New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-28

oiiAHoWH nov mucn OF the Old loan 10 De paid
on Ola IS now held ID Europe But at all events, If
eoid is temporarily required abroad, we have the
accumulation and product Of two years to draw
, Upon at season when money naturally accumu-
iates nj the great centres.
RAILROAD EARNINGS STILL LARGE.
=, Despite continuous assertions TO the contrary
she railroad earnings they are reported week
W WICK are Unexpectedly favorable. Seventy-five
conpanles have returned gross earnings for the
second week Of May, showing gain in the aggre-
gaze OF S23l, 1886, or 614 per cent on the week OF
aaoL. me same companies gain in 1887 on the
week OF $50 was over % per cent Including
the returns printed below, THE TRIBUNE has pub
lished the reports Of thrty-two companies for the
t s1 :, week Ts in May, giving an aggregate OF
<Iu,4o5, against So, 062, 032 in the week OF
1874 gain Of s109,421, or 5.31 per cent. But
tins approaches the pessmistic way of putting il,
aItnough that average gain is additional! to gam
IN the week Of 857 on that Of 1885 of about Is
per cent. OF the thirty-two companies, twenty
one give an aggregate for the third week OF tilis
month Of 81, POI ,0ss, against s973 7s5 in the
cent and the eleven others give. an aggregate Of
s97O38s, against 81, 0ss, 267-a loss Of 81 ,,902
or 1888 per cent. For majority of the losses
valid climatic and special causes are assigned
The monthly statement Of the Philadelphia ana
Reading Company, following that Of the Pennsyi-
wanna Company, makes an unexpectedly favorao.e
exhibit for the month Of April, showing gain IN
the net earnings of 52,29s on April, 1887, ana
q gain Of ss1 1000 ON April, 1885. An ANALYSIS
OF the statement shows that the ralroads ne1
earnings for the month declined S31, S1a rom
u
creased s81,176. For the five months OF the COM
panys fiscal year the net of both companies SHOWS
q decline from that Of the period OF 1857 Oh
s1,491, 730 which is entirely attributable to the
strike. With the present outlook for the coal
traffic. g seems not unreasonable to expect tnat te
remeining seven months Will largely recoup 1ne
net losses of the last five months.
A STRANGE ANOMALY.
There is now, as there has been for q long period
of time, o remarkably strange Inconsistency III
the conditions Of the markets for the dinerenb
classes OF railway securities. Never in the history
of Wall Street has there been 50 active and urgenb
demand for railway mortgages as there is ana mas
been since the incoming of the new year. Inc
large dealers and syndieates nave succes Si
fioated all the loans which they took up during
1887 and they report the demand now 10 De as
large as it ever was. Bankers OF experience, VINO
are supposed to have sound ana iar-see!ng orf
ment express their confidence In the future QUIZ
look bv still searching for new loans TO taIe uP
at their own risk. The negotiation OF tne heaG,
ing loan, which the syndicate BUYS r!sD o hen,
nositive evidence confrmatory OF what tne Daiik
ars saw of the bond market. While this IS the
condition outside Of the Stock Exchange, IN IL al
its markets are marked by stagnaon anu aRatny:
except among a few professional speUG noeire
who have assumed to make and ln ni1taS
values at their will. 1t Is admit .Sot
as we'll as generally regret'e tSo stoc ,iS
oil the outside business now done at the SuocS
Exchange is compressed by orders, here ana ldlere,
for the purchase Of small lots which the purchaser
pavs for and carries away. why I us uIN oaL
conditions in markets SO ciosedg All as an effect
q.Her me tbat one Of the causes Of the stigma
ZION at the Stock Exchange is the hourIy puon'os
ton and the placing before the soC,,ertI,
hroI,ers' offices misleading and not unlrequenuy
absolutely unfounded reports regarding every Ins
which is expected to affect Valuations very
many of these reports and rumors clrculate ois ~
speculative circles and i've but day. but tbab
life is sufficiently long, when Tor the moro"
circulation another batch equally dsc3uragIIs
is already prepared to be sent forth at the appro
For an eyamnle OF the sort of publications sent
into brokers' offices to encourage their customers
10 remain out of The market we reprint the Ioi,
lowing: A bear authority on the market,
after expressing the opinion that feeble rally ana
then further decline would follow the Reading
transaction, said The reason is that these IL q
lack of tonnage for the roads. Earnings not nnan-
cial schemes, determine the value OF stocks. NOW
| understand that Burlington earnings Tor april
fell of $500 900 and are falling of every week
now Rock Island is going TO reduce us nexp aT
dend and tell you positively that Missouri Paelnc
will pass its dividend. IT the prices given, 81 IL
and so, are correct, Corbin has had to pay 700
much for his money" -, ,,,
newspapers taking its cue from such Wall Street
gossip remarks: " Railroad returns are Irregular.
but majority Of the roads are earning less money;
and with contracted tonnage it Is only natural
that there should be sharp competition and the
cutting Of rates" The bear authority uhques-
tionaby is correct in his assertion that earnings
not financial schemes, determine the value OF
stocks But what are the facts? For twelve
months we have heard of a lack OF tonnage ana de-
clines in earnings, while the average earnings nave
continued to show progressive gains despiIe hck
Of business and despite rate-cutting. As TO ma
iOrity of the roads earning less money that ma
iOrity now is generally expressed by twenty-one
gains to eleven losses. The asserted lack OF pusl-
and Of rate-euttng are condltlons hicUn-
sistent with the actual earnings shown. BuJ the
earnings are published only once week or once q
month. while the kind of news we have quoted Is
printed daily and sometimes hourly. FrOpapIy
the bankers who ore doing large bond business
do not spread these hourly pessimistic views, be-
fore their clients perhaps they 90 n0o re ~ cnssn
taking up railway loans. Inc net earnlngs L9c
April so far as reported. have shown remarkaqqIe
gains on April 1881 VI twenty TOUT Iin
gains return an aggregate OF S32Zl ~, aSgallsD
S2.s28,s75 for last year-a gam OF S3SZ,o-=' OF
IA per cent-and six which give losses 5 reUulii Sn
aggregate Of S3Os, 642 against So Pa loss
Of S70,660, or per cent And YET 10 Is aliuo1T I
certainty that within twenty -four hours wan wan
Street will be informed that the returns Oh net
earnings are bad beyond expectation. 49, :
OF the dealings in Socks last week the1e 10
little to be said The influences which moved tne
local speculatiOns and were potential III making th
figures have been outlined StasnhIlon oatS. 20
By the circulation of pesSimlstlc views gave 10
the Spectators for decline the power wlich by
did not fail TO use TO the utmost extent DuC
barring St Paul Missouri Pacific, New 0rk anu
New England. and Philadelphia and ReadlhHrr tl I
net decline will hardly average per c'g ItsadT alb
sorptlOn of stocks taken up III small quan1Ilues
but aggregating large volume. Sooner OF aeeo'
Wnen tne artltlclai meUnOuS now III 'NeNN
as cease they must and when the average operator
begins to think that what " they are dolhe 70
not the all-important point in the market, the
absorption that has taken place will be felt ana
be an important factor in the turning Oh VII
tide The cry of no business and no earnings WI
not always successfully antagonizc the actuai
facts. The general small declines OK last week eek
considering the efforts which were put Ioith pei
haps may be an indication that the lhnuence ,p pa
Wall Street gossip, wherever published Is Oh tne
wane -, ,,-
SubiOined is our usual table giving tne nH .ot
Of shares sold of all stocks; the hlghest Io"gss
and final prices of the week. together with tne
final prices of n week ago, prefxed by the average
prices Of May %, 1887.
WEEKLY RANGE.
ACTUAL SALES Final No