New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-01-16

dent OF ons company and two subordinate
officers OF two other roads 10 Try 10 bring
about an advisory comniss.od To eondst
Of three or more disintersted geuil sracn. which
after hearing testimony and argument. shall advise
the companies of its opinions The companies then.
each for itself will be at liberty TO accep or reject
the advice. This certainly h very small mole
hill to have delivered so large an elephant
The term " settlement" however, for months has
been the taismanc word with spectators for
the creation of q reaction in tho stock
market; and although last week il was
the principal factor after the "shcrtn interest.
in moving prices mp 2S7 per cent. !ts effect was no
magical than 10 had been several times before.
II the struggle between the railroads Is TO DO con-
tinued much longer Of settlements will con-
time TO be used az speculative force whenever
the short" interest accumuates TO an extent
that will make the risk OF an upward
speculation comparatively small. But when the
presidents patch up kind OF peace there will
be other factors which at present attract little at
tention Stubborn facts about the condition and
volume of the traffic will have weight. The facts
that the Lake Shores figures for tbs year s81 show
earnings 1888, 900 less than sufficient 10 pay per
cent on the stock. and that without including an
expenditure of about $2.000000 (eauql 10 4 per
cent, which is 10 DO charged to construction ac-
count that account had been closed since 1879;
and that the earnings of the Central and Hudson
as made zap for tine year ended September 30. 1881,
were only S754, 900 in excess of per cent on the
stock against Of SO 427. 900 for The pre-
ceding year. while in the two years the construo-
tion account was increased over so 900, 600 and
the debt, funded and floating. about "a, 900 600
those facts and the reports of other roads yet 20 10
made that Will show q vast difference between in
creased gross earnings and resulting net earnings.
will be studied more carefully by both
investors and spectators than they now arc. when
the railway war" IL furnished for excuse
for bad showings and declining prices.
For reasons before given the stock market was
active all the week and there was a sharp advance
in prices along the whole line. Early IN the week
the specuat0ns were chiefly confined to the trunk
line shares; and the general market, II not weak, did
not respond TO the movements in those stocks.
Later, however, the speculation became moro
general and in some stocks the advances made up
line shares were the keystone of the speculative
arch. Out of otal transactions reported, amounting
to 2 725, 600 shares against 2236,OOO shares fos
tn. preceding weekI tour stocks contributed one
third of the business-Lake Shore, 81 400 Erie,
$50. 400; Central and Hudson. 1873. 400 and Michi-
gan Central, %, 700 shares. Lake Shore shows
net advance Tor the week OF oS4, Erle 3, Centrai
aud Hudson Oh and Michigan Central los per cent.
But it should be remembered that the speculation
in those stocks was we'll Under way before tn end
OF the preceding week. In the later deal Ings Dem
yer and Rio Grande. Central and New-Jersey and
Western Union were conspicuous IN "A market where
all stocks were strong. Almost the only drawback
was the sharp decline of about per cent In tho
price oil Reading alter the result Of tae companys
annual election was announced. There was very
little indication that the ranks OF buyers Of stocks
were being swollen by accessOns from tho public,
but there was continuous whipping over from tn
" short to the long side OF the market by the
regular traders, until at the end the trading shor'
interest thing OF the past.
WEEKLY RANGE OF PRICES.