New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-04

duced It's liability for the redemption OF sil-
rendered National bank circulation Sl5,o09, q .,
and thereby reduced its cash IN vaults snn y.
bank over s22, 100000, and yet its ayaihDiee
surplus at the end of 1888 was only S5, JO5 oil
smaller than it was Mt the end Of 1897.
WHAT WAS DONE IN STOCKS.
The values OF the securities Of American rail,
ways is question of management and not OIL
business Every report thus far issued sor pOt-
tons OF 8SS has demonstrated that the trsnlc WIS
larger per mile than ever before, and there Is hOo
room to doubt that every report yet TO DC nIaue.
will tell the same story And yet, management
has reduced the net earnings Of some snd lh tle
case of others, notably the burlington ond quincy,
it has practically wiped net earnings out III tic
arrangements are to be permitted 70 eohduc. 5a
business of lSs9 the same methods they ulu
that OF 1888 neither the stock nor DohuS VI
American railways will be desirable things 70
have about the house To-day Stock EXchahge
circles have been flooded with reports OF renewed
cutting of rates at the West-reIorts when said
that agreements between gentlemen were OF
less value than those between another class OF
citizens who are not held in high esteem outsiue
OF State Institutions
II it be true that the Missouri Pacific made 8
secret cut on its passenger tainc' ana tlaC on
other roads met the cut, the Interstate Coinilis
soners have presented TO then clear case los tie
application OF the law and tho inlilction OF the
penalties But if it be tue that the MlssoI1
Pacific did make sec:et cut IN VOCATION Vi w
law, would not the Rool Island ,,e mnne
acting in the interest of its owners, nave uone
better to have presented the evidence IN cours
rather than openly to met the cut, and thus nave
nipped the mischief in he qua instead OF atng
with big if' becauc all the stones MY piore
to be false and only inventions Tor stOck sp'.u-
lative purposes. But we regret 10 report thal .le
names of the Rock Is land managers are lreeIy
mentioned in speculative circles as not
being in sympathy with the reform movements,
so that any rumOrs of It's aggressive movements
are accepted as probable truths.
1t was under TIE report referred 10 ths' uo,uay
stock market was sold OFF. The selling generally
was by bears that easily traced, all though
the orders were scattered among good commission
houses When there was developed any supporting
orders, as there were III Burlington ana quincy
the effort for depression was withdrawn. Atchl,
son did not prove much uf plum for yesterdays
sellers of it, and it closed the same rs last night
after small transactions. Rock Island was sold
down TO 90 IA but it closed at 9'-l-S hSher
than last ,eninq But with Northwestern and St
PauI roads far removed from the rumored new
cuttings, ahe bears within certain limits made
havoc Of figures, and they drove hole through
Omaha preferred TO 80 l-2 with sales of 600
shares Excepting Central of New. Jersey, which
establishes further advance of IA per
cent, the whole market sympathzed with the attack
on the grangers. Before the close there were
partial contradictions Of the early rumors, but
ihey had little effect prices. Such recoveres
as there were we're due TO traders buying DacK
their early sales and cessation OF bear opera
tons. There was no evidence oil long STOCK COM
ing on TO the market
Added to the rumors furnished from Chicago
much fuss was made over the weeks reported
decline from 40.o3 to 1890 per cent In 'the
Bank of Engands reserve. Ibat the deciihe, II
true. was from some temporary cause IS fully
established by the banks rate Tor discount nov
being advanced, by the ease of money IN the
open market, and by the advance III British con-
soils.
The stock market closed strong at the llgures.
THE DAY IN TIE BOND MARKET
Government bonds were duh and easy at -
tations follows: