New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-28
AMONG TIE RAILWAYS.

The New-YOrk. Lake Erie and Western Rail
road Company makes a good report of its business
for August. showing gain in the net earnings Of
S1j4 - for the eleven months of its fiscal year
it reports net earnings of sG,42O,0l7, or 100000
more than the fixed charges for that period and
s44O,0 900 more than a years dividend on its pre-
fcrrcd stock
The New-YOrl Central and Hudson River Rail
road Company to-day declared It's regularly quar-
terly dividend Of per cent Of the period to end
September 30. An estimate Of the business for
the current quarter shows earnings equal TO l.2l
per cent on the stock The actual returns 10 be
made up later unquestionably will show better
results. The statement for the year TO end Sep
TENDER 30, made up on the estimates for the cur
rent quarter. shows net earnings for the stock of
4.2G per cent which gives a surplus over the per
cent dividend Of S?3j, sGs. II is noticeable that
the operating expenses are continued at large
ratio of the gross earnngs-67.27 per cent for the
current year, against 65.l5 per cent for the pre-
ceding year Under the old methods of book
keeping the operating expenses now would not
exceed 80 per cent but the company is not selling
bonds 10 cover its expenditures for betterments,
nor for dividend account, rs it did from 1867 10
1879.
WHAT WAS DONE IN STOCKS
There was to-day more active stock Specula-
ton at the Stock Exchange than has been seen
in MANY months. aud during the early hours com
mission brokers thought they saw signs Of active
times. But before noOntime that particular pei
Of the Stock Exchange govcrnorS-the unlisted de-
partmpnt-caSt black cloud on all hopes. The
Sugar Trust is Legitimate business enterprise, u
combination of several interests which under
proper mana cement reduces the cost Of refining,
and therefore is beneficial both TO reiineIS ami con
sumers Of sugar. The certificates were issued only
10 owners Of rciincrics therefore II none of the
receivers of the certificates bad sold any OF them
there would be none i'll Wall Street. II is "A pri-
Vatc com pany, subject only 10 the laws which con-
trOl any retail dry-goOdS firm In the city. lct
tie GOVERNORS of the Stock Exchange in the
exercise of their excessive wisdom opened H.
doors and furnished market for certain indi-
vduals TO sell large quantities OF the stock in an
enterprise that makes no public re- ports and can
not be compelled 10 make any
That insiders took advantage Of the gift Of the
Stock EAchang. 10 market large blocks of Sugar
Trust certificates III 100 10 l2J, under report
which may or may not be true, is certain. That
some of the insiders have been continual buyer
Of the stock from OS down TO 50 is equally GER
tain The point is that the Stock Exchange
should afford the facilities for such operations in
any security that makes no reports. 1t might n
will permit dealings IN the shares
Of the Ives syndicate in Cincinnati
Hamilton and Dayton stock. Every Legitimate
broker to-day felt the effects OF the unrccog-
nized" dealings in unlisted securities. mar
ket that promised much was Scathcd by the mys-
terry OF further decline OF per cent III Sugar
Trust. -
Ont OF that came u 1dlu Ou alCNISOH Iopchd
and Santa Fe stock, which was discovered 10 nc
unprotected, and il was sold down from 80 20
an early price-to "a "a. closing at 30 IL. Bat
the inherent strength Of the market and the abSo
lutte scarcity OF stock in specu ators' hands re
sisted these two manipulated advcrsties 10 surl
an extent that final prices for the general list
Of stocks show only moderate declines from hs'
night with short interest materially IN
creased Concerning Atchison there was no news
but the decline in the price Of the stock was the
father Of many unlavOrabe and unconhrmed
rumois.
Before and since the " royal" pessmistic views
expressed by the president OF the Stock Exchange
last spring the governors OF the Stock EXcmngc
seem TO have worked for its destruction. Yet the
country has continued 10 prosper. and the prices
for stocks have made material advances based on
conditions that little understood by the auto,
Gratis OF the Exchange. II the members Of the
Stock Exchange wish 10 continue in business. n
revolution IN It's management is necessary. The
country will continue 20 exist and prosper. even il
one is compelled 10 go 10 the little Consolidated
10 buy and sell securities
THE DAY IN THE BOND MARKET
The Treasury to-day purchased s750,500 bonds
1851, 900 Il at 1873 and $50 500 les az o. 3-4
There WAS no business in Government bonds et
the Stock Exchange. Presumably because OF the
freer offerings Of per cents TO the Treasury the
local syndicate raised their asking price is PEI
cent. Otherwise the quotations arc unchanged
and are as follows: