New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-22
S or PHILADELPHIA STOCKS.
THE BANK STATEMENT.

BY the operations Of the Ncw-Iork st5-Ircas-
ury in the five business days ended last even
ing. which included the receipt Of ~ S32,0Oo
for exchange on other Sub-IIcaSl1cs and the
payment Of only S1s,755 for purchased bonds,
the Ncw-York banks lost S5,90i,544 cash The
weekly bank statement Of averages, made up
Ills time for five days 10 Thursday ni-lt, shows
loss of S444q.1O0 cash. This indicates that the
net interior movement, other chan through the
Treasury. WAS considerably against the city, ana
that the actual cash held at the clos" Of business
Thursday WAS less than the average reported for
tie week Loans were expanded S'62,l 90. Inc
reported decline Of S2,o11,200 III the deposits Is
- SOC. 900 less decline than tie other changes
caU for. The statement result, IN the loss OF
S3.196.30O to the surplus reserve, and leaves IT.
at S3.7O0soO, against Sl5,'4o,150 February -,
1859; $l5,2O0,l25 February %, l908, ami
SlI 1913 900 February %, 1857.
TIA, following no comparative statements Of Febru'
ary - and February p T.; 49,, , n.~.,,,c,.
Loans ........sl I 900 Sal 57i ooo nc -3 o2 i'3
1p., . ;.i,;. S,j!I Zoo y 35 zoo be-. it-oo
bcc, loo ~ &5 G 600 Bcc. 2'i3 z"S
The following show, tlc relation between the total rr-
serve and the deposit, at he respective dat"-t
fe, 7S32 En- geo gee - M 500 Bc ~ 20
To,, reserve SID os, 200 $1,000 100 Dec. stt,91oo
'' att d'p's o75s71oo iogeai 300 Doc c'2soo
sYrnlu, ... s74e7.IoO $500 800 Dec. ~. 700 800
Tie Clearing House statement is as follows 4:
| For to-day; Exchanges, $l19I75,GG4; balances,
! g 500. l34 For the wcck-lvc days Exchanges
1896, $40, 1888; balances, $3l ,925,$$i
THE LAST CONTRIBUTION.
Whether or not the dcmoralizcrs Of valucs al
the Stock Exchange have had forcknowlcdsc
Of what was coming may De q question. Their
recent bold operations in the face of continued
and progressive returns Of phenomenal railway
| earnings seem 10 warrant the opinion that they
! have been anticipating the card 10 be played
by President T. b. Blackstone, Of the Chicago
and Alton Railroad Company. President Black
stone in his annual report of the Chicago and
Alton Railroad Company deyotcs large space 10
the dcnunciation Of the General and State Govern
mcnts lie says:
The actual value Of railroad investments has
been reduced the last five years nearly 81 ,0O0OOo,
600, and is now being reduced by the course of
state and Federal Governments at the rate Of
nearly 81 10000 per day
The funny part Of the statement is that the
annual report Of the Chicago and Alton Company
for the year ended December 81, 1859, shows
results compared with the year of 1883 as fol-
lows:
ss rating expenses, 5:53s 5555 Sc BE- ;
set S. sss - I @. elol' %,
4, re 3 1852 ' .!5ss5 Bs '3s; 5s
Balance ......-sI, az 500 sa87 o53 Inc. $4,000
! Dividend ............ l.4O' sos 1iOHOo --.-
Surplus .......... sIso2OI 'si2o555 Inc. s5io,75C
DEFICIT.
The net earnings Of $50 were Sl02,l24 greater
than in 1888. After the payment Of dividends
of per cent on both preferred and common
stocks in $50 the remaining surplus was $40,
POI against deficit in ISIS of S42O,jJJ, but the
first charges of 1888 included 100000 for eA-
traordinary disbursements, for construction, equip
ment, etc
Now, are Mr. Blackstonc's statements backed
up by the truth? Has the general Government
| IN any manner made rates for freight or paSScn
gers on any railroad in the company, beyond at
tempting TO cqualiZc them? is II not poslt4 We
fact that time and again The railway managers
have voluntarily made lower rates than any State
ever attempted to enforce? And is IL not true
that the Chicago and Alton Company lately has
! engaged in that paslmc 10 almost great an
extent as any other company? II il is not true
/ the management has permitted itself 10 be grossly
mallgned The whole report, far as II refers
to this subject, seems 10 be an effort 10 shift from
tie shoulders Of railway managers the response
hlllties which properly belong there.
WHAT WAS DONE IN STOCKS.
Probably, coming from a source which is re-
| gaTded peculiarly conservative, the bald state
ment of Mr.. Blackstone is the hardest blow ever
struck at values, not only of railway stocks, but