New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-24

228 per cent: Of the number. twenty-nlne COM
panjes which have returned gains give an average
Of 1896 per cent, and seventeen Others which
have returned losses give an average OF s.1o
per cent. The gains in sS7 on the same weeks
/ Of 1856 averaged about l z per cent and IA per
cent respectively for the first and second weeks OF
December. This. considering the condition OF
rates this year, makes the exhibit for the TWO
''S' "sVNS f'ln GROSS EARNiSGs., o.. r.,
cs isSc 80 b sc 1888
Total G, Co.. $500 1907 s4,4s7,582 Inc. slaO27S $50
2 G CO.: is sssS Dec Se 1885 sSs
Total. 40 Co.'S So s7ooso sa445,o42 Inc s74 352 aos
THE WEEK IN THE STOCK MARKET
The last week brought with It developments full
of promise not only to the holders OF American
railway securities. but also 20 the commercial and
Industrial interests of the country. To compre-
bend fully the importance of the meetings and
conferences which were held during the week, IL
is necessary first TO understand the origin OF the
so-called railway difficulties and the conditions
which finally have. aroused stockholders to tho
defence of their rights. If the promiscuous rate
cutting of the last twelve months had been the
result Of Door trade and small traffic, necessitatng
an urgent competition in order that each company
might do its best TO secure earnings equal 20 us
first charges there would have been no dlsappont-
ment or indignation expressed at the methods en-
ployec hut the returns of railway earnings long
since convinced every one that such were not the
conditions "The Chronicles tables OF gross
earnings of lO6 roads for the eleven months ended
November 80 show an increase OF 80, 7os,l 90
over the earnings of the same eleven months IN
1897 a gain of nearly per cent These hgures
reflect an unprecedented tonnage because il is not
only claimed by the pesSimist, but is admitted by
all that the rates during the whole period nave
becn not only unreasonable but extremely low.
Chicago, Burlington and Quincy in the ten months
ended October 81 showed loss in gross earnings
of So 700. 600 a sum Of loss not much larger than
should be credited to the effect OF Ats prolonged
strike. But the net earnings for the same period
showed loss of So 700. OOO OF which II Is falr 10
= I'm Hfrhf N
ties which il first developed year ago last No
vember This marks the extent 70 which Bur
lington and Quincy is responsible for the rednc-
tion of rates and the decentralization which eX-
tended through the whole system from the ex-
treme Northwest to the extreme Southwest. One
by ono other companies were drawn mo the
other in their efforts to take traffic at the lowest
possible rates. When the Interstate Commerce
law went into effect on Apri, 5, 1887, there was
not respect its provisions and fear its penalties
These conditions ruled until late in the autumn so
that for the ten months ending October 30, 1897:
$50 over IA per cent and the gain in-nct for
the same time was l 1-2 per cent.
The Interstate Commerce law had been fairly
tested for six months, with happy results to the
railroads and to shippers There had been no
pooling expressions Of dissatisfaction at the
workings of the law The succeeding demoraGza-
ton dates first from the secret violations of the
provisions of the law, and, secondly, from the
open population Of it. Unquestionably the man
ayers finally became demoralized as they had
was no little personal pride INDUCED in. which
aggravated the situation. But despite all these
IONS the net have earn maS
their reports for the ten months end
ed October 81 were reduced this year from
sl2s,43705o to sl7,34s,555, a decline OF
scventy-three show loss of over sl2, $1,000:
Burling on and Quincy, S., 100000; Atchson,
Topeka and Santa Fe, 50, ooo,o 900; and Phila-
% nib
5000 900. So that, leaving ont these three
roads, the other seventy show gain in the net
earnings Of 100000. :,
The gross earnings of the railroads generally,
where they had not been affected by strikes, were
so we'll maintained that security holders failed
to realize what was being done with their proper
marlIable statement for the six months ended
June 30. At once interested people who for u
long time had been purchasing the stocks of rail
ways and paying for them and taking them away
from speculative centres became alarmed at the
conditions But instead Of rushing into the mar
l,ets with their securities and creating a panic,
they turned their attention, as business men, TO
methods of reformation Scattered well as
large bodies move slowly, but there never has
been day when some progress has not been made
In concentration Of interest for mutual protec-
lion.
1t that numbering process which resulted
in the conference between leading bankers on the
one part, and railway managers on the other. |
At such conference 1t Is not to be supposed
that anything but the most courteous language
IL.
sentative owners of properties and their agents |
II was n conference fnvte1 by the bankers for a
purpose, and that purpose was accomplished In the
simple relation Of what II was called for Ii |
rests with the managers TO carry out the wishes |
or orders Of the owners. 1t simply is question |
whether or not the business of railroading here
after shall be conducted according 20 business |
principles and subject to the laws as they exist,
and not TO such amendments of them as time |
and experience may rd ts no be sSm fSr
ance, Of course, is to he made for the pride |
and feeling of managers, but never before in the
history of railroading were agreements made for |
warranted faith in their fulfilment such as
those under which the agreements of last week |
were made
Last week was not an active one at the Stock |
Exchange but there growth of confidence |
from the developments of the week. The total |
transactions in listed stocks aggregated 1853, Gil,
against 1.l50570 for the preceding week. The |
week opened with brashy upward movement |
on Monday. or that movement we then wrote |
tibet il was the bears who made the advanced
prices in their attempts to cover. And very little
success has been attained because the advance |
was too rapid. Tuesday followed with de
preston with a resale of most Of the short |
stocks which had been purchased on Monday. |
Wednesday and Thursday simply developed |
hardening tendency, which, being inconsistent with
of close observers, and occasioned questioning of
fhe source of the strength developed. On Friday |
the upward movement assumed considerable pro- |
portions, and it entirely due 10 a new |
class of buying. The bears were not, as they |
were on Monday, factors in the advance butt on |
the contrary stood to one side. making no efforts
iOin in the procession and Offering only feeble
resistance TO it. Yesterdays two hours of market |
were simply continuation of Fridays move
mcnt, such as might have occurred between the |
hours OF and . o'clock on Friday if |
the Stock Exchange had remained open SO late.
Prices generally show some final advances for
the week. but usually they are not important. as
the real advance began from Tuesdays depression.
The whole market, however, exhibits symptoms
OF an entire change in its character. The condi-
ton of the short" interest is revealed in the ire
mendous efforts made TO beittle the developments |
of the week, and the continued whining the
possibility of an active money market during the
short period between now and the New Year. IL |
ght almost we'll be printed in plain English