New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-19

was first opened at the end Of 1878 with Q credit
Of 1900, geo; the Subsequent credits nave been
as follows: 1879. Sl,ooO,00o; 1850, sl,260,voO;
1851, ST. 900, 900; 1882, S750,000; 1858, sl,bVV,-
OoU; 1854, 5000. QUO; 1855, $1,000, 900; and
1850 100000: total, ss'9oo 600. at Which 1
Not one dollar OF renewals made during the last
ten years has ever been charged to the account.
The three CT DIT a.corDts Of inc me- sta,:4e,i2'
total $50, GA, sSs-as per last balance sheet
represented on the other side, Principally
by investments In stocks and bon Us OF
other companies amounting 10 over s27,o0O,000.
The interesting features Of the annual report are
marked by comparison Of the operations OF the
first and last six months Of the year. For the
whole year the average number OF miles operated
was / ) per cent more than the average Of 1855;
The total tonnage Of freight was IL BIO per cent
greater, and the Operating expenses were II 2:10
per &c, cent nS Of SGT Was pep cent more than at
the end Of 1885 so that the percentage Of gain
was greater in the first six months than In the last
January to June 30. the gross earnings increased
over 1886 10 2-10 per cent; the operating ex-
penses increased 10 6I0, and the net earnings in
Is sss ehass y
character. The last six months-July to De
cember 31-compare with the penod OF 1885 as
cent; operating expenses increased IL 40 per
cent and the net earnings decreased 20 $40 per
cent Tie comparisons speak Tor themselves.
The balance sheets show that the relations Of
quick assets to current liabilities compare as
follows .s
sunaT Dee ..ss. sss .7sS s5
os:s < s::.s, sssss ssss a 9sf
Total g %; sss IS 'a7 esa &C. ,a5s
A.coun,. xoucb.rs and
payrois s277e.741 ~, oo4 ,6is sS s2o7 4s
Assets over liabilities se57s 254 o. 1888 ssoo01s
SMALL CHANGES IN STOCKS.
The hiiai onAnscs III Lns Stock n.srxet were
hardy worthy n0tce. In tue acLive shAres
tney were smau lraCLions ana prc.ty evenly
divided. The VARIATIONS In some OF Tue specaIrles
were somewn nat iAlsrr, Dut Iiey propaoiy were
reasvn Of Lns Proposed purchase VI Donas py The
treasury, but the ehect OF the prompt action vi
the Secretary was maos nugatory ~ the safes ot
stocks 1or foreg n account An aovance IN the
rales Tor STERLING eAcIange proved that the now
of securities naa Deen turned backward Tor tiIne
at least, although there Is reason To believe tnat
the change IN Jne current was merely the result
OF arbIurage dealings. IL should be remembered
that hurvpe has been buying stocks freely for
everal weeks, and it Is not surprising Therefore
that IL should be DESTROYS Of teaplnS a part OF
its profits The wonder that with All adva nce
of about per cent the realizing sales have not
been greater. The largest decline was In Missouri
Kansas and Texas, which fell over per cent, and
closed Ia per cent lower ruinors that the rad
was about to be placed In the hands OF receiver
Missouri Pacific lost rs per cent although 20
hints of receivership were heard, and logically
the stock should have advanced if the company
was TO be relieved of the alleged burden Of the
Missouri, Kansas and Texas lease. The only other
movement tha, attracted attention was sharp
decline In Norfolk and Western preferred, which
closed nearly i per cent lower in spite of late
rally. 1t was reported that the East Tennessee
people had sold their holdings of Norfolk and
Western, and that consequently the traffic would
be diverted TO the Richmond and West Point
Terminal. The selling was phase only OF the
contest for the control of the Richmond Terminal
property. 1t was insignifcant because the last
report Of the Norfolk and Western shows that
only 10 per cent OF its freight and per cent OF
its passenger receipts were obtained from through
traffic. II is by such means that undue effects
are produced. The strength Of the market Is
proved by every fresh attack and the closing TO-
day was only triHe under the highest points.
STATE OF THE BOND MARKET.
A further advance Of IA to Ia per cent IN
Government bonds failed to bring out many
bonds II is expected that the Treasury will
take on Monday all the per cents offered under
1875 and for this reason holders are RELUCTANT to
SELL The closing quotations were AS follows: