New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-03

Western bankers may suddenly have been Hooded
with bills drawn against produce to such an
extent that they desired immediate sales Oh tneir
own bills against the next steamer DAY. Inc
New-York bankers, at all events. caught upon
something which made them chary OF buying
except at extreme depressions. The business doho
Yesterday was at rates close to the specie I'M
porting point, and unless yesterdays COLLAPSE was
due to some exceptional causes there Is niue
question that the movement OF specie rom EuroT
to America will begin this week, We however
shall not be surprised if after yesterday sudueh
decline there comes. with a demand from re-
mitters, partial recovery in the rates. al oneI
the Continent of Europe there was an easement
in the money situation At London the rate OF
discount of bankers bills declined to below per
cent against the bank rate OF per cent an9 lne
Bank of England last Thursday reported hoiulh2s
of 81 200. 600 more than at the same dare on
1889 while the percentage OF It's reserve 10 It's
liabilities was nearly per cent greater than
year ago when its rate OF discount was y per
cent per cent lower than now
THE WEEK AT THE STOCK EXCHANGE.
We this time preface our weekly range of prices
with the closing figures OF February /, iooo' m
stead of the figures OF the correspondents ur,e % %
wear ago We do this because the month OF
February should pass into history as phenomenal
illustration OF what can be done by pcrsseh. y ing
and manipulation IN marKihg thc N ia,r ~
American railway stocks The prices oil lcpruary
| and the prices Of February y ana yesterday
closing quotations very nearly marx the extreme
fluctuations OF phenomenal month Oh uuinesS III
sneculation. There instances where lower
prices were recorded than those named IL thc
columns mentioned, .ut in nearly all. such cases
the extreme lowest Will be tonnd uhder me
cslnmn lowest for the week. We nave nothlng
10 add to what already has Gecn printed concern
inc the weeks movement except 10 COMBAT tho
prepostcrous idea which has been pointed out that
The leading " bears have covered their sfor'>.
They have done nothing Of the KIND. nc oplecb
of their securing the printing of such stun should
he apparent even 10 raw reporter III wan N',o',;
TO be able To say truthfully, have covered All
my sborts-0OO 900 or 800 600 shares-and the
market is still weak" would be one of the biggest
bear points that it is possible to give out. mat
is exactly just what was done. and the noviccs
10 bite at the bait were more plcniliul than
hlue1sh I'm the month Of June. There Is not a
1oubt TINT the general short interest IN the market
nj the close of business yesterday was greater
tho,, II was a week ago. There has been some
shifting. but the leading bears. who wish IT,
10 be understood that they have closed
their contracts have been able during the
iast week 10 transfer little Of their liability Ia
their followers The final changes for the week
generally are insignificant Union Pacllc and
oregon Short Line show the greatest declines in
the railway list, while IN some others there were
small apprcclations.
The month. AS well as the week. has been an
anomalous contradiction OF railway official reports
The Tribune has Published the gross earnings OF
srverlty-one companies or systems Tor rlc sc'ohl
week I'm February. The aggregate net increase
of The whole number is $50 1913. or lo1 per cent
or the number fifty seven companies nave re-
ported gains aQRrcsatine Sl@'O2' or =, per
cent. and fourteen others have r'po'"u U.S.
aegrcgating 5l.OH2. or 10 per cent For me
third week I'm February We have reported me
gross earnings Of iiilyscvcn companies IriurniiS
aggregate gains on tie week OF last year Of so l.
OO1 or 17G per cent OF the total. i"rfN-hNe
companies have reported gains Of $3.50. 10. or
Isl Der cent and six companies have reported
losses aggrceating SH.7lt, or 90 per ccn'. ! ne
following tables divide The aggregates ana bli'cT-
cnccs Of companies showing Gains ana loses
Third week In Feb 10 30 ,, ,.i, g.
% co. TO- W. ~ ii5.5o9 DC. 97' 80
rotai 81 Gosh 80 7ol o.. 7o2 i3c sl'i coi l'e
Second wacs IN feb.~s'. $50 hih,r 49,, -, y.,%
- Co. is3.lio jlosls Dec. tioos 10
Total II co.-5 2os2sS ss1.o.-os Inc. $500 "js loI
Al the close Of tie week there were iudcn-
tions that the bears had exhausted their aninunl-
ton and were afraid 10 extend their lines oil
short stocks beyond The already enormous pro
portious which had been reached. Tee sia-nA-
| lion in speculation seems q" Lave h''' played
10 lis fullest possible extent. lie r"Hppii-
around of contracts from one Office 4" another
under "A prctcncc ;nai short accounts are hrih-
l0uidaicd has become both trc>omr and cNpcnsiNc
The much -talkcd-of selling of stocks hS tlfopc Is
now found 10 Doe not represented hA shipments
of securities this Way. Al the settlement IT the
London stock Exchange last week II WIS MS
covered that a large short interest IN American
railways existed there. the effect Of which was ?"
I advance prices in London on fhe SAN" d'y in''
the greatest depression was experienced IN New
York. 50 IT seems tht p"th Hnr"AH a"I I'LL h",H'
the auditors OF value al tine stock Exchange for
the time being have ovcrrned tine reports ~ the
auditors OF the railway companies How could
IL have been otherwise Wien one Of the leading
bear operators las openly asserted that
all the railway reports of earnings were nciiiioue
II has been simply the old legend that ct lie VIII
travel while truth is putting on IFS boots. one
fact IS plain - the most casual observer mai IN
stead Of the lai. decline IN prices bringing any
stocks into the market. either from foreign 81
home investors there has been steady bat nm
administrative absorption o' securities al every
fractional concession. In a speculative market
50 limited the present one j.. where the nod 90
one Of the leading operators may make a nuciu VA
ton Of per cent. II would bc folly 10 attempt
a forecast OF the immediate future. liut IL may
b. safely said that tine continued absorption and
the favorable returns Of railroads sooner or later
will make the spectators who have sown 70 the
| wind with wind reap whrl~ind
Following IL our usual table. giving the number
of shares sold Of all stocks The highest. lowest
| and final prices Of the week together with the
| final prices Of q week ago. prciNcd by the average
| prices Of February /, 1890: