New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-13
cIogINo PRICES OF CALIFORNIA STOCKS
cIosINd PRIcFs on PHILApELpHA sTocKs.
WHAT WAS DONE IN STOCKS.

To-day's stock speculation, after the sharp
advances OF yesterday, temporarily turned on the
continued raids on the granger stocks pam
INLET hac been issued and sent out to the small
stockholders of the Chicago Burlington and gum
ey Railroad which is n reprint OF what was
nrnted in The Boston Advertiser of January
o.. IL contains two letters addressed TO John NJ.
Forbes, of Boston, chairman Of the board OF d.
rectors Of the Chicago, Burlington and Quincy
Company from two ladies who were unfortunate
enough 10 be holders OF stock in that company
and dependent upon the income from It; Mr..
Forbcs's reply letter from 90 10 @. u. Perkins,
president Of the company, and Mr.. Perlunss
reply. Who paid for the publication OF the
pamphlet and it's private circulation is pro-
found secret; but that 10 was done by some one
who had access 70 the stock books OF the COM
pany is an assured fact For bear manlpu-
aton in the stock market IL exceeds Ill previous
publications.
responsibility for all the acts Of his sub0rdlnateS
lie refers 20 the opinions he expressed regarding
the effect of the Interstate Commerce law before
its enactment but he neglects to say that durlng
the first six months of its operations when /
did not dare 90 Violate its provisions the COM
pany enjoyed unparalleled prosperity; net earnings
from March 81, 1887, 10 October ies were we're
whole year OF Sss, when had thrown my
glove TO rule or ruin.a For the year Of 1888 the
gross earnings OF the Chicago, Burlington and
Quincy were $3,7S6,0l0 smaller than in
1887. Nearly the whole Of that loss
may be reflected by the interruption Of its
business by the strike of its engineers. IL small
allowance Is made for its forced reduction in rates
The increased operating expenses OF $2,5pl, 23S
for the year also may be set down partially TO tho
strike. But when we come 20 the December
a w credn s1wS is faxed TO It's utmost
limit TO accept an increase in operating expenses
10 the amount OF S3ls,049 on December. 1887,
and of s403,6 on December. 1856, as an honest
statement
Allowing for the loss in gross earnings occa-
stoned by the strike, the figures at the low rates
reflect larger tonnage for the year of 1888; Mr..
Perkins closes his address TO stock SPECTATORS
with the following remarkable paragraph Like
treatment 20 all and reasonable charges. which
Is what people want. and all they want, can be
much TO hope for at present. and no doubt we
shall 60 on loundering In the dark until some new
Adam Smith comes 10 show us that the supreme
natural laws of trade apply 70 all trade, not ex-
honest management is not removed from
that, sphere. the clerk who told his
employee that he expected 10 60 on founder
ing at his employers expense, would quickly re.
ceive an invitation 20 quit The revolution In
railway management has only begun, as IL goes ON
10 Will leave IN its wake many wrecks OF swelled
heads
The Perkins" pamphlet, although circulated
privately, was an important factor In tO-day's
stock market 10 was the text for dealings in all
the Changers, and by their depression certain
influence was exerted ali over the list II was on
every ones lips What will be. the monetary OF,
feet OF decline below par in Chicago burlington
and Quincy and corresponding decline in the
other Changers? Business was checked, and the
market felt the effects OF realization and hesitn.
tion in buying Nevertheless the element OF
strength is so deeply set that the market generally
suffered little more than an ordinary reaction
from the extreme late advances The Grangerl
made good secoveries from their extreme low
! prices, but yet closed lower than last evening In
The coaers there was considerable pressure against
| values, but they recovered, and Delaware, Lacka
wana and Western closed higher than last evening
After the success in marking OIL the values OF The
GranRers bear attention was directed 60 the whole
list and for q time it was successful everywhere