New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-21
RAILROAD EARNINGS.

I on IW.US 0cr COMO UIIFUY-5IA WHICH
| have reported for the second week in January
twenty-seven return gains averaging 1871 pei
| cent. and nine others losses averaging 9.97 PEI
cent The average gain for the whole is Ills
| gates and differences OF the companies showing
| gains and losses:
First week In JAM 1881 1888. Differences p O.
20 companies S1asSs 1880 Dec SSss SO
Total 60 comps sss7oi5O ss7OOs70 Inc $40 zoos
ss5s Dec lee sssss e e.
Total 80 comps 81 us Inc soo5 o97 1I1s
THE PRODUCTION OF METALS.
| Wells, Fargo & Co.'S annual statement of metals
produced in the States and Territories west of
the Missouri River gives the aggregate value
a Tor l sss 90 soia silver COPPER and lead as
against SS9, 207,549 for 1889; against $685. 81 :
5S2 for 1887 and against $50, 10000 in 1870.
AZ compared with -d Ss7 the product of gold
s2,90o,oO0 greater Of copper, $4,000 900 greater,
ond of lead 81, 600,000 greater. The gold prod
uct OF last ~ year, since 1881, was only exceeded
! in 1887 The silver product of 1888 was the
| largest on record, as also Is that OF copper,
which in $50 was valued at Ss0s,000, against
81 8, 26l, 400 in 1888. The product Of lead last
| year also was never equalled il having been
| Si1, 263, $50, against Sl,0s0,000 in 1870.
A DULL STOCK MARKET UNDER BEARISH"
| INFLUENCES
Il was another dull week for spectators at
| the New-YorS Stock Exchange; only less dull
| than the preceding week, because the aggregate
transactions In listed stocks last week amounted
| TO 1,22S,250 shares, against s45,209 shares
| for the preceding week. And yet we read
| that there was an immense unloading Of securi-
| ties which surpassed the capacity Of the market
TO stand up under. When such nonsense as
| that Is printed it Is for purpose, and for the
| same purpose that valued contem porary face
| tiously puts in this language:
The railroad presidents can vote 20 maintain
/ rates. and IL this agreement Is carried out IL
| Is more than half the battle; but the other halt,
that Of creating enough business for two roads
/ where there was only enough for ono before
cannot be effected by voting, and time is required
| for the country to grow up to the new railroad
facilities
And il docs this despite the valuable statistics
| published in its own columns showing that
| The tonnage per mile OF 1888 exceeded that Of
any preceding year.; Upon this point as hlgh
| an authority as The Railway Age remarks
as follows: The unfavorabls result of last
| years work was not due TO lack Of business.
| The amount OF traffic carried exceeded that Of
lou ryy S 0S Ss TSe
| new year starts out with much greater encourage
mcnt in this respect than its predecessor, and
earnings thus far have generally shown improve,
| ment. 10 rests with the railway managers ana
| with the lawmakers 90 say whether 1889 shall
| prove 10 DO year OF prosperity or OF usaster
| 10 our railway interests
The foregoing will be chestnuts' 20 enc read
ers Of The Tribune, but we take pleasure In
quoting from so high an authority confirmation
OF what we repeatedly have printed
The speculative situation remains unchanged by
the operations Of the week, except that 1t has be-
come intensified. We dislike 10 rewrite that all
the speculative interest and talent which is com
bined 10 make prices Is enlisted on the side OF
depression. But IL is o fact which is we'll known
| 10 all habtues Of the Stock Exchange.
We wrote last Monday evening that the seem
| ing buoyant market OF that morning was due
| principally 20 urgent buying for the " short ac-
| count and that prices advanced 30 rapidly upon
| them and the supply OF stock was 80 limited that
| they ceased their purchaser The subsequent
| occurrences OF the week have clearly proved the
| correctness Of what then wrote While there
IS q continued absorption OF good stocks by IN
vestors. when the bears retire, the market, as
10 has done for several months, lapses into dull
ness, and then the err j. renewed, Ihere is no
| market for stocRsS Purchases Tor The short
account at the highest prices on Monday morning
later again were sellers at lower figures and en-
poying all the methods known 90 speculation 10
produce depression. IL is game that has been
so often repeated as 10 be transparent to every
careful observer.
renewed attack upon the stock Of the Atchison
Topeka and Santa Fc Company New-York pri-
vately furnished Boston with reports and rumors
concerning the distressing condition OF the com
pany's financial affairs, which in return were tele
graphed back 20 New-York for publicity. The
decline In the price Of the stock sharp but
New-York led In making the figures. Although
most OF Fridays reports met with more or less
emphatic deniais, the stock continued 10 decline
on Saturday till IL sold at so, against So liz q
week ago. II was crushers so far as Il tend
ed 20 postpone orders 60 purchase the general
what is the matter with Atchison ?" was tho
question in every ones mouth From the best
Information obtainable we cannot learn of any
thing being the matter With A n.,ascG
II then was published that owing 20
the low rates OF 1888 the company required 20
meet its floating liabilities and deficiencies on
the whole system mp 20 March 81 1880,
100000. That was the estimate, but TO cover
other possible deficiencies within that period u
guarantee fund for $4,000, 900 was established
and the $1,000. 000 al that was asked for was
Immediately taken by subscription. SO far as
is known, and there is no reason 20 question the
authority, every instalment called for the sub
soriptions has been promptly paid and in some in.
stances uncalled payments have been made. IL
now seems that these old stories OF expected de
hciencics in the entire system have been re-
vampted by NewYork experts In the interest Of
the bears and are put forth as something new
and for which provisions have not been made.
Under these reports and severe attack the
prices declined as before stated In the face
Of statements that the new reports furnished
my additional news, the continued cacline OF the
price yesterday established A mystery much like
that regarding Ncw-Yorlt and Ncw-England
when several months ago its price rapidly adj
vanced Unquesaonably the decline brought
out some floating long speculative stock But
we have reason 10 believe that those capitalists
who are most deeply interestd in the property
have steadily bought 1t as 10 declined. Tomor-
row mornings stock loan market will be watched
with interest TO discover what proportion of the
reported sales made for the F" short interest
Notwithstanding the raid upon the Atchson
and the other Southwestern stocks, and the dul.
ness In the general market which they helped to
intensity, the final changes of prices from those
Of week ago for the general list is insignificant
Some show small advances and some show small
declines.
Subioined 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 a week ago, prefxed by the average
prices of January FL 1858.