New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-02
CLOSING PRICES OF CALIFORNIA STOCKS.
san Francisco, August ].
INCREASED RAILROAD EARNINGS.

Thursday, Aug Up. H.
It is curious feature in the stock speculation
that despite the continual use of fine-tooth combs
TO discover new "cuts" in rates, and railway
managers willing to foul their own nests, the
| reported earnings of the railways make such
handsome showing they do. The earnings OF
railways are now coming in for the period when
reports of railway cuttings were more marked
than they are now, and when incompetent or
dishonest homogeneous were predicting ruin for
all Western properties unless something was
speedily done TO relieve the situation. The one
thing needful toward that relief is closer at
tention to the business for which large salaries
are paid and less attention to managers interest
in the stock SPECULATION. The growth and pros
perity of this country are many degrees greater
than all the railroad arrangements Of the universe
We print herewith the aggregate earnings for
the third week in July of fifty-three railroads.
Forty-one out of the total show gains of ABB per
cent on the week Of 1888. Toward the loss of
s13713O by twelve companies AtchisOn con-
tributed S57 1000. The following table divides
the aggregates Of the companies showing gains
and losses:
ii companles 50 5o2 553 So AZ 1so Inc s$64 ii.5S
- companies. LILLE l,s739S2 Dec. 13GlSo s14
Total 90 $1,000 Oc4 s4,sol.16s Inc. s9975oi GEO
WHAT WAS DONE IN STOCKS.
To-day's stock speculation was dull and recorded
sales of only Ill 900 shares of listed stocks. The
opening generally was ut higher figures than last
evenings closing prices. But the dulnesS ana alb
sence of purchasing orders encouraged bear
raids which were INDUCED in TO only moderate
extent For sample ST. Paul. which opened
at 20 3-4 was sold down to 20 l-Sa7O IA, and
Chicago and Northwestern, Which opened at
! 0S l-2a1O9 was sold of to ] 0S 1-9a1 OS 3-S.
The New-Y Or1 Times" launched It's great bear
article OF Philadelphia and Reading, and that
stock after opening up is per cent at Al Is, de-
clincd to AZ 5-S and closed at 43 IS. The Big
Four common was n conspicuous feature in the
dea ngS 1t opened up IA per cent at 60 ana
with various fluctuations rose 20 II l-Sa70 7-S,
Much comment has been caused by the fact TINT
the preferred stock does not advance IN ratio with
the common stock. 1t is not to be expected that
it, should The preferred stock is limited to
per cent dividends. The principal owners Of the
property believe that the common stock Is rs well
an assured per cent dividend payer as the pre-
ferrpd per cent stock, with all the chances OF
higher dividends under prosperous conditions.
ment the common per cent stock at 80 IS the
equal Of the preferred stock at par. The Chesa-
pealie and OhOs were not as active as yesterday,
but with fluctuations they ruled strong and closed
al about the best prices Of the day. Unless the
skies fall more rapidly than they have In the last
week il is almost certain that in the year be-
ginning July !, 1889, the new company will earn
something more than dividends on lis first and
second preferred stocks. The general market
closed dull and strong
The local money market was q shade harder in
that rates ruled at Las per cent, instead OF p
. IL per cent. but the supply was abundant, and
at the close the offerings were at 1-2 per cent.
The Clearing House statement to-day as
follows Exchanges, s94,2S7.633; balances
S4,192. 967
THE DAY IN TIE BOND MARKET.
Government bonds were neglected, with the
quotations steady as follows: