might
repeat itself A large majority Of railroad officials
in 3 &c and 1877 lost heavily by being short on
their own properties. Natural causes oyerrGled
their manipulation of freight and passenger rates
and despite gross msmanagement the earning
powers Of the companies asserted themselves. The
outlook for the crops is brilliant and nowhere
is there any overspecuatiOn TO cast CLOUD over
the prospects. The days market closed dull ana
strong.
WHAT WAS DONE IN BONDS.
The offerings of United States bonds 10 the
Treasury today amounted only TO Sa42 600, but
only s3J 600 As at 1917 were accepted the other
offers being at higher rates. In the meantime the