New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-11


mas become absolutely chronic-in certain circles.
us cultivation to its present point has required
,he labor Of twelve months. Gloomy predictions
have followed each other in rapid succession, and
there are those who pride themselves upon having
forecast the existing conditions at the Stock Tx
change. Ii would be unbecoming in us alone to
claim that the existing conditions are TO large
extent the result OF purely artificial causes, par
tic9lariy as at this present moment the predictions
OF further depression all over the country are more
be permitted to refer to . few facts which are in
consistent with the majority OF the statements
which have been heretofore put forth.
IL Is generally admitted that the bank clear
ances when fairly analysed and speculative con-
ditlons properly considered, are fair INDICATION
OF the general business of the country We
indebS,d ID The Chronicle for compilation Of
ms s for the month q MAY bs and for FIVE
May the exchanges Of the New York banks az
gregated 81 7iO53,424 against 81, 7go, 7eS,3S7,
Outside of New-iOrI the exchanges in the month
of May aggregated 81 ,525, 275s6o, against 81 500
6S7,9sO for May 1887, gain Of sl3 500; 600.
For the five months of sss the exchanges of New
York banks were 81 1851, or, 065, against s2l,-
2l5, 005-a decline Of 81, 700, 900 900, or 70S
per cent. Now the value Of securities dealt in at
the Stock Exchange in those five months was
s1,4s9 OOs,274 in 1883, against s2l l,591, 463-a
decrease Of $4,000, 900. Applying the usual
method of doubling the amount of security transac-
tions to cover the exchanges arising therefrom, we
have s,424, 900, 600, or only $500, 000, 900 less
than the total decline in the exchanges, Outside
OF New-York the exchanges for five months OF this
I'll
"a gain Of s11 100000. These figures do not
indicate any depression in general business
COMPARISONS IN RAILROAD BUSINESS.
Turning to railroad earnings, another sure ba-
rometer OF general conditions, find that for the
four months ended April 30 134 roads have re-
turned a net gain in gross earnings Of 81, 634,244
OF that number, eighty roads gave gain ag-
gresating s6,979,177, and the other ffty-three
roads returned loss aggregating si,344,s3S.
Toward the loss OF the ffty-three companies, the
ST. Paul Company contributed $4,000, the North
western s434OOO, the Chicago, Burlington and
Quincy s494, 900, the Atchson, Topeka and Santa
Fe $4,000, the Grand Trunk Of Canada
Sj51,0OO and Wabash Western s27l 900; total
for the six companies named 81, 6j1, 000 leaving
a loss of only sl,694, 600 distributed among the
other forty-seven companies returning losses. VI
the earnings thus far reported for the
full month Of May mention is made above,
as well as of the net earnings thus far
reported for the month of April These figures
fail to show any decline in the general movement
OF tonnage. On the contrary, the average lndl-
Gates largely increased movement. AS we have
shown, the important losses which reduce the aV-
erage aggregate are amongst few companies that
have been specially affected by severe cutting OF
rates. Even the earnings Of those companies, IL
ii is to be assumed that they have been dong Dusl
ness at anything near as low rates as have been
quoted, show that their tonnage movement OF this
year has been largely in excess OF the same period
Of So. and they also demonstrate the reclIessness
and needlessness of the tight for lasting peace"
The event of the week which was most impor-
tant in it's influence the current share specula-
tiOn was the announcement OF Granger move
ment in the State of Iowa. The Commissioners
of that State seem to nave assumed
that if the railroads could anord
to do their business, when at times
they were absolutely compelled TO postpone ship
ments for the want Of ears, ut the rates which
the companies had Voluntarily established, the
low rates furnished basis for the establishment
Of permanent charges The condition unquestion-
ably is somewhat serious, but the Arrangements,
or at least some Of them, have brought Ii upon
themselves. 1t is somewhat amusing, however,
to note the Indignation at the proposed action
of the State Commission, when 10 only suggests O
continuance OF conditions which the managements
have regarded with comPacency during the last
six or eight months. People with dozen years
experience will remember that tn last Granger
movement against the railroads OF the Northwest
That movement was the sequel OF railroad war
similar to that which has been raging recently.
They will also remember that the movement
was Of short Duration that as soon as IT was recOg-
nized that the proposed action would certainly
drive capital out Of the Western States, the move
ment was abandoned before it had done any ma
terlal harm.
The demand for railway mortgages was un-
abated The subscriptions to the Reading
per cents were for many times the amount Of
fered, and the business done in previous issues
at the offices OF the leading bankers was large.
But at the Stock Exchange the transactions in
shares for the full week were only 6s2294 shares
against 76O,si9 for the preceding five days and
against l25s, o. shares for the week OF last year
In the early part OF the week the conditions
seemed TO be favorable to restoration of con-
fdence and an improved speculation but the
powers that be were not prepared for that, ana
the machinery for depression was put into active
operation. The fluctuations generally were small
and Insignificant till the Iowa State Commission
threw its authority into the balance with the
bears St Paul, both common and preferred |
stocks, and Rock Island were the stocks which |
suffered most because of that Northwestern
closed "a per cent lower than week ago. |
and Burlington and Quincy was only 3s per
cent lower The Northwestern can pile an adj
ditional 81 100000 on to the loss which 1t s1s-
tanned last year and yet pay its dividends OF
and per cent Burlington and Oulncy'S loss
of net earnings for the four months OF this year
has been 81 600. 900 and its net earnings for
the time have not equaled cne-half of its first
charges. AS TO the general market the effect OF
this new bear" boom was simply TO check the
good feeling which was beginning TO develop.
Subjoined is usual table, giving the number
of shares sold of all stocks the highest, lowest |
and final prices of the week, together with the
final prices of week ago, prefxed by the average