New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-09
. 81, 525. ~ 1886. ESQ Dec. II 0SS, j97 =
TIE CONDITIONS.

During the last wccl, there were some develop
mcnts of an encouraging character. The weather
generally was remarkably favorable tor the
growing crops. while the reIOrs from abroad
Indicated demand for our cereals largely III ex-
cess of that of last year The fact that 50 many
of the iron manufacturers had signed the scale OF
wages for the ensuing year is evidence that that
industry is not in so depOrablc condition as
has been represented. and that many OF IT'S
shrcwdcSt men have confidence in lis future
The railroad wars made such rapid progress IN
the suicidal slaughtering of rates upon articles
which make up q very small portion OF their
traffic TO indicate that the end Is near, ana
that what each and every official of the companies
have known from the start must be the result
is about to be cOnsumnatcd-a settlement.
THE FINANCIAL MARKETS
The week developed large and increasing de-
mand for railway mortgages. The large dealers
have secured the markets III search OF securities
with which to meet the demands made upon them
There has been general appreciation IN values
but not such a one as comes from speculative
activity The market is entirely bare OF the old
6 and per cent bonds and investors are compelled
10 accept more recent issues at ) and per cent
on n basis of the return of about l-2 per cent
OF these latter classes no larg" amounts 'dh d.
secured We have written Of the real bond market
Of the day and not Of the incOns oqnentlai trall-
actions which occur at the stock Exchange. Inc
conditions noted are striking as vel ~ u queer
contrast with the siunor ruins AZ ,h' ENcnar-r'
Tho general Stock Exchange markets. however
toward the end Of last Week assumed more
cheerful and confident aspect tLan they have pre-
scnted for a long time before. Inc week 9p leu
the two DAYS PRECEDING the holiday thu total trans
actions at the Stock Exchange aggregated ony
about 10000 shares. II is yet too early 10 make
confident predictions that the change III tone
and character OF the dealings Of the last tnrcc
days is permanent one. Certain 1t - tiat
n more confident tone was developed. tnat the
buving was OF q quiet and not impul>lve ciarac-
ter that the source of it was not clearly discern
iblr and that such buying Of sLortS a> ther' VIZ
was the effect Of an Improvement when c'nn w
av-aroS and was not the cause. II J. not dhcGIt
20 discover the legitimar' reasons Tor me chhEe
in tone which Immediately followed ne Hdc-
rcndonce holiday. The general cohuI'ofn r.
forred to above received recognition. The steady
and persistent hardening Of values during the last
three weeks despite the bear RAIDS railway
wars and cloaucnce extended in depicting de-
nlorablc conditions" all serve TO establish as a
fact that some one or more persons VINO XIV
deavorng to purchase stocks II also wa
clearly developed that the market wa
bare Of stools ard that me carrn,
such small lines OF securities for Their customers
To assert the contrary in the face OF thr recent
desperate efforts 20 " force stocks on OIL Wt'k
hands" is like asserting that the building Is safe
when flames are pouring IRON us every uoor anu
window.
But the work Of trying to scare class OF people
who own no stocks into selling t. thoSc opr" In
goes on The monthly statement OF TIE Chlcl@o,
Burlington and Quincy road this week furnished
additional fuel for the work. The S'a'rneht was
bad rast cornpar son. But il is s. chiefly becaus"
of an increase of 81 per cent IN ITS operating cN-
ucnscs At the comparative prices OF All ma
ferial used BIZ railway the company Sloud %, aple
TO consume about / per cent more thln u uiu q
year ago without increasing the operating cA-
pcnses ono dollar Therefore. the assertion th't /
thc company was receiving for haulln@ lfel-h1
scarcely moro than il cost fails e. explain loss
Of nearly Il coo. 900 in the net when the loss IN
the gross WAS only 100000. II = seriously IN, |
imated TO the public that if iii" no' earnings or Az
the granger roads were known. the Burlington ana /
Quincy MIGHT bc found 10 be not much worse OF
t'lln the others. Nov il 50 happens that we 30
know the earnings of the AtrhiSon. 1opek1 ana /
Santa f. and approx mstrlv thC~' Of u" OiEc3 -
and Northwostorn for the lv" months ended Nag
81 The Burlington and Quincy loS- ~ n"i e1rn- /
in.rs for the five months "-0S JilHi.tp+; tlAf or
the Atchisqn Top lya ard Santa F. was 81. 81 80
slIs7s4O Il is probable that The losses for the |
five months Of the other granger roads which have |
not repOrtcd Will more nearly CONFORM |
to the loss by the Chicago ara |
Bgrljncton and Quincy. Sine tho dates to which
have been receiving better rates than they did |
during the period covered By the statements. |
and q the movements OF the new crops are near |
M hand il j. reasonable 10 expect that still bet
ter rates will prevail hereafter. unless the state
Commissioners ntetfere to regulate rates within |
their respective States. Heretofore these move |
monts have always been short-liVcd and have |
ceased to control charges when The stock market |
had got into condition ready for an advance.
The movements in the laSf three days Of tho |
week. taken in connection with all the crcum-
stances and the hardening tendency Of prices dur
ing the last three weeks. would seem 10 Indicate !
that that period had about arrived
SUbiOncd is cur 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 CT q week ago prciiXed by the average /
prices Of July 9. 1887:
WEEKLY RANGE.