New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-22
Total, 80 Co s3O4s o45 1881, ga Inc. s23S22o
TIE WEEK IN TIE STOCK MAREET.

The markets at the Stock Exchange last week
were unusually dull, and values were depressed
because of fears suggested and cultivated by
system of n i,represent nations which evsn sur
passed in energy the efforts OF the preceding
week. IL the dulncss and free sales Tor
the short account which made declining ngures.
The managers OF the trunk lines by supcIlIrrhan
cnnrts succeeded IN getting themselves into such
a snarl by prcicnce of misunderstanding the agree
mcnt of June IL that under the Interstate Com
mcrcc law requiring ten days notice 10 became
impossible to effect general restoration OF rates
on grain, excepting corn, to the 20 cent OASIS
of July 22 as agreed. So in order to make tho
restoration uniform, the date has been postponed
to August /. For this .postponement perhaps
no one is more responsible than is President
Newell. of the Lake Shore and Michigan Southern
Railway COMPANY iG was present eNnm az nS 'f ct
June II and should have been fully cognizant OF
the purport and intent Of the agreement then made
Rut his company reduced its rates to meet the Bal
timore and Ohio reduction and those Of other lines
at so late date that restoration on July 22
was mpcssiblc We trust that as speculative inter-
est in the stock market or desire to Obtain one
an a more favorable basis were not influences
which snarlcd and complicated perfectly clear
plan and agreement >,
Tight money was vchementy talked and pre-
dicted and the inability of the Treasury, to help
the situation was discussed from point when CON
cluded that having literally disbursed funds II
now had 30 much less 10 pay out. This theory Is
only edualled by thar other one which each week
claims that the additional gold exported ADDS 10
the amount yet to be sent away The fact IS That
the Treasnrys surplus IS now abont o SoV ou
available for its purchases requiring about
$4,000, 900 of money 10 pay, ior) wnenevsr inc
rate for call loans in Newlork is permanently es-
tabshed as high ms per cent.
premature report that the Burlington and
Quincy had purchased n controlling interest in the
Burlin-. chd Northern failed to be confirmed anu
was denied. The affirmation and the denial were
occurrences which in the peculiar condition OF the
speculative market were damaging in their enects
and, finally, the report that. the Missouri
State Railway commissioners hau , naoc
an order requiring sweeping reductions III irelghI
rates within that State was used Tor additlohal
depression and WAS fuel added TO the hre OF tears
which struck purchasers, and at the same tIme
encoura ged operators for the short account 10
increase their lines. or the relative importance
OF this alleged action by. the Missouri state Com
missioners compared with that OF the Iowa state
Commissioners some two or three months ago, we
are MT prepared 10 speak Unquestlonably; the
last like the first i exaggerated beyond all
measure, but if the effect upon the earnings OF
the Missouri railways j. to be like the gains shown
by the Iowa railroads during the last three or four
months, the stockholders in railways OF other
States may, like Lincoln, when told that General
Grant was whlskey -drinkef, desire 70 learn the
kind used by the Missouri and Iowa Commits
sioncrs. that the same may be sent to the Com
miSsioners Of other States.
The talk INDUCED in during the last two weeks
concerning railway traffic, its conditions and its
results has been only u little more cNtIavagant
and eXapgeratc than il has been during the whole
period Of eighteen months. Yet the reported rail-
July, so far AS reported. have proved to bc phe
noinenal The net earnings Of the companies for
the five months ended May 81 the figures of which
are gwen above show large gums during the plrt
of Tie year when railway traffic Is at its lowest
ebb The reports. neither OF gross nor Of net
earnings up 10 this date. reflect the movement Of
the crops OF ! $50 Those crops promise to be
exceptionally large-j2u 000, 600 bushels Of wheat.
1000 900 900 bushels Of corn, more than average
crops of rye and cats and more than full average
crop of cotton Added 70 these favorable con
ditcns of wealth ped from The soil, there are
prospects OF an unusually large foreign demand
for our cereals. OF cotton, Europe will take its
usual quantity. The financial situation is favor
able, not because the Ncw-iorl( banks hold a
greater or smaller amount OF so-called surplus
reserve, hut because there is no undue speculative
expansion either in securities the products OF the
soil or our manu- features Re securities valued
hiCh or low. those Of our products ure resting on
rock bottom And yet the speculative and in
vcsting mind has become terroriZed by the con
tinued sooths,ying OF fearful possibilities that
sta gnation rules at the financial centre Of the
United States. and stockholders whose livelihood