New-York tribune., 1890-04-28

rmsni, =, .. ga. c5 500 SO .ss J5 o
I.I9 Nat, ss.SSSSSS saSSS $oiSS SS
si !Y'CCS ls5 ssSsISSS $YiYlS $lSS sSV sSVS
r, Of sSds MStr0po' 22 oSo iSScO 26CSO eco ssSooo @
sssSos5d Nat SCO SoO i..sscS ic9 20 1871 500
Western e, Ts' TnEyn sisScS icSO 1850 s5Si
,-.. ,.nr exchanges at the New.York Clearing House
,d,se stocks sold at the NewYork Stock Exchange
week and week the preceding two years compare
'' '0'''"' APri 2s ,ss Aps,l % @ 50 April 2s 80
Eshansss eg SdS'
THE MONETARY SITUATION
Despite tue low bank reserves and re.
ported contraction of Si.207 500 in the bank
loans. the local money market last week was more
than amply supplied at 4a4 l-2 per cent. The
extreme rates were 5 and per cent. The ) per
cent rate was entirely due to manipulation
which took advantage of momentary absence
of enders from the market. because the days bus-
Less seemed to have been finished. But immedi-
ately following the flash OF the telegraph an
nouncing that money was s per cent at the
Stock Exchange, the supply became 50 great that
the final loans on that day were made al per
cent. The fair rate for money, renewals and
rev loans. was Ter cent during the whole week.
Even Friday when loans stand until Monday.
and consequently always a certain amount OF
bankers funds subject 10 draft on Saturday are
withheld, the highest rate for small loans was
5 per cent, and the closing rate was 5 per cent
Yesterdays bank statement undoubtedly rejects
an interior movement OF money favorable 10 tllS
city, but in smaller amounts than Is usual at this
season The movement however. is likely 10
grow larger during the next few weeks
The money markets abroad continue TO rule
easy. and although the Bank OF England on Thurs
DAY made no reduction from It's minimum rate oi
8 per cent for discounts. the open market rate
rulsd at "a per cent. The Bank of England
now holds 5000, 1000 more gold than II dld
year ago. and its ratio OF reserve 10 liabilities
now is 44.4j per cent. against 42.36 per cent
year ago. when its rate for discount was -
Ter cent The foreign exchanges early in the
week developed hardening tendency. and again
and sod nQSlS a
81 IS and 81 81 Ia respectively for long and
short sterling against S4 81 and 81 sS 3-4 at
this date last year.
THE WEEK AT THE STOCK EXCHANGE.
At the Stock Exchange last week particular
feature the steadily increasing demand for
bonds AS before has been noted. more attention
was given to the lower price issues, and among
them Columbus, Hooking Valley and Toledo Is
and IS special feature. lhe Atculs0n.
Topeka and Santa fe new issues were literally
Geait in and sought for at full hEares Inc
Missouri. Kansas and Texas made sharp advances
Tor both issues, because the company earnings
give promise not only OF full interest upon the
seconds but OF q surplus applicable TO dividend
on the new preferred stock. We might meLtlon
other low-price bonds which were active a. ap-
rrecstng vslues. but our daily fun reports OF
bond sa<s have given all the Information. The
older and better known bonds OF course, are fully
maintained al ther best quotations, but even AZ
the prices the offerings are 50 small that
little business can be accomplished. even en- the
basis Of income Of l-2 per cent.
In the stock market the feature not a
large speculation, but steady advance in prices.
which were established with a limited volume
OF business. The transactions in listed stocks for
the week aggregated only l,l3l,s32 shsrcs-cer-
tainly not large business, nor one that reflects
wide speculation. Such activity as there was
measured by the volume of business done was
in those stocks where the short interest was
abn0rmally large; for instance 81. Paul contrib
uted 126,130 shares, Rock Island only 12,6y',
Delaware, Lackawanna and Western only l54,479
half shares and Union Pacific only s5.22O shares.
Delaware and Hudson, with sales of only l3S45
shares records the premium advance OF tie
weeks IA per cent
Since the telegraph tape recorded the steadily
advancing prices there has been much sad and
written about the silver question being factor
in The "specul ulatiOn The records Of the business
given herewith conclusively show that thcre
has vet been no general catching on 10 "a
speculation because OF prospective silver iniia
ton Wall Street hopes for larger business
than |, 90 900 shares week without the aid Of
silver infation and Will be thankful for anything
additional, which either the prospect or the reality
NAV add Early in the week there was published
sycn more than the usual amount Of dscOuraging
reports relative to the dcmorallzatiOn among the
railroads. We think that II was the prices on
The tape that so suddenly after The middle Of
the week silenced the batteries of the pcSsimists.
and not the proposed silver hSislation, For
nearly TWO years speculation at the stock EX-
change has been dead because Of fears al
time of tight money and u another time Of the
misdeeds Of railway managers. Both strings
have been harped upon so TeckeSsly that they
are finally out. In the meantime the country
as whole has been steadily growing rich and
tie traffic Of the railroads, Notwithstanding the
additional mileage has been unprecedented But
although speculation has been dead. and brokers.
therefore. have paid the penalty OF ignorance and
ciciullty. there has been going quiet and
steady absorption Of stocks that sooner or later
Was bound 10 make Itself felt on prices with or
without the aid Of speculation. Outside Of Wall
street spectators the public during the last
FwclVe months has been studying the earnings Of
railways. and has paid little attention to the reports
~ ~ "emoralzation winch were Inconsistent win
me IeDorts Of official auditors. The Tribune has
printed The gross earnings for the second week in
Abfll OF evenfN-fOur companies or systems which
2lNe an agercgat" gain Of SGS1 .734. or l2.J per
cent on the same week Of 1889 or the total
nnIllsfr sNty-SiX have returned gains, and only
.tt2hs Snnil companies have returned losses!
I'eI' are the aggregates and differences Of tie
psnics showing gains and losses:
e5 compane. e S iss9 9,o 1920 Direrencec s % re
'o"ps'ies..... l5<oio .Cs5 Dec. c57I -
ip'al "A comp s'i44 o5s - ieo e92 Incsssi 5si ia5
in Anr I'nrns nrS mus fer made for the third week
anv tha, mooaDly arp the most remarkable OF
S .'dt ever were published Thrty-nine COM
cn,ia ranTs nave reported and without single ex-
Hspra Hpnon. 'ney Show gains on the week OF 1889
~ sd ,r.s %ie 'ie aggregates and differences
% ro'nIaies ss.SoO17s - SIS $40 Io7 III
b.ra nv SUBSTANTIAL improvements in prices that
b~, g., Decn ., mdde, not only during the last week.
III ~. ioI '"O weeks. have been among the best
v"ss oi Stocks and those which are showing
"'oial T @ improvements in their earning capacities
Las hsS .iash oi winch little that is good is known
(ert.inI,,' - ''P"'lilcd IN thc upward movement. |
,I o"i'iS NOT 10 any such extent they will do
T' rn an expected initiation Of the currency takes f,
'0i1q III Hoia P, OF the public mind.
al "v -HaIch report Of the Ncw-York. Lake Eric |
si n W'srrh Railroad is printed herewith, and |
ra 'nr hSurcs for the SIX months Of its fiscal |
sead. &c t. III shows net earnings for the six months
"s S',1 '",o4G. Allowing for the usual amount |
a. income from other sources, which are not in |
l,suco ID the monthly Statements il has in the |
sse Blk months earned SAB GAG its preferred |
.sn' Whuc the amount required 10 pay one
'Ui r dividend on that stock is only $3.50, 600.
III ioiowlng is our usual table, giving the num-
At OF shares sold Of all stocks the highest, low
~ ~ ana nnal prices Of the week, together with
vac nnal prices Of week aQo prefyed by the