New-York tribune., 1890-06-27

Bid. Asked
WHAT WAS DONE IN STOCKS.

II should be understood, In connection with
Yesterdays Lake Shore and Michigan Southern
report that the statement of the last Sin months,
which gives an increase Of $4,000 in the opera
ting expenses as compared with the same period
of 1850, includes the expenditures for additional
equipments and for bettermcnts, and that since
1883 not one dollar Of expenditure for such pur-
poses hats been charged TO construction account
Under the system of bookkeeping in vogue in the
Lake Shore office prior 10 1883 It's present re-
port would show earnings for the last siX months
equal 10 about 4 Ia per cent, instead Of 2.6j
per cent.
The Big Four's statement Of results for eleven
months. printed in this column this mornhg
shows net earnings over first charges OF Sl,3
7sO The dividends declared for the period to
end June 80 are per cent Oh the preferred
stock-S500, ,000 and per cent on the common
stock. $3.50 900 total 81 ,3?0, 900; So that what
ever the company may earn in the month OF June
in excess Of its first charges will be- plus $27,1s0
already earned, the surplus for It's year I'm
pertinent and ignorant anonymous accountants
sometimes get so far away from the facts TINT
we cannot notice them The Big -Four IN the
month of June only needs 10 It's first charges
for that month 70 give surplus OF S?7,'5O over
; per cent dividends on the preferred stock and
4 per cent dividends on the common stock for
the year. What il will do in June we do not
know, but we are willing 10 guess that II adds
a sum OF net earnings to The result Of eleven
months sufficient 10 show that about per cent
will be earned the common stock.
To-day's stock market was dull and weak in
figures. The advance of per cent in the rate
Of discount by the Bank Of England, and the re-
ports Of the condition OF the strike AT Chicago on
the Illinois Central Rail road, whose tracks the
entrance into Chicago OF several other companies,
important factors in the local speculation,
and added 10 that was report from somewhere
that The proposed regular dividend, not yet de
carcd, Of per cent on Chicago Gas stock would
be enjoined. For fear Of libel suits We dare not
mention The sources OF this rumor Of al injunction.
But il is fact that the two Stock Exchange firms
who active in marking the price OF from
jG - 70 53 "a the recognized brokers of TWO
directors Of the company. The price knocked
OF, not by large sales at any figures, but sales
of 90 shares at as low figures as it was possible
TO accept The movement unquestionably was
part Of one intended 70 affect the whole list. n
was not brilliant manipulation The
general market was responsive TO the local
conditions and the manipulatiOns, yet IL was so
dull that it reflected nothing but local dealings.
the total transactions. and in the unlisted depart
mcnt 30,o00 shares, against 40,s00 shares
yesterday, filled the bill. Prices in the general
market were all lower; both board-room traders
who were long and shorts were the sellers and
the two forces combined in dull market for the
day made supply that greater than the alb
sOrptiVe demand. Hence the weakness in both
prices and tone that characterized the close OF
the market. To-day's local influences, however.
possess no more significance than have twenty
preceding days Of exactly the same character in
the stock market. They have come from neither
toers nor spinners, but entirely from spectators
that produce nothing Tie great underlying facts
OF general prosperity and the confidence of in
vestoIs in their holdings remain unchanged, even
if the nominal figures at the days closing at the
Stock Exchange seemed to indicate weakness.
THE DAY IN TIE BOND MARKET
The Treasury purchased 81, 800 per cent bonds
at 1872. At the Stock Exchange there was
business done in Government bonds and the quota
ti0ns ruled l-2 per cent bid over the Treasury
figures for per cents as follows: