New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-02
CIOsING PRICES OF PHILADELPHIA STOCKS.
CLOSING PRICES or CALIFORNIA STOCKS.
San Francisco. Oct. l. 1889
NET EARNINGS AND RATE WARS.

Below we print the statements for the month
of August and for the expired portion OF thelr
respective fiscal years Of four representative raii
road companes The comparisons are maze hot
onlv with the wrecked business Of 1883, Dut
with the very fair years business OF loo" Inc
results for August are simply phenomenal "heh IL
is remembered that during the whole OF August
reports of rate cuttings were more IMAM USUALLY
active. and only less SO than during the idst
rnortb ~ September. They furnish brilliant
supplements to the reports already made oy tle
Pennsylvania, the Erie and the Union racine
companies ST. Paul gives gain on 1857 Oh
s204O0: Burlington and Quincy gam Oh
Al 80 900: Louisville and Nashville gam OIL
$4,000, and Northern Pacific gam Oh
s387 900. OF course the gains on ls9S-the
wreckers' year-are much greater IMAM thoSe y"
1887. except for Northern Pacific; that gam Is
only little less than 80 per cent
MONEY AND STOCKS
We'll the long-predicted stringency in money
has come in the shape of furry ana that Is
,,eu niob over There has been 10 stfngency
,bcre has been an abundant supply oil money IL
has only been a question Of rates between borrow
ars and lenders and that only for IA small lF'ic-
tonal part Of the comparatively small amount
which Stock Exchange brokers are boHoWlhg.
The first of October has come TO be an Important
dividend and interest payment-day. Inc prepd'"-
,ion for that quarterly distribution, as usual, nc
cessitated the temp rary withdrawal Oh certain
amounts loaned out on call. OF that sltuauoh
and of the studied inculcated fears OF BORROWERS
ad, antage was taken, for day or twO' 10 ueuluI"
high rates There was an opportunity ohefeu W
demand payment or the pound OF flesh, ana there
were not wanting Shylocks among the nuner4 tas
financial Institutions of New-l ork 10 accept me
onnortunitv One instance fully explains the
situation An institution yesterday maze gen
eIal call for payment oil us can loas " NO
TO make any rate for renewals the loan must uc
paid but the same institution was large jeHucr
Of money after 2:40 p m. yesterday at ~ per
| cent 1t would require no more than COM
hineton of four or five Of the large institutions
| when money was drug at 2 per cent temporarily
| to accomplish the same result Aller tle wy
or three experiences OF the last twelve mohtis, IL
| is snrnrisinc that brokers ever will borrow money
! of that class of institution on any terms. o
day the Treasury pays out soOoO'Ooo loI li
| or the per cents. and the temporary WithdfaWaS
| of funds for distribution by corporations paying
interest and dividends will soon return 70 the
usual channels. But to-day S3OO,OO0 IN goiu was
! engaged for export by A Belmont a. 20 ~ Is
said that II is taken for the Argentine Republic
hut If SO. il was for the London account. Inc
fact that sight sterling to-day is o-S cent lower
! than it was week ago, and that money Is .
nor cent instead of per cent, and that at London
money in the open market is easier THAN IL was was
! q week ago, colors the exported sRpHehC WIFI
suspicion. - a.
It is curious to note that since the money furry
hecan last Friday there have been no new re-
ports of rate-cuttng railroad decentralization az
! the West Apparently, in the absence OF such re-
ports everybody at the WeSt-ShlPpers ana r,II-
| roa6s-is happy But We caution our readers
against being too sanguine on this point. Possibly
| Western dispatches are being bottled up agilhst
the collapse of the monetary strlngency,' ana
| when that comes there may be greater exploit
| ing of fiction than occurred in August or Septen-
Der. :, .,,o o.r,
! bours despite the stringency" in money land the
money market opened promptly AZ o O'clock VII
in was announced that A. Belmont d Co. had en-
| gagged $500, 600 gold for export by tomorrow
| steamer This announcement seemed 10 preclptte
| n panic among the bears ana thcy mStchcd
with one accord TO increase ther Hhe' OIL short;
| They sold almost everything as fas as they could
1onyn Ioa34 Der cent, and yet under the sud
! don nresSurp the market continued strong: buyers
,ynre discovered at the small concessions and
| omono them were not the Toms, Dicks and Harry
! of the board-room traders. il seems remarkable
! IN those who will not understand that stocks are
not held in the street that a daily de;onauon OF
rate cutting and stringent money fails 10 Orns
| ont any stocks or develop any weakness III th'
market, Big and httle guns are shot OH, ana nc
! one NAYS any attention 20 the noise except thoSt
| who arc waiting for break 10 BUY stocks on
| What break there is they make OY pressing
! n limited SPECULATIVE market. And so we go
! prices up or down ! per cent they are aI"aSs ~
they clos ed tonight, strong.
THE DAY IN THE BOND MARKET.
Government bonds continue TO be sold to Thu
Treasury not in the large amounts OF mohu
| apo bat more than sufficient 20 cover Tvs eN
ce>sve receipts To-day's purchases amounted Z
s4lS65O: 4i-2 per cents, S40o, 800 al 100 90
and 4 per cents, 81 0,35O al ~ At the otoct
4 per cents at 1917 IA, but the quotations wer
unchanocd as follows