New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-06

poets have not materially changed. There were
some exaggerated reports of damage to wheat,
but the best authorities assert that the damages
sustained were local and hardly, equal to those
usually suffered during the critical period Just
before harvesting Evidently these exaggerated
reports, which emanated from chicago, were manu-
featured for consumption at the STOCK Egchange.
Europe continuous large Duyer OF wheat
and 70 that VS. due the sharp advances in price,
and not TO any anxiety regarding the extent ana
character OF own crop. Inc authorities poiht
to corn crop exceeding 20OO,0OO,OO bushels,
and that OF a superior quality. OF course corn
is not yet safe from frost, but remembering the
unusual low average temperature Tor the seven
months Of this year. II Is reasonable to expect
higher than usual average till after the period
when corn will be safe. With little or no I'M
provement In the condition OF the iron trade,
Stocks in producers and consumers hands are
reported low, and as we noticed last week tho
consumption of the first six months OF the year
was nearly up to that Of the preceding year Inc
coal trade is in good shape, and producers WIN
small stocks above ground are constantly antlcl-
patng an active and prosperous season
RAILROAD EARNINGS.
Fairlv to comprehend the significance Of the
weekly railroad earnings Of the present period,
it is necessary to remember that the comparisons
are made with the figures for the weeks Of ss7.
which had retained phenomenal gains on the
weeks of 1886, and that also tho last named
weeks had returned largo gains on those oi
1885.
Tur TRrBuNF has printed the returns Of sixty
one companies or systems for the third week IN
July or the number forty-onc retUrn gains on
of the whole was s2O0,s11. or 4.74 per cent.
We have printed the returns OF sixteen com
panies systems for the fourth week Of 'u u1d
or the number, eleven have returned cams ana
five losses The aggregate gain OF the whole was
sl77,1I6, or s.23 per cent. ..uo mazda
Fortv-two companies systems have mace
their mil statements for the month of June.
returning an aggregate OF net earnings OF s1Vol'.
900 against s75242O for June 1854 gain OF
76e or 505 per cent VI the Hu seos mr. ~
1896 pcr cent and twelve aggregate losses OF
s2s67il. or 1855 per cent: June; 1887. gave
gains in net carningT over unG, ian talcs divide
he totals differences and percentages Oh Uhe
ompanies showing gains and losses;
GROSS EARNINGS.
Third week JULY o 1881 s6e 9. qd ls9s 3, Inc p ss7 @
% co.'s TS2G5f5 1179sso Dec 1527oe 1l.5i
Total. 81 Co.'S s424115s s444l.9c4 Inc s2oosl1 474
Fourth week July
's2 $3.50 345! - bee s: 's tsi 1899
Total 10 Co.'s s2I5o 2s7 e. a27 4Os Inc s177l1c s2s
NET EARNINGS.
M ~ Of June AK ss ess Inc ssaa 1870
~ Co.'s -. 2l0s 3Gc 1.909.G2i Dec 2561AA lLo'
Total a. Co.'s 81 524 900 900 Inc s437 700 sos
TIE STOCK EXCHANGE MARKETS.
Last week was another dull one in the stock
speculation The sales Of listed stocks at the
Stock Exchange aggregated 1.01s479 shares
against 123l ,995 shares for the preceding week
and about only one-haf OF the transactions OF the
corresponding week Of 1912 difference whlch
more than accounts for the decline Of s22 100000
IN the bank exchanges at the New-fork Clearing
House Tho market however, continued to eX-
hbt just such degree of strength as was eA-
pected by those persons who regard the analogy
between causes and effects. The sequel to the
realizing speculative sales OF the preceding Friday
and the short sales and hammering OF SATURDAY
| l,i1y
business last Monday morning 1t was tale OF q
broadening market and Of INSCRIPTIONS unseen ana
unconprehended by that class OF persons VINO con-
time TO believe that all the business done during
the last several weeks has been simply the swap
ping OF jack-knivcs between professional traders
As usual the market during the week had its sef3
back of l-2 to per cent due 10 some RAPID
realizations Of spectators and TO tho encourage
! ment thus given 10 the remaining bears again 70
| hammer the market. The decline from the highest
! figures which had been attained practlcally was
| ACCOMPLISHED in one day. and following that was
! the usual duness and steadiness which waits for
! further developments Some recovery, however
was made from the depths OF the decline ana me
market closed the week with prices generally
| ranging 1-2 to 3 per cent higher than n week ago
and harder in tone. Among the advances made
during the week, the Vanderbilt trunk line stocks
| which heretofore had been lacgards. were CON
/ spicuous Lake Shore made an advGnce OF %
per cent and II closed with a net gain for the week
of 3-4 per cent.
| II unouestIonablv is mistake 10 assume that
these advances were caused b. purchases made Tor
Tho speculative account Everything indicates
that they have been purchased for permanent
holding and That the stocks will be gradually Win
drawn from the Street rs similar purchases made
at about 90 later were withdrawn. Is there not
lesson in these late purchases Of the vanderbilt
stocks - Arc they not Illustrative or the charac-
ter of purchases of other stocks which have been
in progress during several months and az declining
prices? Close observers of the market who nave
/ watched the movements with unbiased minds,
and who have realized that stocks gradually were
being withdrawn from loans and carried away ;
those who have carefully noted, not the
trading back and forth of European spectators
in this market, but the absolute transfers and
expectation Of American stocks during the last
six months. are not among those who feel or
| express disappointment that the markets do not
suffer a substantial setback even after the rise
Of SAL per cent from rhe ridicnlOusly low figures
to which blind cupidity had driven prices
The comparatively small amount Of business trans
acted together with the strength which dulncss
develops conclusively shows that the market
is beyond the control and manipulation OF pro-
| fessional stock spectators
Last week as in previous weeks. the Leading
! professionals who were long y again realized at
! or per cent profit and loudly talked reaction
| As heretofore reaction ceased when they had
realized and no one knew who had purchased their
| stocks and refused 10 sell them again at their
| bidding With the record in view. 1t is absurd
| 10 talk Of the comparative activity OF business
in the Street and the dulnesS or trade outside Oh
| IL There have not been many weeks before when
! the transactions at the Stock Exchange Were
not equal TO those Of last week: and there nave
been no weeks at this season Of the year when the
railroad earnings were larger in the aggregate
than they were last week The large tralnc
| of the railroads during the last twelve months
absolutely forbids the consideration Of any cause
! for the declines in stock valnes which now have
passed into history, other than such causes as
were manufactured and furnished exclusively ~
the railroad managers Of the country. ASIDE
! from the movements Of the stock MARKET during
| the last weeks there are o-her lndcauOns thao
speculative accounts have adjusted themselves TO
! such an extent that the fictitious obstacles to a
prosperous as well as large traffic VIII soon
! he entirely removed And yet the market re-
/ fleets n remaining large outstanding short IN
teree,t. but now it probably is confined to pro-
fesSOnal traders.
Of shares sold Of all stocks. the highest lowest
g +i,o her vi