New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-23

and at cost measured by rates Of exchange, o.
l-Sa3-16 per cent.
THE GENERAL SITUATION


The last week made further developments Of
encouraging prospects. There was continued i'm
provement in the cereal crops, and the weather
generally has been all that could be desired for
a bountiful harvest. The prospects Of the cotton
yield have been materially improved from the
date of the last Government report, and the cN-
ports Of the old crop continue TO be unusually
large for this season OF the year. Last week they
were 1888 bales, against ! 1881 bales Tor me
week Of 1887. The dry-goods trade seems to be
getting into good position, and reports from
the interior warrant the expectation OF an active
autumn business. The stock OF print cloths mas
run down to an unusually low point; On Sat uI,
at corresponding dates, 46l, 900 pieces IN 1887,
100000 pieces in $50, and 1.4Io,OOQ pieces IN
shape. with the stocks above ground at lower
points than usual at the season. The output OF
anthracite coal for the first half OF tins year ar
than the first half of 1887, and 632, 600 tons
greater than in the first half Of 1856
RAILROAD EARNINGS.
The reports OF railroad gross earnings for the
first half Of July are not making as favoraDle COM
rarsons as did the returns OF earlier months puO
it is necessary to remember that the returns now
arc compared with period which showed improve
ments OF about per cent on the period OF $50
OF the siXty-six companies or systems, when haVc
reported for tie first week in July, thirty seven
companies have returned gains on the week OF
1887 averaging 9.6S per cent and twenty liiilo ~
companies have returned losses averaging IL. ~
per cent. The average OF the whole numDer Is, is a
-
reported for the second week OF July. or them
twenty five have returned gains averaging ll'O per
cent and eighteen have returned losses averaeine
Oil per cent The average of the whole number IS Il
gain Of g. 90 per cent. The following tables DIVIDE
the aggregates, differences and percentages Oh gains
GROSS EARNINGS.
First week in July 1881 oa 40 S aS 900 ,d % e
T TTeGy9Go Co.'S s1S Dec 9
Total CO co.'s % 95l $3.50 s8o7i, O85 Inc. $1,000 o42
C,
TWENTY-FIVE cos 81 soS $50 s2oi7 sts Inc s2l45s4 1I90
Eighteen cos 1'9G7sf0 1i52.s5s Dec. 11549s oil
Total AZ co's 90 o7o COS 50 1Go COG Inc sooO91 1923
Exclusive of Burlington and Quincy and Atch-
son, Topeka and Santa Fe seventy-fve companies
have made their full statements for the month OF
Nay with the result Of a loss in net earnings from
The month of 1897 of 800 per cent OF the whole
number forty-sX have returned gains averaging
7.s4 per cent, and twenty-nine losses averaging
1921 per cent. Ten companies have made thelr
full returns for the month of June. showing gains
in net earnings over the month of 1887 OF 6.@o
per cent. or the number, six small companies
return gains averaging OO.32 per cent and four
others losses averaging 900 per cent The net
earnings of May ss7, averaged about 20 per cent
greater than those Of May 1886 Tho following
tables divide the losses from the gains:
NET EARNINGS
Month ot May 1881 1855 s ,, Inc DisTsn Ss s
Twentyn co.'s s'I5oOG4 7lilio7 Dec 1o5isG7 1871
Total rs co.'s 70, 8l0,072 IL, COo789 Dec 1913 $50
s N2" SSS Of 1GSs a ii7 s3 ss%s
-Four companies. 1881 SsS'o74 Dec 40lS7 800
Total 10 co.'s e5O7C25 s5sO,5i7 Inc sal,soa G2s
DULL WEEK IN STOCKS
Last week opened with considerable activity
and buoyancy in the stock markets Further
sharp advances in prices were made, and there
was, a Considerable liquidation of the old out
standing short interest during Monday and Tues
day When that ceased the market lapsed into
du!ness and prices began 10 recede. The move
had boon conservative
buyers and they held off for a reaction The loan
market after all this had happened, and all
through the week, failed to reject any material
reduction in the aggregate Of the outstanding
short interest So it would appear as If the stocks
supplied TO the old shorts were principally from
new short interest which was encouraged 10
take that side Of the market because OF the sharp
advances. Yet il is clear that there was con- |
siderable realizing Of proHs by earlier buyers, |
and purchases for new ventures upon the long sde
even at the topmost figures. The course OF the |
market during the remainder Of the week pretty |
we'll established the theory that the new buyers |
were as strong and confident OF their position |
as had been those who realized for reaction Inc |
market was simply dull and dropping The COW
ercrs of Monday and Tuesday of short stocks to a |
large extent renewed their interest on Thursday |
at declines of about pei, cent, and yet that ad,
ditional pressure upon the market, instead Of
breaking values developed the fact that orders |
to purchase were only waiting an OPP |
portunty for execution. The transactions
of the week aggregated l,l02, coo shares, against
] Pa 446 shares for the preceding week, hut the
activity Of last week was all in the first two days
The final prices generally show small changes from
those of a week ago: Exceptionally 81. Paul is |
per cent Lake Shore is 7-S per cent, Chicago st.
Louis and Pttsburg preferred is 3-i per cent;
Quincy IS IS 5-S per cent, and ST Louis and San
Francisco is per cent lower; Chicago and North
western preferred is IL Long Islard is 7-s, Mar
quctte' lIoughton and Ontonason Is IA, MI
New-Y orll, Chicago and St. Louis preferred is ..
Erie preferred is 3-s, Norfolk and Western pre-;
ferred is 80, Northern Pacific is and preferred
is IA, Oregon Improvement is IA, Richmond
and West Point preferred is 1-S, and Rome.
Watertown and Ogdensburg is per cent higher.
There nothing in the movements of the
week that indicated anything more than waiting
for Developments as to the kind Of material of
which the more recent buyers were made. For an
entire three days there existed an almost unani-
nous opinion that the market must react before
further advances could be established; but after
the reaction, or rather tho saggng of prices some
2 per cent which resulted only in more dizziness.
the later dealings indicated that at least goodly
company had come TO the conclusion that the re-
lction brought out no stocks and the week closed
viii n strong tone of confidence in values The
outside situation is daily improving, and the bears
now have no handles for their arguments excepting
road officials, which is causing low rates for traffic
md the unsettled difficulties between the Burning
Ton and Quincy Company and the brotherhood OF
Locomotive Engineers. There is little question
hat both of these impediments TO perfect restora
ion of condolences will soon be remDved
Europe has continued to be considerable
~
now leaves the port that does not take consider
,bIo amounts OF American railway bonds and
stocks ~
u shares sold OF all stocks the highest, lowest
md final prices Of the week. together with the
inal prices CT a week ago. preiXed by the average
prices of July 90, 1887
WEEKLY RANGE.
ACTUAL SAILS Final
July ,---- July No.
.-ocva o. Hugh Low Final IA. shares
cat noid