New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-31

| now Is quite evident tndJ OH lHuTSuuy tbcic was
partial combination among lenders to extort
high rates, and that considerable money was held
| from the market on that day with the nope tDat
| On Friday it might be loaned at Z or per cent
for the three days TIL Monday It was for that
| reason that late borrowers on Thursday pet
small supply and in the last moments were com
| PEELED to pay the extreme rate. On FRIDAY inc
scheme exploded from It's own iatulency Inc
market was opened at an unusually early hour
at the extreme rdes and ruled Till about the
| cent and higher. At and after that hour the
schcmcrs discovered that they didn't possess all
the loanable funds in the market, ana competed
with each other in making loans at the pest
possible rate till some of the " per cent money
found three days Iesting-place at : per cent
per annum.
The banks and institutions which were en-
gagged in the forcing process are we'll known 10
the large borrowers When the furry is over
the borrowers will permit the institutions which
permitted their standing loans to remain at a
per cent to make the future rates, while they
will not fail to name the rates
themselves for the institutions which marked the
loans up to per cent That there was an
abundance Of money was clearly shown by Fridays
operations, and 4 or per cent rate would
have excited no antagonism and called for no com
ment. Money always is worth what it will bring
but here was case where the forcing process
was put into operation in expectation OF neces-
on pledge of good cJllaterals. Any loans at
higher rates are on mixed colloteras not backed
by an entirely satisfactory credit.
The foreign exchanges were dull all through
the week with a final decline in rates for sight
bills Of about one-half cent The supply OF
many Chicago bills being in the mar Set supposed
to be drawn against exports of provisions, and The
cotton movement also continues 10 be large; the
exports last week having been lA2, 52s bales against
30 OOs bales for the week Of 1881 The eX
change market closed easy on the basis OF S4 "a Ia
and "a SO IA respectively for long and short
sterling.
RAILROAD EARNINGS.
A. fo.l
the second week in December OF hfty-nne rail
road companies or systems, Of which tbrty-five
companies show gains on the week OF 1857 aver
aging 2.44 per cent, and fwcnty-four other com
panies show losses averaging 7j7 per cent. The |
gain for the whole averages ~ per cent which !
is gain on gain of 3 per cent for the cor
responding week Of 1897. II also has printed !
the gross earnings for the third week of Deem
her Of fOrty-thrce companies or systems OF which |
twenty-sevcn show gains averaging i2.67 per
per cent. The aggregate Of the whole number |
is 2. IS per cent, and that is a gain on the week !
OF 1897, which gave gain of about IL per cent |
on the week of 1856. II must be BONE In mind |
that the earnings 60 not yet reflect the rest0ra- |
ton of rates, as the list does not include any of
the Eastern lines The subioined tables give the
aggregates ard differences OF the companies show
ing gains and losses.
B cog Isl 81 Ss62e7 % 9ss 100 Inc SAG i55c1s q
"a CO.'S -...... 227s'5l5 2lo5s7s Dec. 172637- 757
Total 50 cos 2ol 7S2 - 49,. 300 s7s 5ls 172
g cos 81 96o91s 90 2O9 800 Inc s2ls 4sG-127
10 co.'s -'"''- L2651oi IlO4s5o Dec 1oo' SSo-lS14
Total 4a co.'s 1920 O7 50 3i4 257 Inc sss i5O- 278
STOCKS DULL AND FIRM.
The last week Of the old year witnessed a dull
in stocks but nevertheless stubborn
hrmneSs. which was more marked because of re-
newed efforts to depresS values. The total trans
actions in listed stocks aggregated l,1O0,377
shares against 1895. Gil for the preceding week.
FOR the Inst two days of the week prices con-
llnued to advance under an investment and
speculative buying for both the long and short
account. BY that time the advance for the active
stocks from the preceding Thursday had reached
TO : per cent. There was no little realization
IN speculative holdings which checked the adj
vance and invited assaults against values.
For couple OF d AVS the market was feverish, and
prices fuctuated toward lower basis For the
emandcr of the week dulness the prevail
ne feature and the RESPONSES TO any effort to
ma Ike considerable purchases were prompt.
As soon as the speculation exhibited any hest
alton. there was a renewal Of reports of rate
uttng at the West and the pu blcatiOn of theories
to prove that the recent
,s grcemen,s between the managers would
fact that in some quarters there is pretence
# belief that the Rock Island Company will in
he peace which the Burlington and Quincy so
ucccsslully performed in the early part of the
round for any such apprehension The Rock
Stand road IS a large corn carrier, and therefore |
he section of the country through which it runs
hOuld. in the immediate future, enjoy exception
bic prosperity. There no excuse during the last
ear for the low rates given on the plea that bust
ess was small. There will be still less reason
or such plea in the coming year. In addition
o that other conditions are also changed. Never
eit re have the owners of American railways !
aiken such a deep interest in the management
f their properties they doing now and
ever before did managers SO fully realize their
responsibilities
The heavy decline in the st. Paul earnings for
he third week in December was stimulant
or renewed selling of that stock. And yet its
rice closed at thrce-Quarters higher than week
90. When the ODlaha's report for the month A
November came in. showing loss of IL o. 600,
nat was made the reason for depressing the price Z
+ the preferred stock 3 per cent on very small !
ransactions Neither of these movements. how Z
yer, accomplished their purpose, for they failed
have the slightest effect upon the general
arllet AS TO the Omaha's earnings for the
lev en- months ended November 30 they are only
( 80. 900 less than for the same period of 1887. +
t. Pauls earnings for eleven months and three
nriod of 1887. Neither of these returns reflect
nv decline in the volume Of business done =
ore than the losses are accounted for by the n
fferencc in rates. Hence the present prices Of \
ocks generally are reflections of mismanage- n
ents and not of losses in the volume of bust o
ass With business in sight greater than that
last year and promise of reformation in |
anagement it would seem TO be time for specu-
tors TO begin TO look at the future and to bury
c past
isis in the central portion of the country so IT
rgc an interest opposed to any bettermcnt Of | A
IL railway situation there But il is hardly prob i
,lo that It,, together with It's wall street alHeS, j
i'll prove powerful enough to stem the determine
on Of the owners OF the properties and the prom
I'd rigid enforcement of the Interstate Com =
cree law BE the temporary results among the
angerS ard the southwestern what they may, n
G. Eastern and transcOntincnal lines work y
2 in perfect harmony and with the determina- j.
m hereafter to reap the benefits from a large
attic to which they entitled. Between n
csc two fires, aside from other reasons. the :,
sections may be forced into good be- -
viOr A.
As an item of news the revision Of the traffic ! II,
intact between the Union Pacific and the Ore ia
n Short Line is being prepared in accordance
i'm the recommendations OF the commission APP II
inted to investigate the existing relations be- "a
-een the two companies. 1t is expected that ~
@ new tariff will 90 into operation after Jan IN
ry l. and that il will give TO the Oregon Short ia
ne rates approxmatng to the average rates of