New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-13
CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco, June IL, 1898.
GAINS STILL REPORTED BY RAILROADS

TUESDAY, June Up. H.
Fifteen more railroads to-day reported their
gross earnings for the first week in June, making
the total number thus far reported up to thirty
two. OF the total number. twenty, which show
gains on the week of 1887, have returned an ag-
gregate of 81, 644,9l2, against 1,409, aga
gain of s235,17O or 1868 per cent the other
twelve companies which have shown losses give
an aggregate of 81 O32, 645 against s1,142, 907-
a loss of s11O,262 or 9.64 per cent. The aggre-
gate returns Ct ne whole thirty-two companies IS
So 677,557 against s2562,e49- gain Of
Sl24, 900 or As per cent.
1t was expected that the stock speculation this
morning would open weak. 1t did so, and no one
disappointed at the amount of additional de-
preston. London quotations came materially
lower, because stocks there were sold for the new
account on American orders at 1-2 per cent below
the current figures for today's settlements. The
London quotations given to the public here are
those for the new account. The lowest prices Of
the day, however, generally were made in the first
hour, and always before midday. The operations
of the last two or three days, together with the
reported Granger movement at the west, have
pretty well established the fashion to sell what
one does not own. The leading /" bears" this
morning again gave that cue to the board-room
following, and thereby probably, successfully
lines to prOmiscuous traders There is no question
that the immediate future Of the market largely
depends on the warlike or peaceful Intentions OF
the Chicago, Burlington and Quincy management
and the action of the Iowa State Commissioners.
These are important factors in the speculative
situation. These things are certain to be finally
determined in favor of values: IT is equally GER
tain that when that occurs the news will come
less slowly than has the bad news of the last few
days and that some one in Wall Strcet-not unlike
ly those who heretofore have sat nearest to the
throne of destructiOn-will be badly left The
Iowa Commissioners yet have done nothing: proof
to-day, they hear the railroad managers on their
to the publication of that proposed schedule that
the depression in values during the
Speculative spec purposes for what else was publicity
given to scheme which, if carried out will ruin
certain railroad values when it is only a sugges
tion upon which the Commissioners are still open
to conviction?
In the days early decline Manhattan led with
a further drop from 81 IA last evening TO 81 for
stock closed at. So or IA per cent lower than
yesterday. The first sharp decline was because OF
a semi-ofiical announcement that the dividend to
be declared to-day would be only per cent The
dividend declared was / per cent for this quarter,
to end June 80, but the company make statement
of net earnings partly estimated for the quarter,
which is printed below, with better results
than before in the history of the
per cent earned upon the stock, but by reso-
luton it is declared the intention of the company
to apply the excess over per cent some S34 600,
IN fe nayment for damages to abuttng real estate.
In conservative market the statement would have
been regarded as o bull' argument, and from
nrcsent figures would have advanced the price Of
the stock more than it to-day declined. Such, Is
the power of sentiment The loan market this
morning developed large additional demand TO
cent was paid for use of certificates. In the last
half of the day there was sharp recovery IN values
I nor cent higher than those of yesterday; but
this is not universally true, there are stocks be
sides Manhattan which show final losses of 1-4al-2
per despite gains OF S4s per cent I'd
but firm In tone.
THE DAY IN THE BOND MARKET:
Government bonds were dull and steady at quo
tations as follows: