New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-11

in October showing net gains aggre eating S773,-
78g or . OF per cent on the week Of 1888 OF
the whole number thirty-6ve companies return
gains averaging ! 5.0j per cent, and eleven COM
panies report losses averaging 07S per cent.
The subjoined table divides the aggregates and
differences of the companies showing gains ana
losses:
s. Companies UD oss rs &c 58j9s Inc ss4G9S 1915
Total &C 429O47 81 2O3 43G Inc s7737s9 1901
The Ne,y-Yorll Central and Hudson River Rail
road Company returns the handsome increase for
the month OF October of S260,52O. The COM
panies and systems which thus fr have made re-
turns for the whole month of October give gross
earnings for the month of this year of S33,91s,-
300, against $50, 299,5l3 for October, 1854 gam
Of S3,6Is,706, or 1194 per cent, a rather
gFatfyng eSh6it considering h the c9A5nstsG
was furnishing to the public during the whole
Of each month.
THE WEEK AT THE STOCK EXCHANGE.
The general bond market during the last week
continued to reflect the anxiety OF investors TO
place their surplus permanently rather than IN
the sales Of Government bonds to the Treasury
is a factor to which too little importance gen
orally is attached. The money realized during the
last week from the sales of Government bonds
amounting TO 100000 in cash value upwards
of SO, 100000, seeking reinvestment at higher
rates than Government bonds pay at Their market
price SO far as the market is concerned, III IS
new money dug from the bowels of the earth.
Since July there have been conversions OF over
$4,000 600 Of Government bonds which, with
the premium, would give about 100000 OF
cash to be renvested in other securities. THIS
displacement even suppOSing it all TO have been
reinvested in first-chsS railway bonds originally,
continues the conversion and changing of securi-
ties down TO the lowest grade of stocks The
sellers of frst.caSs railway mortgages are as anN-
ious TO rcinvest in something else as were the
original sellers of Government bonds, ana SO u
goes on down through all the different classes Of
securities Additional ia the accretlonS from
interest and dividends this sum of money obtained
by the sale of Government bonds has been and IS
an active factor in relieving wall Street or
securities and in the reduction OF loans upon
such securities
The notable features of the bond market last
week were the rapid advances made in Gulf, Col
orado and Santa Fe issues. which are now selling
within 3a5 per cent OF the highest
prices they ever brought OF course
for this there was the special reason that tne
Atchison. Topeka and Santa Fe reorganization
scheme seems to be an assured success ana thao
the foreign demand for the new securities TO De
issued is urgent at prices which make the ola
issues worth more than the ruling rates The
Missouri Kansas and Texas issues aL" were sharply
advanced. But there seems not TO nave been
sufficient reason for it, Inc foreign pan OIL re- To-
organization as we understand it, proposes TO re-
dnce the first charges about 81 700 900, aganst
the stockholders plan, which reduces 10 10 only
100000 But the foreign Pa9 proposes ts som no
tc nrouoscs an issue to the bondhOldcrs of income
bonds measured only by bushel basketfuls puttlns
ahead of the stock something ike -o,op"'V""' W
nrocticalv after the payment OF the assessment,
wiping the stock out for ut least a pcrlod OF I'VE
or eight wears. But, aside from THESE Two SPELL
securities the whole bond market ruled S'rons a0
full and advancing figures. However, ympa-
with a speculation against thc s'oc>'
the issues OF Philadelphia and Reading were I'm
porarily sharply depressed, but before III. 90 he
they made good recOVerles Oh WnaJ seelheu " ''
the best class of buying. H. ;.or,c op
chronological publication OF the items OF
railway news furnish by chicago, ~; h tion
..t. rapliD
furnished by Philadelphia since OCTOBER !, COM
pared with tho actual occurrences winch nave
taken place. would make an interesting anu IN
stluctivc work for Wall Street IN general anu li'c
Stock Exchange in particular. Not single one
of the predictions and nnuend0cs when nave pcen
so published for effect upon the Stock ENchlnse
bovc bcrn verified And there is not one OF the
cross niSrcprpspntttonS Of what was actual news
that lris not discreditcd both the writer ana
The publishers. Yet in dull market, desplle
continual reports Of gains in railway earnings,
thosc Gctions and misreprcscntat0ns have worked
a material decline in the market value OF MANY
n.alI,e s;nco October | Last week the stock
or less extent subject to the same character OF
Western dispatches those TO which we nave
referred 1t docs not change the lact oecau''
her, and there has been SaudWlched III Il true
renor+ concerning traffic and scarcity OF cars.
Tho few DISPATCHES OF that kind which have come
during the period evidently were sent WIN me
intent OF giving 10 the whole mass al appear
ancc OF impartialIty. The speculative force OF
thc Street is as il has been, devoted to the
depression Of values. This IS not because OF any
phlanhropc motives or OF a desire 10 worn
investors of the danger TO which they are liable,
INIT il comes purely and simply from the neceS-
sitics of Il situatiOn-an old and Notwithstanding
" short interest which is striving TO average out
without loss. g., -,
Last week. after ii became evident that the
unlisted department. would furnish no further
aid toward Generalization, attention nrst was
directed toward the Philadelphia and Reading
stock, The uncertainties existing IN the public
mind as 10 the result of that companys business
for the current year (which exists only because
the company for about eight months has made
no returns Of its coal and iron department. WIS
nowcrful aid to the " bear interests in de-
pressing the price of the stock This may or
may not have suited the purposes of the in
Sidcrs" who were steady buyers of the stock
an a scale all tn way down to 80 Ia; but the
holders OF fifty shares OF the stock were enoitt'l
m all the information concerning the coal and
iron department which is possessed by the
MANAGEMENT Where there is mystery, the most
powcrful factor with the ignorant, is in the
dcures madr at the Stock Exchange, and il Is
Of ittle consequence TO him whether those figures
arc made by pressure of phantom stocks or the
sale Of real stocks. lie Is likely to give his
pocketboOl1 the advantage OF the doubt. and
nIov into the hands Of those working Cor de-
preston.
again,t Reading was more fully developed when at
n later period the two Delawarcs were severely
attacked in a manner which left no doubt of its
- bcarish" source. and Reading at the same time
began TO advance Delaware, lAckawana ana
and Hudson 10 ti6 So. Yet no one doubts that
"nder any conditions Of the anthracite coal trade
the two Delawarcs will earn and pay their reeu
lar dividends. For several years they have been
earning largely in excess of the dividends which
show nav and the Delaware and Hudson is
steadily exchanging its debt for proprietary shares
so that after little time whatever earnings 10
may make will be divsible only between it's share
holders. .,...,.t, .
" crnngers,7 with St Paul put in as leader and
on1 lha oil I,cfs
for This movement, and there was no necessity for
having any basis In the duncSs Of the market
YVES that the result of the Iowa election eatened
tho nrofts of all Iowa roads. The very desperate
Situation of the bears however, does not permit
Of any careful regard for consistency "a It's
the point we want, and we want il well
drove i'm With all the hullabaloo ST.
HnI closed per cent lower than
t,es.k ngo. and Rock Island IA per cent lower.