New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-05

zation Of the Philadelphia and Reading Railroad
made rapid ahd tbe Expired
the 81 ST. 1t was found that very large proportion
of both the stocks and bonds had been so dcposted.
trolling interest in the Baltimore and ONO hali.
road was reported, but subsequently the names OF
Stayner and Ives, president and vice Presiaeno
respectively of Cincinnati Hamilton and Dayton
Railroad, were substituted for that OF Suily, as
The wond-be purchasers The Wabash Pur-
chasing Committee were put in possession G ,nS
river. Money ruled closer and ranged from to
o per cent Bank surplus declined from 50, OO0,0Oo
to SO, OOO 900. Foreign exchange declined so thai
fears of further gold exports were removed Inc
Bank of England reduced its rate OF discount from
4 to 3 1-2 per cent on the 9th and to per cent
on the GATH At the Stock Exchange business
was quiet, speculation stagnant and depressed Dv
apprehensiOns of stringcncy in the money market.
Toward the close Of the month, however, tnerc
was an Improvement I'm both in activity and prices
in which Lake Shore and Michigan Central were
The conspicuous leaders At the close of the
month there was q confident tone.
April.-The Interstate Commerce law went into
effect on the 9Th inst and before the close OF ,ie
month nearly all railway officials who had entcr-
tanned fears Of its injurious effects had pecomc
satisfied that it would prove beneficial TO rhe
railway interests as well as to the pubic, Inc Inc
plan for the connection of the Nori"ik anu
Western Railway with the Louisville ana NASH
Vile system promulgated. and preferred stock
sold for the purpose Of raising funds TO make INC
extension. Illinois Central announced nm increase
of 81 0. OOO 900 in Its capital stock for the pnr
chase OF it's leased lines and for other purposes
The Western Union Telegraph Company lssue Z,
81 100000 Of stock to retire the same aihoo -
dividcn! scrip The cry of Treasury locking up
money! was begun. when it was discovered tnat
the Interstate Commerce law had not, during ITS
first month of action, driven every railroad com
worked close in the early part OF the month WIN
rates ranging from to - per cent Eitcr, now
ever there was an easier feeling with rates from
8 to per cent. The foreign exchanges rhich
about steady ut something below the gold import
ing rate. Tn London money continued TO grow
easy. and the bank rate was reduced from 10
Gle per cent on the 14th and to 2 per cent on
the 2sth The stock market was only moderate
" active but there n hardening OF values
from the opening to the close OF the month so
that the final advances ranged from 10 per
cent. -,
May.-The Western National Bank began busI-
ness and with it the agitation for listing at tlie
Stock Exchange silver certificates rcprcsc'.i;.lE
deposits of bullion in parcels OF 900 ounces VIII
trust company Contest for the control at tho
election of the St. Louis and San Francisco h;,oi-
way waxed hot Denver South parK ana ita hnnds
Railway defaulted on the interest on IT'S bohdS
Boston, Hoospc Tunnel and Western Railroad was
sold to the Fitchburg Railroad COMPANY. Ine
Ncw-Yorx Chicago and st. Louis Railway was
sold under foreclosure in pursuance of the con-
panv's plan of reorganization. Missouri f9cihc
Railroad issued S.. 600, 900 OF now stock; lncre
was wild speculation in wheat ana co'e o.
Money ruled easy all the month at i-~ao w
cent The foreign exchanges were inactive WIN ,a
declining tendency, despite the fact that inc TAU
balances for April were heavily against the United
States The Bank of Englands rlte lor d'scoTI Tho
remained at per cent through the month. Inc
Stock Exchange markets generally were hrn VII s,,
special activity and sharp advances IN lew
stocks Fort Worth and Denver rose from 20
~ GO - and closed at "a. Chicago and North
ln st '' and Quincy rose from a rs sSH s,a
TO 1856 Atchison, Topeka ana o snar'
100 to I40 rs and Missouri Pacific from o. Id 10
II2. and generally the best prices OF the year
were recorded in this month. ~ tho ,car,s
calendar The coffee speculation collapsed, nut
it is incorrect to speak Of it as pane neGmGsv
it seriously injured only lew nor .1 Of their
wealth The Chicago wheat speculation came i 10
sudden end and the most srro" R. rTs" Of Cucn
natl and consequent loss to its deposltors anu
stockholders and that some Of It's Wadins rst
assessment under the rcorganization pan oec'a
dnc on the first Denver and Rio Grande declared
its first dividend upon its preferred stock WeSu
The declaration of per cent. Chicago, Milwaukee
and St Paul Railroad gave notice OF an ssh ,i ~
81 OOO,o now common stock: Of
the Chicago and Northwestern Railroad attc!
service Of fourteen years The plan for rcorganlza
tion of the Central Railroad Of New-jersey was
brought out. Money ruled comparatively GultC
and easy until after the failure of the Fidelity
Bank which prccipitated rumors OF bank trouoies
in this city and rates ranged anywhere from ~ 10
20 per cent per annum for call loans. Inc i0rclgn
EXCHANGES ruled weak all the month through, and
the Bank of England rate for discount,
maintained stcadiness and were inclined to I'M
prove upon the idea that the collapse of the wheat
and the coffee speculatOns injured none nut thc
rich and would prove beneficial to the public. But
on the oath there was n semi-panic lnaugurated nv
sharp declines in three Of the Gould stocks
Manhattan Elevated was sold to the extent oil some
| o. 600 shares at sc 1-2. from which price thcrc
was rapid decline to 49, Missouri Pacific I'M
mediatclv followed with decline from "a ~ TO
on the camcl's back with a rapid decline from
~ 3-s to 6s. The whole market promptly re-
sponded with declines of smaller PROPORTIONS he
fore the end Of tie month the market gencraily;
with the exception of Manhattan Elevated ana
Missouri Pacific, recovered nearly all IT'S decllnes
The blow. however. which II had suffered was d
severe one and did much to undermine confidence
WHAT TIE LAST HALF OF TIE EAR SHOWS
July-The exports Of breadstuffs assumed large
proportions. There was large buying OF American
securities for Europe, and the autumn lmporta-
tions OF gold began. Mr. Garrett on July 20 in
public letter declared the Baltimore and Ohio deal
with Stayner & Ives off The cotton speculation,
which had advanced the price cents per pound,
COLLAPSED and no one was particularly injured by
the collapse except few Southern SPECTATORS
Talk of short crops of wheat and corn began to
attract attention. The consent to the plan OF
reorganization of the Central Railroad Of New
Jersey advanced so far as to insure ITS complete
success. There was continued talk OF treasury
accommodations: but money ru led easy at from to
per cent The foreign exchanges were dull nc
declining rates through the whole month, Ihe
Bank OF England rate remained unchanged at
per cent during the month At the Stock En-
change there were dull and declining markets, re-
suiting in the final prices for the month being little
better than the lowest figures.
August-The most important feature OF this
month was the collapse of the great wheat spccu-
ation in San Francisco. Its Immediate effect
unon the East was to draw upon its resources for
ready cash, but there never was an unsuccessful
speculation which did so little damage and was so
beneficial to the growers Of products as was this
same San Francisco wheat speculation. Men who
were perfectly able to engage in such luxury en-
riched the growers Of California and Oregon by
having them an absurd price for their products
and finally selling them at a great sacrifice. IL
was distribution by q few capitalists on their
wealth amongst the tocrs Of the soil. And be-
causc of it the consumptive power Of those two
States was immensely increased Nevertheless the