New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-26

WHAT WAS DONE IN STOCKS.
The Union Pacific statement for August, issued
to-day, is "a surprise TO its friends. The highest
estimate of the net earnings which had come to
US was gain of $4,000 on August 1883. The
statement shows gain OF $4,000 III the net
II the reader will let his memory run back TO
the kind Of news ~ which we were receiving
all through the month of August he will be sur
prised that there is not 1t loss instead OF gain
of over 20 per cent. Every one should read all
news but they should also be able TO draw the
line between trustworthy news and the fctlons
which created and circulated in Wall Street
under q forged trade mark, solely for stock
obbing. If one-tenth part Of the stories which
have been told about rate-cutting and demorallza-
tions during the last three months had been true,
not a single railway company IN the country could
make reports of gains in either gross net earn
ings We prefer TO believe the official statements
of the companies rather than the reports and ex
aggerations of the professional " bookmakefs' OF
Broad-st
The Union Pacific statement. which includes all
its important hnes-Oregon Short Line, etc.-re-
turns net earnings for the eight months ended
August 81, $4,000 greater than for the same
period Of II SS, and nearly 100000 greater than
FOR the period of 1887. Yet the Broadst. book
keepers have time and again made up its accounts
purporting 10 show imminent bankruptcy. And
vet members Of the Stock Exchange who are be-
moaning the stagnatlon IN speculation continue
TO pay 70 have this advanced knowledge spread
before their clients.
The stock speculation continues to be dull, rs
il should be under the local influences which for
the moment control it. But prices are strong all
strong as when. in Street parance, they seem to
be weak To-day there was 10 money scare. Yes
tcrday's manipulators seemed TO be ashamed OF
their efforts. There WAS one in New-st. at
o'clock this morning bidding 20 per cent for
money a performance that would be about on a
parity with yesterdays movements. Every one
knows that the two principal daily lenders OF
call money never make their appearance in the
loan market till ! o'clock. So to-day there wee
renewed reports Of rate-cuttingS and on that old
and WORKOUT story the market was severely at
tackled with the result that prices declined within
ten minutes about IL per cent. But, 10 90 back
to the opening Of business London came with
an advance Of about per cent for Louisville and
Nashville stock. so il opened up here 81 per cent
at 1885, and under large purchases
from London rose 10 10. This for the time gave
tone TO the whole market, and for a
little time prices for all stocks ruled higher;
But when the energetic buying OF Louisville and
Nashville came to an end The, general raid on
values before referred to quickly followed. IL
was a fash in the pan, and largely increased the
amount OF outstanding short interest. Al the
sudden concessions purchasing orders were met, AM
the market slowly, and without excitement OF
whooping, recovered and made advances on the
early prices. The report OF the Union Pacific
made that stock q special feature in the late