New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-07
CLOSING PRICES OF PHILADELPHIA STOCKS.
A BIT OF I,ETROSPECTION.

Tuesday, Aug. 6-p. M
II is funny 10 notice what an enormous amount
of hattery and buloonery the managers oil KICK
ina7 railroads will accept without betraylng any
symptoms of seasicness. 4 year ago IT. was the
Burlington and Quincy management for when the
Western special" news vendors rummaged the
dictionary for terms sufficiently fatterng TO meet
the views Of the bears on stocks It's course Ill
demoraIizing the traffic of the whole West was
represented as the exhibition OF manly indie
pendence. worthy Of the highest praise from its
particular friends who beforehand were informed
of its intended policy Now these Western gentle
men hardly deign even TO mention the Burlington
and Quincy as being any factor in the railway
situation Yet it controls the same number OF
miles of road that it did year ago, and carries
the same important influence that it did then
The only change is that the company or rather
It's stockholders are many million dollars poorer
because Of the mismana cement of 1SSs. lie
road and the country still there. Now 1t Is
a little local road called Chicago and Alton that
is attracting praise and envy for its manly III
dependence The things which not possible
to this one-horse affair are not worth possession
For instance during last week the Chicago sooth-
savers placed President Blackburn in Germany, ne
Cotiatng for the purchase Of the Kansas Pacific
Railway from the German bondholders This was
as good d story any, and as trustworthy as 90
per cent of the railway news which emanates
from the second city" in the country. Ii is
hardly necessary to say TO the readers of The
Tribune that the Kansas Pacific for many years
has been a part of the Union Pacific Company, and
that its stock was exchanged for Union Racillc
stock SO far from the company having de-
faulted on any OF its old bonds which event is
the only one under foreclosure which could give
either German or all of the bondholders power TO
transfer the road. its lowest price bonds the
6s, due in s95, are sought for in the market at
10.
Reference 10 these things is only made to il.
lustrate the absurdities 10 which pessimiss will
resort in the vain hope that the silly statements
may influence market values for single day. We
assume that the authors and instigators of such
stories realize that their influence is only ephemeral
and only effective upon the unthinldng and
ignorant. Still, question if they can say, the
official OF n New.Yorll bank said, in reply to
some criticism in this column Anyhow, no one
ever accused US OF being fools"
TO the believer in the expansive powers OF
this country there is cheer In the fact that former
Projectors Of stringent money markets this au.
tumn already are searching for causes and excuses
for their predictions not proving true. All through
the great agricultural section of the country the
weather lately has been favorable 10 the harvest.
ing OF crops ready for the scythe, and to the
growth and early maturity of the great crop
Daily the evidence accumulates that Americas
competitors for the supply of cereals TO Eastern
and Middle Europe are to suffer from unusually
small crops. All this means European demand
for our own excessive crops, and later on an i'm
poration Of part Of the gold which during
the last six months the country has been able
TO spare without scarcely affecting the home money
markets The iron and coal business give evidence
Of unusual activity, and remunerative prices dur.
ing the rest Of the year. The continued increase
Of gross earnings Of railroads as they are
reported weekly is a sufficient answer 10 all
the statements concerning State interference and
managers voluntary slashing OF rates There h
little question that before the end OF this season
the entire railway system of the country will be
taxed 10 its utmost capacity to handle the bust
ness which will be pressing upon il. Against all
this there is only one thing that still Wthholds
confidence from the securities dealt in AT the New
York Stock Exchange. That Is the fact not vet
forgotten, that during the year 1913 the manage
ments OF railways sacrificed the profits due from
a large business TO their own personal annosities
their private speculations or their incapaetv
The business Of this autumn promises 10 be so
great as 10 exceed the dishonesty or incapacity
Of railway managers. But this will furnish no
reason why at the next annual elections stock
holders should not apply the pruning knife
severely in the selection OF agents and clerks
WHAT WAS DONE IN STOCKS
To-day's stock market simply marked further
III slow progress toward a returning confidence in
| railway securities. Gradually it is dawning upon