New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-30

Eastern financial centres. The offerings Of po, wes
30 the Government are no longer III Sc ooo 900
last week the purchases eXceedeI 49, tho
which is a greater amount per week On" iirar,
Treasury accumulation Of receipts over Ius oIuo,
disbursements. All that Is required 10 pr; .bat
monetary strinQency during tins autumn - $50
Tic 1rcosurv Shall not accumulate gfe9usr
amount of cash in Its vaults than u now nun tn
And il seems probable that during lne MI Of
months IT'S ordinary dlsoarsen Hu ,,ccnmulation
bond purchases, viii prevent any acouihu' 80 in
The foreign exchanges during the week WEI Ill III
fuenced by advance OF per ceh1 IA oTect was
of England rate for discount, te nato for sight
sterling and n reduction Of i-2 a cent III 'he iu.o
for 60day bills. But before the elosc oS w
week sight sterling lost l-2 per cens u IS So has
of 81 s3 3-s and "a 81 respectively ior io"e "N"
short sterling
RAILROAD EARNINGS.
The Tribune has printed the gross earnihs 81 ID
fortv.seyen companies or systems Ioa 'C ortinne
week i'm September. The gains reporteu cor ~
70 be Fundamentally large. Inc aggregaa'e zoo" "or
~ tIo Whole number is S535,2S5 or 1917 et
cent OF the forty-seven companies, nm l o5 Is,
give an average gain OF 1913 per ceIiV, az" M,
nine rcnort losses, averaging VISA per cc IN ,;an
1oiIoyvinr table divides the aggregates anu uIlsi
enceS of the companies showing gains anu lo',eS
81 week sept lSs S lss9 $40 Inc s5Gs 577 10
81 eonps sies SOP 800 27lJJs Dec &o'29- oo'
o,., - ,or,,, esss1 072 s4l2o PSI eOSS2so 1917
THE ,yEEK IN TIE STOCK MARKET
The general bond market ut the Stock EXchange
last week was comparatively quiet Dut tncre Hao
no lack Of demand at current prices, anu ~ III
instarces snecial issues enjoyed "a substantial al
vance There was no indication OF fespohsc ~ ~
influences which were brought to pear against '"'
stock speculation, ia .o fooo continued
ronorts of decentralization among the western RAJ =,
ways and later it was called upon TO If
heavy depression in tue nniS.fa lo ap% matcriei
responsc TO the efforts put forth Tor gehears'l w
prcssion Despite the exceptional adverse lnth
against the general market IL 30 sanTinr
which was surprising even 10 us nlosS iistds
friends A decline of l per cent Ill u!ii hG
SUGAR and a raid of per cent on AI I ti,
Topeka and Santa Fe based upon aDST market
but they did cost the members OF the NSw-loi "a
Stock Exchange many thonSlnds OF a 1m nd
commissions. After four days oI u i uuii 80
unintere,ting market on FRIDAY lnorhins T L
was n revival of activity such as mas not peeL
seen for several months. PromiscuOuS puSa 1
orders were plentiful, and prices geheraHTy lhnr
tloir natural corresponding advances. Inc sh.FP
dron i'm smear certificates and the succeeding
raid on AtchisOn, Topeka and Santa re WeIe
the sole causes for cessation IN Oruers 10 pui
Chase and practical sioppage Oh Dus.less: 49,
arc facts which the logic OF the results estaDIIsh
beyond question The consequent real]1,ion % ~
room traders, added to freer " short seiIihg vi
stocks marked a material decline from the pest
figures of FRIDAY. On Saturday there was some
carly further depression but the later rally desp T.
of a bank statement which was called uhihNOr-
able. demonstrated that the early depression Wls
a matter of sheer force, and the week closed
dfspite all the adverse local influences, BeneISLy
immaterially changed from the prlces OF thab
preceding it. Where there were gains they eA,
| tended from IL TO per cent, While the losses
are measured by small fractions.
Some three or four years ago noted Stock
| sDeculator who then was selling stocks as Just
as tie merkct could take them, was quoted as
eaving that the only dark spot in the united
States was the Stock Exchange. The New-fork
banks al that time had in their vaults over
81 10000, 900 cash, ana inc business VI t,e
country was on the down TOde. No one who
bad collateral wanted % borrow any money, be-
cause they could see no enterprise which offered
"A promise Of fair returns for an investment
Stocks then We're from - To 90 per cent higher
than they are to-day. Now. with uneXampled
crops and active business which at fair rates
| is employing Sl5OOOO,OUp more leSai money
than there then in the country, the Stock
Exchange as a matter Of fact IS the only dark
spot in the whole country. And 1t IS 50 partly
from the mistaken policy pursued by its governors
and partly because of the growth Of new system
Of disseminating news which deals exclusively In
eXaeseratiGns., The members of the
Stock Exchange who are soliciting
business not only support the
mistaken policy of its governors, but also con.
tribute monthly stipend for the support of news
bureaus which by eXaggerationS of every possible
point drive customers away from wall Street.
The talk Of too many railroads Is sheer nonsense.
The reports of earnings even at the actual tariffs,
lower than these OF three years ago, demonstrate
tho fact beyond question that the growth OF the
country has more than kept pace with the eX-
pauSiOn of the railway systems. During the whole
of sS8 it not question of too many rail
roads, but pure and simple question of man.
agement. or, we should rather say, mismanage-
mcnt There was then. and there is now. too
large speculative interest distributed among
railway managers. which encOura ges and furnishes
the material for the enormous eXaggeratons about
cutting rates which are disseminated for speeu.
! latve purposes.
Following is our usual table giving the number
Of shares sold Of all stocks, the highest, lowest,
| and final prices of the week together with the
final prices of week ago, prefxed by the average
prices of October /, 1885,
|