New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-29
TIE ERE's STATEMENT FOR APRIL.


And now comes the New-York Lake Erie and
Western Railroad Company with its statement
of earnings for April, giving an increase in its
net results Of $24,49s over the exceptionally good
month Of April 1887. From October to April
30 the decrease in net earnings is reduced to
S36,263. The net for the seven months Of the
current fiscal year is s344, 354 in Of first
charges. or the equivalent Of Clio per cent
on the preferred stock The net earnings for April
In the last five years have been as follows: s84,
s392,465 1885, s269, 013; $50, s466, 933; 1887,
s50s.24s; 1883, s532,7 The New York. Lake
Erie and Western Company now is employing
about /, eco men in the construction and the lay
ing Of double track its jefferson road between
CarbOndale and Susquehanna. The Jefferson road
is the Ere's principal coal road. On January 1,
1885, the old mortgage bonds of So, 000 600. bear
ing per cent interest, of the Jefferson road will
mature. The Erie Company has arranged with
Drexel Morgan & Co. for new issue Of s., $780, 900
bonds at per cent interest, making the total
charge the same as it is now, viz, $4,000 per
annum out Of which payment for the old loan and
the new double track will be made. Thus, without
any additional interest charge the Jefferson road
will be furnished with double track 1t is estimated
that the double track TO be completed before
August, will save in operating expenses $4,000
a year, besides enabling the Erie Company TO
handle the enormous coal traffic offered to the line
have occurred with only single track.
The railroads which to-day have reported their
gross earnings for the third week in May make
the total thus far reported up to forty-two. OF
that number, twenty seven which returns gains
give an aggregate Of sl,4ll,1l2 against ST. 3d.
377 for the third week Of May in 1ss7-a gain Of
S255, 1875 OF 22.l per cent, and the other fifteen
which show losses give an aggregate Of 81 ,407,974
against 81 ,543 S95-a loss Of S135, 921 e.S per
cent.
The stock speculation to-day continued to be
unsettled and subject to bearish" influences. We
wrote last evening, after showing the net earnings
& o0mpsnies b for the month OF APr n
hours Wall Street will be informed that the
returns of net earnings are bad beyond expecta-
uons.' Sure enough, this morning it was published
that operating expenses were eating into gross
earnings SO that the net earnings were far from
satisfactory The bear authority" also sue
ceeded in gaining an early reprint of bis theory
Of no business and no earnings while the
publication OF the facts in regard to earnings
s sCc market SmI he p bed Control
they opened prices lower and the bears"
particular delight, Mr.. Goulds IL per cent stock,
the Missouri Pacific, was sharply marked off from
70 to 20 Is. Philadelphia and Reading also was
sharply jumped on, and sold down to SO l-s in
the first hour. The lowest prices for nearly all
stocks were marked in the first hour. After that
fluctuations were within narrow limits The mar
ket called strong or weak prices rose or
declined 1-2 per cent. A special attack was made
on Rock Island. and its price declined from o8
to los 3-S The bear authority" reduced its
quarterly dividend TO l per cent, as it also de-
faulted on the Erie second June coupons The
day Is not distant when some Of the bears will
make actual default in their delivery Of stocks
sold They" have the market, and are elated
over their seeming success. 1t IS dangerous sit
uation even for the assumed shadow Of a
Woerishofer" Philadelphia and Reading was
special point of attack it sold early down to
SO l-s, and, after a rally to SO rs, 1t closed
at SO 1s All the published statements of
the figures at which the Readings bonds recently
were taken by the syndicate are worthless gucsses
We guess the prices were 81 1-2 for the As and
20 for the first preferred incomes This means TO the
public when the bonds are offered, 90 IL and so
respectively. Accepting so for the market value
Of the incomes the stock at 80 Ia tonight closed
equivalent to 43 Is 1t sold In November, 1886
at SO rs, with assessments paid. Excepting
Rock Island Missouri Pacific, Western Union and
Philadelphia and Reading, the market closed
without material changes from the opening figures
but IL was fcverish and unsettled.
The DAY IN TIE BOND MARKET.
Government bonds were dull and steady at quo
tations as follows: