New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-13

Six monshs.." sao4o,7C7 s41soo05 s19as7es
1t is very stale chestnut-this new appeal 70
the fears OF the holders of railway securities, Dy
printinc that for number OF years past therc
has been steady, progressive decline IN INC rhleS
received for the carrying OF passengers ana Hesn~
But, so long as IL was TO he done ~ passes conl-
prchcnsion that the comparison should nave begun
with 1884. Let us 20 back to 1870. IN Ihao
year the Lake Shore Railway Company received per
ton per mile an average OF l.5O4 cents lot inc
carving of freight and 26l2 cents for the carry
ing of passengers. In 787 the rates were cr re-
spectivey go and 22G0 -rnts. In 1877 the Chl-
On 90 and Northweserns average rate per milo per
ton for carrying freight was 80 ccnts
and for carrying passengers 3.16 cents M
During its last fscal year ended May
81 Isss it's average rate for carrying freight was
I OF cents and for carrying passengers = 30 cents
These reductions would he appalling If there had
not been during the periods OF sixteen ana el&hlecl
wears an equally progressive economy IN the man
agcment of railroads. in the cost OF dong thclr
business in addition to an enormous expansion OF
the traffic. In 1870 the Lake Shore Company
mile tonnage was "a. O3J.51l. and is earnings
from freight were Ss.74G.126. In 1887 its mile
tonnage was .s43 7S5.s06 and its revenue from
freight was s12547,023 It's passenger mileage IN
1870 was 100. 5O0.1l4: in 1887 il was 200 81
450 Notwithstanding this enormous reduction
the net revenue of 1887 was 81 $50 greater
than it in SO 1t is more difficult to follow the
comparisons Of the Chicago ana Northwestern
COMPANY because OF its extensions ana ABSORPTION
of other lines. but the movements per mile VIII
sufficiently prove that Western lines have gained
by economies and larger traffic equally with 'aose
of freight carried one nile by the Chicago and
Northwestern was 366.475,4s0; in the last year
it was l.o39o44.1O2 tons. or nearly SIX
GER GER mileage in 1872 was iil.o7l.O2 last
year il was 272. 745.O1o. In 1872. when the COM
panys accounts were not made up as conserva-
lively as they now are, I statement showed earn
incs for the stocks Of barely per cent last year
ss5 per cent earned for both stocks from the
operations Of the road alone, and the aadi'ions
h. t-li arc
Capitalization made the net earnings for both
stocks up TO Q. "a per cent.
STOCK EXCHANGE MARKETS.
TIL. business Of the week at the Stock EXcnange
was OF the same general character as 1t has neen
for several weeks. In stocks, the transactions
were trife larger, and they aggregated ,25O42S
shares against ,0ls479 shares for the preceding
week. Stocks that had more rapidly advanced
before were less active while their prices were
we'll sustained. The coal stocks and the Eastern
trunk lines were those which made further ad-
vances, and for thor greater activity there were
special causes in recent developments. Inc Goulh
stocks including Western Union developed
wider market, and Union Pacific and the Oregons
were strong with moderate advances. There were
the usual daily fluctuations. not 70 say reactions
which encoura gcd continuance OF the short inter
est to an extent fully a large rs II WAS week
ago There was no booming OF prices nor apparent
manipulation 10 advance them. he movements
in Jersey Central nearer approached such an APP
pearance than those Of any other stock on the
list Philadelphia and Reading sold, eX the
bonds Issued
50a5l IL and closed at 81 IA against Sc at
date of last year with per cent assessment PAID
Delaware Iackawanna and Western also was
noticeable in the dealings and closed l-2 per cent
higher than n week ago ] 6 Ia per cent higher
than August 10. 1887. while Delaware and Hud-
son shows an advance fo- the year Of s per cent
Lake Shore. Michigan Central and Canada South
ern arc selling as high o. higher than year ago
while New-York Central is still IA lower. The
grangers arc all lower than year ago, but both
of the Northwcsterns arc crowding last year
priccs Burlington and Quincy and Rock Island
still show declines Of % and Q per cent. The
Sonthwestcrns Goulds lines and Manhattan lon-
solidated are from 70 Ia per cent lower West
crn Union is per cent higher than year ago.
The changes for the year IN other stocks range
from a fraction 10 per cent. mostly declines.
There is some significance in the fact that the re-
coverv from the extreme depression which took
eight or nine months 10 produce has occurred IN
SO short a time. and that il he's been aided by no
effort Of professional spectators. but rather
dcspitc their energetic efforts by word and act 10
produce a contrary effect. Gradually even the
professionals are beginning TO realize the large
extent TO which stocks have been taken out Of the
that the late depression Amos entirely caused
by the sale Of phantoms which wee rs GOOD 70
speculate in as genuine certificates until the in
vestment buyers demanded an actual delivery.
There continues 20 be talk OF reactions ana OF
dangers to the market IL does not quickly oc-
cur But all this talk in the first place ignores the
fact that nearly every advance of pee cent has
been followed by n reaction OF la1 l-2 per cent ;
secondly that III" upward movements rave no'
been made by spectators; and thirdly. that tho
greatest safety value of a large shCrJ interest IS
still in active operation:
Subioincd 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 prcnXcd by the average
prices Of August Z 1887:
q WEEKLY RANGE