New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-19


The broadening of the market and the grow
ing confidence in the value of securities maue
further progress during the last week. put po.l,
qualities were fully developed in the p0nu
| market as they were in the share market. Inc
business in general bonds reached unprecedented
| figures and was marked by general apprecai,oh
| in values that in some instances was large 1eIe
and there there some hating in the advances
| for the new issues Of recognized companies
| This was natural, and has always been inc cdse
| Atchis0n, Topeka and Santa Fe Is for tlhc
halted around the figures so, exactly the same
as Missouri, Kansas and Texas as are now doing
around the same figures but the AtcLisons are i'
now in good demand at above 81, ana the IN
comes which halted below 60, are now ruilne
close to 40. 1t probably will not be long before
| the Missouri, Kansas and TEXAS issues continue
| their upward movements If the company con
tinues TO do as well as it is doing now that Is,
earning at the rate of full dividend upon the
! new preferred stock. it cannot be expected onao
! income IS at about 55. The Atlantc ana IA,
cihc issues, St. Louis and Iron Mountain 5s ana
International and Great Northern 6s were tne
special features in week when the whole bona
| market was strong .
| In the stock market the volume of business
| for the week was much larger than III mas oeei,
! 2,4I3.0O0 shares of listed stocks ana o24,oll
shares in the unlisted department. s to.al
SSoSs,$sS shares against, 2trS'V course snSres
| large part of this business, as is usual was mace
up by the buying and selling OF proiessionais-
simply the turning over between traders ao
| different figures of largo amount OF stocks re-
| 0uirinc no greater amornt of borrowed money
| TO carry the volume at one figure than was re-
| ouired at the others. But the solid rock OF the
market was the continued absorption by European
and home buyers who aging for theH purchases;
actually reduced The borrowing necessi'es OF
| brokers' offices. Witness the contraction OF 81
52l 500 in bank loans al time when the gen,
eral business of the country tends TO eApahnu
those loans. In other words, the actIity III .ie
| stock market during last week ana during we
| last five weeks, instead Of creating 2 necessary
for an expansion of loans, has a0Solutciy reauceu
the requirements of brokers. BY the DanK stat1 1
| ment Of April 3, which was the last one iSSucu
before the present activity at The Stock Exchange
began, the loans were reported at S4Os oos,IUno'
BY Yesterdays state%egt they 3o stood as allow
| ing a liberal for the proportion OF TINS re-
; duction that is due to the sale OF government
loans TO merchants, it would seem that the result
Of the activity nj the Stock Exchange. d9rIne
the last five weeks had been reduction IN loans
| on Stock Exchange collaterals fully equal TO, II
| not greater than. the total decrease shown py
the comparison of the statements at the TWO uaES'
1t is evident that the short interest IN the
market is by no means eliminated ana sn heo y,
still possesses fighting qualities; IL has Deen
| materially reduced unquesnonably, puJ hou 10
the extent that many persons suppose, because
| there has been continuous resellng OF Pul
| chaseS made for that account--in The parance OF
| the Street. a testing of the market. Inc enort
OF that interest now, its stories about railway oe-
moralizatiOns having been buried under the ON
cial reports Of auditors of both gross and net
| earnings, is TO create the impression that the
! present market is manipulated one and per
| sonal one. OF course if that were the case II
! would only be a question Of time when the
| personality, whoever il might be, would become
| overloaded and an easy victim TO RAIDS upon
values perfect creation OF such an IMPRESSION
| whether il true not, would be tempo
rary aid TO the operators who still being snort oI
| stocks, are attempting 10 create IDOLS LOT the
! worship of people other than themselves. mere
| is not the slightest evidence Of any personality
! in control of the present stock market. 1t is
! bull" market pure and simple, and began more
weeks ago. when the great manipu-
| lators-the asterhands-dScovered that not only
| stocks, but contracts also, were scarce Tor re-
purchasing at current figures. II is evident from
| the utterancos Of the great bear organ this
| morning, that last weeks scaping" of over A
per cent advance in The price Of Reading severely
pinched the tender spots OF some special patrons
| 1t would also seem that there was less success IN
the manipulation last Thursday OF chicago Gas
| than there was in Sugar Rehnerles. The points
to buy both Of these stocks on Thursday morning
| emanated from the same source They both de-
| clined sharply, because as 1T appeared, Of the
| free selling of both by the same master work
man who had so literally on the same morning
| distributed the points to purchase. IL lHrtneI
| would that the manipulation OF the Sugar
stock was comparative successathat is, that
after the decline of per cent, the early sales
were easily recovered. while with the Chicago
Gas there was more difficulty encountered in re-
covering. Hence the master who advised the
purchasing Thursday is now afraid
of its being "scalped to death by
firm which has little direct interest in the prop
some gains established on the weeks business
the most notable of which is Delaware and Had
son at 173 IA. after l75. against 164 "a one
week ago. The Delaware and Hudson Company
is pursuing the policy which should be that of
every solvent corporation. As fast as its debt
natures. ii is paying it off by an issue of stock,
TO which the stockholders have the privilege of
subscribing at par, so that after January |. 1891,
whatever il earns over and above its rentals and
the interest 81 0. 600, 600 bonds. onc-half due
in 1894 and One-half in 1917, will be available
for dividends upon its stock. Under those con-
ditons under the worst imaginable years bust
ness, it would remain a dlvidend-payer. All
solvent companies would do well at the earliest
opportunity to exchange their Indebtedness for
proprietoryshp interest. In the latter part of the
week the Willard stocks were the special features
and marked the greatest advances, hut in that
they only followed the example Of other stocks
in preceding weeks which continued TO make
either small advances or remained firm under
heavy realiZatiOns.
The railway war as to passenger rates between
competitive points reached its maximum during
for the better in rates, but perhaps not in earn
ings. The passenger business of the railroads is
insignificant compared with the freight bust
nwavs create am or
gers load and unload themselves il costs the
panes no more 10 haul car with sixty pas
sengers than one with ten passengers The freight
situation seems to be on the eve Of an amcable
adjustment. Such troubles there have been,
which have been greatly exaggerated by the
ports Of Them are about to he amcably settled-so
il is repOrtedbut whether il he true or not there
stand out the auditors reports of earnings grow
ing more and more favorable with each weeks
returns. The Tribune has printed returns Of
gross earnings of siXty-eight companies for the
first week in May. As compared with the week
Of 1880 the whole number give an increase OF
Ss3S,js3 or 800 per cent The sixty-two com
panieS which show gains return an average gain
Of 7.02 per cent, while the six companies which
show losses and return an aggregate gross Of only
Sl65. ABB. give loss of 1901 per cent The sub
Joined table divides the aggregates and differences
of the companies, showing gains and losses:
Is, week in May 1889; 1890 Differences. p. c.
CT companies OBS O6i S50l7 1870 Inc. 1851 O66 7o2
ccmpanies...-.. 1890 1885, 1873 Dec. 90 4s3 2.ol
90 comp $50 GOs2 5G3 Inc ss3s 5s3 1899
For the second week in May only eight com
panies have yet reported their gross earnings.
They all show @alnS-an aggregate gross of S0o2,-
n 200 mi - or1 II o