New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-27
CLOSING PRICES OF PHILADELPHIA STOCKS.
HOW SOME FACTS TURNED OUT.

fnuaV, July up III.
Retrospection is only valuable for the posi-
blities of its teachings. We have referred 10 the
recent reported railway earnings as facts which
contradicted the current news ~ Of contempo-
rarv period. Now the June statement of the
Union Pacific Railway brings US face TO face WIN
the circular letter of a broker, dated July 6, and
repubshcd by Dow, Jones & Co. July 8, ana
thus given wider circulation. After reference
70 points given six weeks earlier, and saying,
will give them facts, not opinions the circular
makes the following broad statements of " facts !:
1T is a fact that when the Union Pacihs
earnings for June are published for the main nne
they will show not far from quarter OF million
loss az compared with June 1888. Probably IL
is a good point to buy the stock on, though DO
not think so. 1t is fact that the earnings OF
Reading for the last three months of the year.
taking in the Coal and Iron Company, show an
enormous comparative loss in comparison with last
year. when they could not reach the third prefer
ence income bonds ahead of the stock for the
payment of dividends
Here are two statements made with such posi-
tivencss that they seemed TO be made by authority
and unque.tionably eXerted some influence on
market values. Well, after the lapse Of twenty
DAYS. the Union Pacific earnings of the man
line" for June are published, and instead OF -
quarter million loss" there is gam OF s24,9.o
in the gross and sl97,662 in the net. As 10
Reading il is on record That the company pau
2 per cent interest on its third incomes Tor the
eighteen months ended December 81, 1883, ana
that experts employed by the bondhoders nave
found that the whole IL per cent on the tnruS
WAS more than earned. This is not an eXaggera-
ton OF the kind Of stuff with which the market
has been fed with possible intent OF democrat
za,ion that profits on individual specnlationS
might be reaped. A little difference OF S44 1862
| in months net earnings of railway between
| a brokers' anticipated facts" and the company
statement of what those earnings really were
| made at the regular and usual time, is not too
| small q matter for notice. But to the Stock
Exchange il is a trivial matter compared with the
| necessity of breaking up the bucket shops Dy n
| three-days' suspension Of the telegraphlc hcker
service. One of the troubles at the Stock EN-
change is that TOO many of its members are seek
| ing the nimble sixpence Of private speculation at
| the expense of the slow shilling from legitimate
commissions.
| WHAT WAS DONE IN STOCKS.
To-day's stock market opened with fair prom
| ises. There was special activity, but IN the
| early hours there was sufficient foreign ana
| home legitimate demand 10 force higher prices
! for nearly all the usually active stocks, ana the
| early advances were well maintained through a
period of dulness extending from noon Till after
| o'clock. Suddenly there was developed a
! great desire to sell Reading stock II was so
| rapidly pressed for sale that its figures were
| forced from a. 1-2 down to 43 5-S. Beyond the
| well-knoWn fact that the cOmpanys June state
| ment. due tonight, will show large loss because
| of the June foods the movement was attempted
10 be surrounded by mystery. The fact IS
that the price was depressed by an avalanche OF
| short sales The same interest turned IT'S at
tention to St Paul, and by lively mpidty sue
ceeded in marking its price off from 20 la 40 ID
to 90 l-2 at the close. These two movements on
| dull market, which without clique sup
| port at any point, finally worked depression in
| the whole list. The short" interest, which be,
| fore was unusually large, added many Thousand
| shares to its proportions by the later dealings
| And the sequel is yet to lie tod-probably not to-
| morrow because that will be half-holiday. In
| the meantime despite the general denomination
of railway traffic, as it is reported, the railways
generally continue to return gains the earnings
| OF previous years The new Big Four and
Chesapeake and Ohio first and second preferred
| stock developed steady buying demand. The
| market closed feversh and unsettled in prices
THE DAY IN THE BOND MARKET.
| Government bonds were neglected, but the nomi-
nal quotations are repeated as follows: