New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-18
.XPoRTS.

Petroleum -. i2'ioois2 s.eeS$Ss $sSsz;s
ss ss 5iS i $S4SRsss sssS55ssss
Total. $40 sos 100 s89Olso54 s4Io08 8s4
RAILROAD EARNINGS.
The gross earnings for the fourth week In
February OF seventy nine companies or systems
show an aggre gate gain Of s4l 26l on the week Of
1883. But in the week Of this year there were
week OF the leap year. The average daily earnings
OF the whole number in the week OF this year was
734,SO2, against s623,503 in the week Of last
year. daily gain Of $ll2,709.
The Chronicles table Of tho gross earnings
in the month OF February Of 90 roads three only
included three weeks earnings) shows an aggre-
so s5o But the daily Svcrass for the he
twenty-four business days Of this year was
81 ,o25,93I against s962,922 for the twenty-five
business days OF last yeara daily gain Of SCI 009
The Tribune has printed the gross earnings for
the first week OF March of ffty.seven railroads
or systems. OF the total. forty weight show gains
aggregating $43O,375. or 49, GO per cent and nine
others show losses aggregating $24, 070 or $50
per cent the whole showing gain of S465, 405. or
1923 per cent The subioined table divides the
aggregates and differences OF the companies show
- week IN Mch.. 1885. 1885, Differences pc.
IS s
Total 81 co'sss cos 06s s40i4oO Inc o51o5-1I23
THE WEEK IN THE STOCK MARKET.
During all last week the active influences at
work in the stock market emanated from bear-
ish' sources. The Paris crisis early in the week
WIS successfully used to mark a considerable de-
preston In values, and later the Chicago pesSi-
mistic mill was run at full speed and turned out
eolorcd reports OF actual conditions, accompanied
by predictions OF direful results yet to be wit
messed. And yet with few exceptions about the
lowest prices for the active list are recorded on
Monday under the influence of bearish' dis
patches from London relative to the Paris inan-
eial situation. For instance, St. Paul stock on
Monday sold down TO 81 l-2; the lowest price
for the week was so 7.S and IL closed at 81 "a
Philadelphia and Reading on Monday sold as low
as 43 3-8; the lowest price of the week was
43 Ia, and IL closed at % "a. In nearly, all
instances the market closed higher than the low
est prices OF the week and In many instances
higher thHn the lowest prices Of last Monday.
But under the bane Of Chicago influences, the
market after its recovery from the Paris scare
WIS severely raidcd from 70 H.
1t Is surprising that with no visible organized
support, and with such an unusual expression Of
opinion that everything was bound 70 go TO the
dogs, including the Interstate Commerce Law
and the recently organized Interstate Railway
Association, that prices did not yield from Mon.
frsctonals. II is also surprising that with such
conditions have related ruling In the specua
tive market, the bonds Of the same companies
should have continued to rule firm WITH IN some
instances, further advances The anomaly stated
is suggestive evidence Of Righteousness IN the spec
ulative situation No one will be boh enough
TO deny. that the stock market last week was sud-
iected to as determined a hammering OF yalues
rs ever was witnessed OF the newborn StocK
Exchange. -,-..
we shall not attempt TO deny TINT the persistent
circulation OF damaging reports concerning the
railway situation deferred buyers from further eK-
tensions Of their contracts. But there Is ntte-
there Is no evidence OF any important sales OF
genuine securities either from London or rom tno
strong boxes Of home investors. Those persons
who should he best informed OF the character OF
the recent London selling in this market assert
that IL hns been almost entirely for speculative
account, and not for the foreign holders Oh our
securities Beyond that the condition Of the for
eIgn exchange market fails 70 lndlcate any I'M
portant movement Of securities from EUROPE
Next week will more fully develop the speculative
situation. ,..,
As 10 the actual situation as 10 appears on the
surface 10 those who do not delve as deep as our
Chicago friends, there Is encouragement 70 secur-
ity-hOlders In the reports OF railroad eaIihhgs,
which generally continue 70 show large gains on
those OF the two preceding years, and In the fhct
that those gains come almost exclusively from
higher rates, aud, therefore, 20 n greater extent
reflect gains in net earnings. The energetic hcuon
Of the Interstate Commerce Commission and Its
exhibited determination 10 enforce the Inv against
all deinquents be they high or low, Is an elemeat
in the railway situation such as has never oeiore
been exhibited. Our readers, including oar friend
Tuxedo" will bear us out In saying that more
than n year ago we accepted the situation OF rail-
way nismanagment. and asserted that II the IN
irrstate Commerce law was rlg1dly enforced tlle
RAILWAY wars then beginning would quickly cease
that IL was n case OF management and rates, ana
not OF tonnage The railroad reports now being
made for the year 1888 fully sustain that posi-
ton. The Missouri Pacific Company's report
shows that in 1858 Il carried 5,ll2,29I passengers,
an increase Of i36.1s IS the year SS7 or nearly
8 per cent; while the passenger revenue was only
increased 1895, or .070 per cent, the decline
in rate IN passenger per mile having been $50 per
cent Its total tonnage for 1888 was 6,oOO,5IV,
"A decrease OF 95l 800 tons on the basis OF rates
received during sS7 tho tonnage OF 1888 would
have produced net revenue Of Sl,l24, 700 great
er than the amount received.
Among the reports received from the pessl-
misto university OF Chicago were alleged utter
ances OF Judge Cooley concerning the uSeleSSncss
OF the Interstate Railway Association. The
words attributed 10 Judge Cooley are so NJ
variance with all of his previous utterances, and
especially 10 those expressed 70 the original
committee appointed 10 devise a plan for the
formation OF the Interstate Railway Association
that 10 Is not possible 20 believe TINT he was
correctly reported. IL is quite evident that
amongst the London spectators the pessimistc
views so freely distributed In New-fork last
week must give an additional colOring and growth
that might be expected from an extra Journey
of three thousand miles.
Subioned 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 March 7, 1854