New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-18

lngs OF 100 railroads in she month OF May gives
in May, 1887, O gain OF Sl,4S6410, or 0: 66 per
cent. To appreciate re significance OF these
figures, 1t is necessary 10 remember that the gam
for May, SS7, over May 1886, was over 10 per
cent. OF the 90 roads reported for last month,
seventy: three return gains and only thirty-slA
return losses; Of the thrty-sx the losses OF only
few were Of any significance.
THE TRIBUNE has printed the gross earnings
for the first week of June Of sixtytwo companies
against wsS f f0r the week Of
1874 gain Of s26l, 655, or 7.95 per cent Vi
the whole number forty-two companies which have
reported gains give an aggregate OF S2,304, $40
against 81, 800, S53-a gain Of s433,4o0, or I'll
per cent, and the other twenty companies give
an aggregate Of sl,2s5,41s, against 81 2437a
loss Of 81 71,625, or 1887 per cent About the
same companies in the week of 1887 returned
gains Of 16. &c per cent the week Of 1886.
Seventy three companies now have reported then
gregate Of the whole number is sl1,419424
against S1l, 49l, 255-a loss Of S1l, SOL, or VI
per cent? Considering that everything has been
so rapidly travelling to the dogs. 1t would seem as
if this dimnutive difference had been fully dls
counted in the general depression of values at the
Stock Exchange. OF the total seventy three com
panies, forty-seven have shown gains; their ag-
gregate net earnings for the month OF April TINS
year were s0.465, OH, against 1881 ,0s2 in April
Ss7,-a gain Of 81 81 3, 930 or 20.56 per cent;
the other twenty companies returned aggregate
net earnings Of s2,014,l12 against s., 640 1854
loss of 81 G25, 7sl. or "A &C per cent.
Only eight companies have yet reported their
net earnings for the month Of May six of them
give an aggregate of siIO,469, against s336,43s
for May, 1881 a gain of S74,03l or 22.Ol per
cent. and two others give aggregate OF s93. =
against S11 O. 723-a loss Of s26. 2ll, or 1874 per
cent The aggregate Of the whole eight companies ei
is $500 9a1 for May of this year, against s456,l6I
"a gain of 81 :, $50, or 1O46 per cent
THE STOCK MARKET-SO CALLED.
In view of the foregoing compilation of official
figures down to the latest date, one may be par
doned for asking if the gentlemen who are still
-i,o cfill
terrorze actual holders into supplying their wants
really comprehend the extent to which they have
forced values down. 1t would seem as if the fol
lowing notable declines in the value of stocks
during the last twelve months had a great deal
more than discounted what would be an evil il
the aggregate of official figures were as bad as
are those of few companies. No one can earnestly
maintain that there is the remotest prospect oil
a reduction in dividends upon such stocks as New
York Central and Hudson, Lake Shore, Michigan
Central. Canada Southern Northwestern pre-
ferred- Omaha preferred, ST. Paul pre-
ferred and Oregon Railway and Navigation, or
further reductions in those Of Missouri Pacific and
Manhattan Elevated. Yesterdays prices show de-
clines from a year ago as follows: New, OK
Central rs: Lake Shore, "a Michigan Cent
raj l . "a Canada Southern, i Is; Erle y -
and preferred, : IA Chicago and Northwestern
I6 is AMI preferred 10 IA st. Paul, - IL, ana
preferred. % IA: Omaha, lo, ana pfeIerrtu'
ia 1-s Burlington and Quincy, 20; ROCK Isla I
26l-4 Reading, ~ Is; Louisville ana NashNllIe;
- 0 Union Pacific I9 orG Fc Hai pTgsr %pL
LOLA; Missouri Pacific, 20 5-e; ana MahhaUIan
Elevated, GA l-s rer cent. ,.-.,o.od
The stock market last week deVelopeu
a greater activItythan for several weeks
past If the reported transactions, amount,
ing to 1,36l,29O shares, are TO DC
accepted as the correct index OF tne real Dui in
ness dom, All the influences at work Were III
favor of a still further decline Prices yielded
for nearly all the active stocks from TO per
cent aud the market was charlct;rl1Ieed us
weak" " demOrallZed,' and SICK ne r.
ported transactions for one day were upwards oil
AIS 600 shares The lowest prices were generally
recorded early on Wednesday. From that tlme
out to the end Of the week, with small Yol I NE
of business prices steadily improved. ADDED 10
the action OF the Iowa Commissioners al tie
reports relating to dlsagrecments DeIWeen NV
separate Western companies were OF the worst
nosSible character. and yet the fact admitted 10y
The leading &" bear organs-that the short interest
was largely increased-woud seem TO indicate
that neither the bad news ~ nor the decline
in nrices induced any material selling OF long
stocks The argument that freight rates from the
Western farms must decline IN accord with the
smaller values Of farm products would De d goou
" bear argument if they had not already done so.
The decline in freight rates from the farms wCst
Of the Mississippi River 10 the seaDoafu aur!ns
the last ten years unquestlOnaDly Is equal 10 tle
decline in the value of the products az Ihe
seaboard. On the Western lines we ma that
the rate per ton per mile from from los. 10 Vne
follows: st. Paul, from 2.0S cents to Qo cents
Rock Island, from Ill cents to O.y5 cents
Northwestern, from SO cents TO liz cents
by report for 1856. Further than that the
farmer sows, cuitlvates, and harvcsts his crops
better and at less expense than he did ten years
ago, and from the greater extent which ne now IS
n consumer OF manufactures. Cne may well belle' .
that his lot compares favorably with the time
when wheat al 81 in Chicago was considered
cheap. We have passed through a period when
sentiment and fears have been, not the controlling
factors in stock speculatIOns but the assassns OF
confidence and hope. The Street has been, and IS,
depressed for the lack OF business, and 1t Is so
largely through its own folly The earnings and
railroad reports of net earnings are facts. ana
not arguments nor theories. Sooner or later the
public generally will realize that they are con-
tradictiOns Of every pesSimlstic promise. When
that time comes, the Stock Exchange will no
longer wear the funeral appearance which It has
had for the last few months, and Its members VIII
regain some portion of their lost cOnvlvlallty
Suhioined is our 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, preiixed by the average
prices Of June is, lS57:
WEEKLY RANGE.