New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-14

e. 40 GOO for the eleven months. he principal
changes in the roads mentioned are losses ob AtG-
ron and Quincy 49, 500, 600: Northwestern. ST.
100. coo; Philadelphia and Reading, $1,000, 900
and gains Pennsylvania, so, 10000 and the
Southern Pacific system. S71OO.OOO
GROSS EARNINGS sss p,ro,eDc.,
e aiSiSss7o7 Eos siG Dec 1oSsOs
Totals 1913 coss374 500 3s5 1886 2o2 Inc $40
For the first week in January The tribune mas
printed the gross earnings OF thrty-six companies
only five of which show losses on the week Oh
1857 which average DAP per cent. Inc otner
twenty-nine companies average gains OF W.
per cent The whole give an aggregate gam 81
divides The aggregates and differences Of the COM
panies showing gains and losses:
GROSS EARNINGS ~. =.
Ere cos week IN .as 500 81 7e7
Z cos......... SI9,o7S Sio,19o Dec. s2,ssS 942
Total SO est $50 81 3I5017 Inc 5000 l422
SPECULATION DULL, BUT THE MARKET
STRONG.
The feature at the Stock Exchange last week
was the active demand for railway bonds. IL
was not confined 10 the buying Of the gilt-edge
securities but extended 10 the inferior classes
which give promise Of working toward stability
Probably a larger business was done IN the way
of exchanging securities over the counters OF prn-
cipal bankers than there was at the Stock tx
change The stock speculation was intensely
duh such activity as there was came principaiy
weeks occurrences and 10 make that cnectlVe IN
depressing values. The total transactions IN
listed stocks Aggregated only $4,000 shares, ana
Saturdays two hours were about the most active
period ~ the whole week The prlnclpal specu-
iative occurrence Of the week was drive mace
AT the prices Of Gulf, Colorado and santa re
Railway bonds; they were Sharply soiu on ~
the absence Of any protecting orders, to 20 Ia
for the seconds and 06 l-2 for the trsts. The
scheme apparently had failed of any effect be-
yond raising the question OF why the prices de,
clined The answer 20 that question was f0und
I'm the closing prices OF the week-SO Tor the
seconds and IL for the firsts.
The occurrence of the week Of great importance
10 investors and 10 commerce was the agreement
arrived at between the principal raHro' pfesl-
dents OF the country on Thursday. li Nas ROY
expected that matter involving suoh inpoftne
interests and such magnitude OF detail would
be absolutely arranged, signed, sealed ana oeuN-
cred at n congress lasting less than one ehure
day. Any cncoumgements 20 such an antlclp~
ton evidently were put forth by Ignorance OF ny
a cupidjty DESTROYS OF creating antcipatons OF
something that was certain 20 tall IN pOlng oi
time A great step in ADVANCE was accomplished,
and all that 10 was reasonable 70 expect coulu pe
done was done The movements which LED up 10
last weeks conference OF railway presidents ana
bankers dates back more than four months; ~
was not inaugurated by the president OF "iliclaI
OF any railway company, and IL Is this fact when
oives 10 such agreements as were arrived at the
imnortance which belongs 10 them.
The presidents have agreed amD %eycSants and
secnritv-holders 10 make such arrangements anu
such agreements as will result IN REFORM vi
railway management II that Is aohc a " tTsoi I've
months ago the unprecedented traffic oil 1885
would have produced phenomenal net earIlings
even in excess OF those OF 1897. an impor.a am
nolnt in the agreement Is that which provides
Tor the enforcement against each other OF the
provisions Of the Interstate Commerce Law
During the first SIX, months that hw was ,, IN
nnerot1on IL was fairly observed, and the results
wore of immense benefit 90 the railways OF the
country as they were shown in the net earnings
OF that period. IL is an encouraging sign mat
rhe first alleged violation or the law anu OF inc
nresidents agreement since January i has been
investigated by tho president Of the competing
line 20 the extent OF obtaining aiidavlts 70 prove
the charge We are particularly happy 70 know
that the president OF the Rock Island Company
is the first one 10 take steps toward n redemption
of the mutual pledge TO enforce the law
confirms our expressed opinion tnat mr. SaDie
Stool, Exchnnge wrcckers. Nothing VIII 60
further toward establishing faith between rail-
way managers than the furnishing OF rev
examples where the penalty for a secret cutting
OF rates is inflicted When that ceases there VIII
be little necessity for agreements between ran,
way managers, because II Is only secret cu's ahG
determinations that give an advantage IN securing
traffic.
And yet, despite the records Of the years
earnings which are commented upon above and
the activity among the carbuilders OF the coun-
frv 10 meet the urgent demands upon them for
additional equipment, pcsSimistS continue 20 talk
Of too many roads for the business Ihat phrase
can be and is used n thousand tunes IN the perlh
II REQUIRES 10 complete statistics 10 disproye II.
Either the reported earnings OF sSo are icttlous
and railway managers have been and are order
ing new cars for which they have no use or
the oft-repcatcd phrase in it's broad sense is
a lie It, however has become so fashionable
and has been so often repeated rs 90 meet with
a too general belief In exactly the same way
some people continue to argue about the danger
OF accumulation OF legal money In the treasury,
held there for the redemption 81 surrendered Ma
tiOnal bank notes. Notwithstanding that the
movement Of this fund is reported in detail at
the end OF every month, there are many persons
who believe that IL is constantly increasing,
simply because reputable people, who will not
take the trouble 20 investigate, assume that the
written statements 10 that effect arc true. IL
Is since the New Year that one Of tho brightest
members Of the Stock Exchange asserted to US
that the fund during the ast twelve months had
increased between $50, 900, 900 and $40, 100000
and admitted his frank surprise when the Con-
troller's statement of December 81, 1883, was
shown him, proving that the fund then amounted
only 10 s87,00000O, against 81 Oh, OOO,O Decem-
Der 81, 1887
When stockholders OF intelligence will per-
nit their speculative clients 10 be deceived by
false statements on subjects the knowledge con-
corning which Is open TO the world, IL is not
surprising that they have occasion 10 complain
Of dulness in the speculation. The misrepre-
sensations Of the monetary situation, as well as
those concerning the railroad traffic have brought
nothing but losses TO the spectators, who be-
lieved and acted upon them. There are cheer
ing indications of return OF reason when facts.
although aggafds in booting for the saddle, win
overtal1e and ride fctons down.
Subioincd 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, preflxed by the average
prices of January IA. 1888.
WEEK., RAMON