New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-01

MORE BEAR POINTS.

Friday February 2s-p. m
As was auticipated the Union Paciic's returns
for the month Of January do not make iaVoiapn
COMPARISONS with the month Of 1852. when the
net earnings were phenomcnally large The loss
in net earnings reported Is S2eJ.j91. because oi
Il reduction in the gross earnings and an increase
in the operating expenses both due TO unusuai
snow blockadcs
The PHILADELPHIA and Reading Railroad Com
pany. exclusive of the Coal and Iron Company.
returns net Earnings for the month of January
S2O.GOj less than in January. $50, but for the
two months Of its fiscal year December and jam
ary--tAe gain in net Is Sso5co. These figures.
considering the distrssingly dilapidated condition
of the coal trade are particularly discouragins.
Chicago. Burlington and Quincy reports its net
earnings for January al only Ssi3.I32, or only
20 per cent greater than In January, lsN' ana
only llj per G,nt greater than W January. - -
New-iork. Lake Erie and Western Railroad;
slow but certain gives some gain III the month OF
January and for the four months OF lis fiscal year
In it's four months-Octobcr 10 January "l-lts
net earnings were S2.362.S1S which sum Is
S362s7s over lis first charges for onc-ihlrd oi
a ycar-or a surplus for four months equal -
over i.AO per cent on its preferred stock. which
is entitled only 10 per cent per annhih.
BRASS AND CHEEK CONTROL.
OF course. all such little items AS those printed
above and the reports of railroad earnings printed
pared by the ingenious auditors Of The different
railroad companies TO charm 10 n peaceful sleep
the actual holders Of several thousand millions
Of the stock and bonds of American railroads.
For the actual facts telling OF the entire worth
lcssness of all American securities personal APP
plCation must be- made % the present bis-hcads
Of Wall Street stock speculation. \ subscription
to Z news agency will furnish only part Of IT..
Yes. II Is a fact that the few men VINO. pN the
grace OF the Stock Exchange. are now making
sO-called market values for American railways
could not purchase and pay for the onc-thoi>anhii'
part OF ! per cent Of the securities Of which
they permitted temporarily 10 mark prices. II
ever there was case Of Those whom The gods
would destroy they FIRST make mad, that drama
is now being played, free 10 the public. Under
manipulation the price Of contracts has steadily
declined for a whole month And yet there has
been no excitement, no rush 10 sell, as there all
ways is when the public suddenly wakes mp IL
Some impending disastrr Speculation. except on
the short" side is dead and the market during
tho last month either in the buying or selling Of
il, has not begun To pay the once expenses OF
the members Of the Board The hole. however.
has been dug deeper FOR those few bear opcra-
tors who possess all the knowledge 10 the cV
clusion Of iirs'-cass bankers who arr continually
seeking for new bonds for their customers. II
is simply wonderful what amount of knowl-
edge n few big heads" can carry without sop-
ping over that others can catch on 10 II.
WHAT WAS DONE IL STOCKS.
OF to-days stock market there is nothing
to he said beyond the statement of the fact
that il continued draggy and closed with gen
efa further declines averaging about 3-s per
cent. There were exceptions Of l-sal-2 per cent
advances. But they were not significant OF any
change in the general sentiment Unqnestionably
under cover OF further depression In some stocks.
frantic efforts being made 10 close up the
contracts in stocks sold earlier. Rock Island and
Burlington and Quincy undoubtedly are purchased
for the short account at every opportunity. and
so would w. Big -Four and Chesapeake and ONO
if any opportunity offered. But although the
whole market is little than one of contracts,
the contracts do not 10 have fallen into
hands willing 10 permit them 10 20 home Ia roost
except AZ figures fixed by themselves. The situa-
ton is told by the fact that with n continuous
and persistent ramming and hammering of values
for a who., month. tO-days transactions Trading
and all, in the listed stocks. amounted only 10
1G3161 shares. Take out the trading, which
left operators on both sides exactly as they were
this morning and matched orders. the actual
transfers probably are less than 10000 shares.
And that is n stock market fixing the values Of
thousands OF millions of dollars Of securities.
Bosh
TIE BOND MARKETS.
The Treasury purchased S35, 900 l-2 per cents
nj 90 II cx interest. At the Stock EXCHANGE
there was no business done In Governments The
bids for the per cents were IL per cent
lower. Annexed the closing quotations: