New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-17

| the month of 1856 Considering that business
| occurrence of the Presidential election the loss
shown for last month after the phenomenal gains
of the month OF the preceding two years. is trlViaL
| The same thing occurred in connection with pne
| breeding Presidential election. The NoJemoer
| earnings for 1884, although ehen affected by a
general depression in business showed larger losses
= Tor that month than they had done for tne
preceding, or did for the following months. LII Is
| also interesting TO note that the weekly compar.
| isons in November with the same weeks OF 1887
show steady Improvement For the first week
the decrease Az per cent; for the second
week it was l 6 per cent; for the third week 10
was OH per cent, and for the fourth week
| the increase was 2l8 Ter cent
The Tribune has printed the earnings of
fifty companies for the first week in December,
showing gain on the week OF iSS7 OF slo9, 81,
! or 2 % per cent. Of the total number, thirty
| four companies have returned gains averaging
1880 per cent and sixteen companies 1--we 1--we , re-
! lowing table divides the aggregates ana dlner-
Of companies showing gains and PaiS Lenses
e Companies IGi7527 I,492,1i Dec 12S4n 77s
Total so Co.'s e86l464o sse17. se7 Inc s1os1e7 2ss
STOCK SPECULATION NARROW AND FIRM
| The weeks roll by and the old year draws near
its close; and yet there is no relief from the
promulgation of pessimistc views and threats oil
dire disaster-all for the purpose OF affecting the
minds OF holders of American securities. week
ago the threatened collapse of the Panama Canal
| Company was paraded as an element full OF
danger TO American investors. Its collapse, which
was a forcgone conclusion. has come without
causing IA tremor in France where nearly all or
its securities held. 1t was as true a week
ago and year ago as 1t is to-day that the fanama
securities paid for and scattered all over
France and that the losses incurred should not
have any effect except upon the individuals VINO
had drawn their money for the payment OF them
from their individual holdings. The same au-
thority which week ago was palciaccd over
the impending danger of the Panama Canal col
lapse now sheds tears over unfortunate Boston.
Boston has been hard hit recently in many OF ITS
Investments; but it has been in investments not
spec uatIon, where the bulk of the securities was
held in strong-boxts having been purchased at
figures even lower than those current at this date
- he great banking houses have seen What was
coming and they haven't any is as true OF the
Boston situation as it has proved OF the french
Renewed exports of gold is the keynote for
a do'eful symphony on the possibility or ught
have exported from this city over 81 100000
of gold Irrespective of the deceptive figures pre-
sened by the bank actual con
dition. and not the figures, Of the state
mcnt which during all last week ruled the money
| market. Even on last Friday, which, because OF
Stock Exchange rules is high-rate day for money,
and after the last dollar exported had been win,
drawn from the banks the rate Tor call loans ulu
not average over 1-2 per cent, or scarcely per
cent higher than the average for many preceding
months; and the supply was, overabundant at
that small advance. so that at the close money was
Too little attention is paid to the fact that
under the compulsory silver coinage law ABOUT
$500, 900 each month Is added to the legal
money OF the country Aside from the enormous
imports of gold during the last few years ana
our own annual product OF that precious metal,
the expansion Of legal money by silver coinage
amounting to S33, 100000 per annum furnishes
a reservoir full to REPETITION, from whlcn al sucn
spa,modic and exceptional foreign calls for money
NAV be supplied without disturbance to our none
tary system. These ia tors are fully conpre-
hended by leading bankers and by many investors,
but TO the ordinary Spectator cry OF gold exports
is much like the cry of fire in crowded theatre.
The efforts to belittle the business OF railroads
is continued with no abatement of It's Vlrulence.
The bald statement is repeated over and over
again, as it has been during the whole OF TINS
year. that the lamentabc dcmorallztuon among
The railroads arises from lack OF business. 10
matters not that almost every annual statement
put forth by railroad companies shows larger
tonnage per mile for the last year than ever
before, nor that from one end OF the country
TO the other railroad managers are crying for
more equipment with which to DO the business
offered and that carbuders never before were
there is no business continuously repeated, unIll
the authors begin to believe their own hctlon;;
Above we refer TO the railroad earnings reported
for the month Of November ana TO I n GlIus
lar reported for the first week N Dec'nlOer;
Now be it remembered that the apoioslS's 0I
railway managers and they are to pc IOuhu oiIy
among those who for twelve months nave Deen
seeking to dcpress prices at the Stock EXCHANGE
assert that the existing demoroI"atloh oil rates
GRANTING that rates are unreasonably low:
70 produce at these low rates such gross
earnings as shown for the month oil Novemo per
and the first of December requires an unprecedented
tonnage The rates have been low during the
whole Of this year. at times lower than they are at
present and yet the gross earnings oil 10 roaus
FOR eleven months ended November 80 give gain
of 575s. $50 over the same month OF loot-a
gain of 90 per cent The average mileage mas
increased scarcely per cent AGAIN these ngurss
show the unprecedented tonnage and justify man
ayers complaints of lack OF equipment Inc
small general results Of last week ana OF Twelve
months efforts TO depress values can be accouhteu
for only upon the hypothesis that securities have
been and are held by investors, and that the
theatre of speculation held small audience when
the alarm of fire was given
OF The last weeks market there Is IIttle TO De
added to the daily comments which have been
printcd here The market was extremely dull, so
that the transactions for the Tee bare oi cr
the preceding week. AS usual, the spectators ior
decline on Monday morning gave enect TO the
doeful wailings which had been prepared ana
published to create such an effect 30 long as they
pressed their sales. prices declined, and when the
nressure ceased they rallied naturally and With
out speculative aid, excepting such as came from
efforts TO rccoup contracts The final changes for
the week are not equal to the average daily
fluctuations in an active speculative market 30
far as it is possible to Judge Of the condition oil the
short interest, the returning and borrowing or
stocks up to Friday morning seemed TO leave the
situation practically the same as 1t was week
ago. Internationally on Friday the short interest
in few OF the leading stocks was increased even
after making liberal allowance for the washing
of sales which contributed TO the total TRANSACTIONS
The railway situation al the East has improved
and nothing further remains TO he done except TO
arrange the immigrant business. At the West
there is no doubt that much progress has been
made toward a return to business methods, put
portion of the speculative element is slow to be-
lieve it and another portion cannot afford to be-
lieve it,
Of shares sold of all stocks the highest, lowest and
final prices of the week together with the final