New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-21

only TN companies return losses.
We also have printed the gross earnings I"r
the second week in July of thlry-three companies
giving an aggregate nj S3,2@3.1I0, against
81. O00 75s for the same week Of 8S"-2 Gun oL
So ~ qQ1 or ga per cent. OF the total hummer
only three companies return losses ne Sud
Joined tables divide the aggregates ana differences
of the companies showing gains ana losses
q = %?. Z '''' g; a. s. &c. issj5 II +
Total CO CO.'S. f5lo22'7 s'2OLooo Inc; go, s!a 90
80 co%pani" - 67 2g2 n ia99lI3ii "a
comi"nie--.. 's''' ''''49o D''' I~i'l ''0
Total 80 co.'s $4,000 75s - 293.7io Inc. '2s4''i "'
THE PROSPECTS.
Sugar certificates with final decline. CI'i-
2ens Gas of brooklyn with hL"l advance "i
I about : per cent, and Silver certificates vain
final advance of s., were the specially active
securities OF last week at the SiocN I-Nch.h-'.
The general market was extremely dun, ana Yet
upou tie whole stronger than il Was duh Here
and there were special RAIDS made Tor elect ana
/ conspicuous among that KIND OF operations VS.
the stock Of the Chicago. Rock Island ana racine.
Bat even that closed an eighth higher IMAM III
dId a week ago. The total Transactions Ih S'"'"'
were covered by sales of IlG.]9l shares IN me
F general department and 2lN,"'0 sh'Ic' III 'ii,
unlisted dcpartmcnt-tot.l, G'i.'"I shares. VI
the sales in the unlisted department sugar Ger
tiicatas contributed lN0,Gji shares al prices
which iluctuatcd hCtWccn - 81 ana - -. WIN
"A final closing at - IL, against ." 81 " Nt'h
ago. Generally the market. despite Us DUNES
and the uncertainties 50 mhrh iaIhtH "D"'.'
/ closed al figures equal 10, or br'tI' l"'H '"''
The railway bond market inside of the Stock
Exchange was nearly a. dHH 49, WIS
, the share market, hut ~ was siI"n-
with an Gnsatlsirl demand at tie h~
urcs while more business WAS done at iur
Offices Of leading dealers than Wac accomplished
at the Stock Exchange me wees Speca.Supn
wa, So dead that II buried itself vi+dout the
Intervention Of coroner or undertaken and yet IL
was not 50 much duI!cr than frequently has been
the case at TINS season. II Is even usual that
t..fl
/ some reason why holders desire T." uuupalr ana
save Themselves from losses. 80 the only pie
uoIucu:u thing about thT present condition al TIE
Stock Exchange Is that the market hclr'5s re-
markablc stTra-th in the lace of desperate efforts
on the part Of the leading professionals 10 marx
Now. what are the prospects? First and least,
there is the new silver legislation. That Is Only
10 be- considered rs "a continuous ana i"IlNl"'l
expansion oil the LEGAL money OF the country, "9
Treasury notes are issued not upon Government
credit bUt uLOu the actual value ol me NI|'I '
the date of lis purchase. The expulsion IL u" ''
Gradual and n only affect, Tie condition Of Tire
money market. Only 10 "a very >'ufil extent VIII
il Increase Tie earning capacities oi properties
and a speculation il D. Wulrh makes dh uH"'I-
kctablc price may I'd4rr 'nr amour, VI H'
pausioE. II is quite evident that tine shipment
Of silver last week was for speculative pnrpo-'.
because Tie price IN London ~ :" pence per
| ounce English standard. is lower than the pil'"
| for certificates further, the exports were mad"
! without reducing Tie amount of silver deposited
! against outstanding certificates.
Q.
pressed by maladmlnietr'iIon on lie part oi rail-
| way officials. from which depression II M'd only
partially recovered when Pr.rcs were -, i.c en-
! i5rition and the continued reports OF rtte-cut-
! tiues the results of the business have proved
more satisfactory than the erc3leN' optlWI>' dared
/ 10 predict rs Is shown above in the PARAGRAPH ON
/ raj iroad earnings Comparing the values Of TO-
| day with those Of 1891, and making proper al
lowancc for tie difference in the systems 81 book
keeping between the tWO years. and of the increase
i'm populAton and wealth. the prices Of today arc
! rs units compared with tie teen, There L. IN"
| further consideration. the reduced auuunl value
| Of money. Government pr cents then sold az
ZIG and now are selling al III with nine years
| less Of life.
Third. the absorption BY home and foreign In
! vcstors of rood securities during The lnS' two or
thrcc years which forms an amount that cannot
bc estimated. but which il is certain has dcpl'ic
! speculative circles Of large part OF their stock
/ i'm trade 50 that there can be 30 aciN" spcrua-
! non except ~ much hlehcr than current figures.
! Fourth because Of Tie bcarsh pforhtitirs of
The leading living speculate tors, there his been no
material rcspouS. 10 III" changed conditions which
| hove occurred sine" 81 And those coudi ions
ere dcspit" the usual intervention of showers and
storms, steadily and progressively Improving
! Under the old system of bookkeeping such prop
! crty - that Of the Ncw-lork Central and Hudson
! River would HoW be showing % percentage of
earnings greater than il ever did before. but, aS
| i'm the old days II would be- continuously incrcos
| ing It's bonded Indebtedness Then everything
was charged to construction, and the sales of old
! iron rails we're credited To profit account What
| uc,t Of municipal accounts. there has been o.
radical change i'm the bookkeeping of oil iEc rail
ways Of the country. What was submitted 70
i'm $50 would now 10y public verdict be Judged
FIN. while The merchandise imports Of ~.
country for short time past ar,i ~ present are
showing Il large increase pTcViOuS years, il j.
well known that the increase is ONLY temporary
and made in anticipation OF change in Tho tarh
laws, and than In succeeding months the i'm
portations viii show y corresponding falling of.
This large increase for the moment has - tom
pororv effect upon the foreign cNchaue' market
InI,ortatiorS which ordinarily would come IN Au-
Gust and September are calling for earlier remit
tances Yet il is worth while 10 mote that in ia"
case of drNgools the imports nj N"w-lork from
January ! 10 Yesterday only exceed the amount
marketed bV g 500 600. which represents the
amount zone into bonded warehouse from recent
imports i'm excess OF the amount Withdrawn and
thrown upon The market. On the other hand,
thc exports of the country Of hpad>tufS. cotton.
petroleum provisions and I've stock for june Wcr"
81 coo 600 greater than for The month Of 1850
and S4.5O0O00 greater than Tor the month OF
1885 For the twelve months the export Of the
articles named was 81. 000O 600 greater thru
for the wear ended June 30, 1889. and SlG0.-
0oO. 900 greater than for The wear ended June 20.
1883 These are figures which fail 10 show that
America is losing IFS markets for It's products.
! Sixth, the usual autumn export Of American
products has not vet begun. Little or nothing
| of the new crop Of cotton will begin 10 move
before August / :. and In" crop is estimated - be
The largest ever raised. Despite damaging reports
concerning the wheat and corn crops the most
trustworthy advcpS rive assurances OF crops
| sufficient to furnish the country with a large
cXportablc surplus. The latest adviccs from West
crn Europe indicate crop disaster there equal
if not surprising that OF 1870. II these reports
for AL It's surplus. il small NJ large figures, and
if larcc at remuncrative figures.
briefly we have attempted 70 portray me
conditions which probably will affect the value
of securities. II is certain that none OF them
have vet entered into the calculation Of the
| 4 1.a nfttcal Of nj 70 no