New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-10
statement did show an average loss for the week

AS the bank statements of the preceding Two
weeks had indicated a return OF something nho
50, 900 900, so the last statement 1ndicatss
renewed withdrawal and lookup, Of something
like $4,000. 600. which was made so early IN
the week that in the bank averages 10 wo y
count for loss merely eaaa, 10 is mud nun r. Is
not difficult to comprehend why, after money
being almost drug at ia 4 per cent on MonuaS
it on the next business Gay and on ISursay
the rates ranged from sdlO per cent, SO lons
as there was any demand, and IN the carrier
hours of Friday from lo0I to-, per c'aaI hsolnte
scarcity at any rate at l AS p. m; to perfect
avalanche OF offers down to as low as per
cent at 2:o5 p m would seem 10 i s , r o1asS
the Withdrawals of the early part OF the week
were redeposited late on Friday, and that me
banks finding themselves Unexpectedly hlled WIN
money. sought to loan IL for three days-tIll
have given the facts and the logic Of the weeks
occurrences in the money market II. in view
of those circumstances and Of the disappearance
tho mnwa rds of $50. 600, 900, which the Treasury
has added to the general circulation during the
last three months, any one still DOUBTS mat inc
money movements and the money sarkefs are
heinG manipulated by powerful capitalists, suoh
81 pcrson would hardly he eligible as lury1nan
In the trial of official booders. While the market
continues to be controlled by such artihclai move
attempt 10 forecast the immediate future. There
is not doubt that left to itself. the money
market would be snperabundantiy supplied
with funds at what, CONSIDERING the heavy business
of the country would be abnormally low rates
The fact is that the market all the time is held
right at the edge of stringency.
The situation at the financial centres Of Europe
practically was without change, and the money
markets ruled steady all the week till on Friday.
when the Bank OF England; after passing us
usual rate-day Thursday without changing its
minimum rate for discounts. suddenly advanced
il per cent to per cent. Except in the LONDON
market this exceptional extra-day, movement had
mark yesterday fully recovered their
eouanimity, and at Faris French rentes maze
good recoveries and the open market rate ior
money was 3 per cent. Inc erect OF one cnal ax
in the Bank of England rate on our foreign eN-
change market. which had been heavy during
all the week, was to slightly stilen the slght ana
cable rates; but the market closed weak on m, a
and short bills The Bank of England's holding
of gold now is c020 900 less than q year ago, anu
that of the Bank of France is &3,SOO,OOo less
RAILROAD EARNINGS.
The railroad companies are making better com 1-
narrative returns for the last week IN OcVopeer
than they did for the earlier weeks AS yeU 0IIy
fifty-two companies or systems have made their
returns for the last week: they show aggreee a
gross earnings for the last week oil 20 '0cfober'
lSs9-a gain of S449,136 or an average Oh %
per cent, while the gain of the same roads IN IN
1850 nearly II per cent upon une ear'i thns
of the period of 1888. OF the total NUMBER Vilus
far reported, forty which have returned gains
give an average of 0.6 on the week OF 1889, ana
the twelve others, which have returned losses give
an average Of 5.5. , . a
differences of companies. showing gains ana losses
Fourth week in Oct 1882 1890 sssI oS5 10
SS%Psnss ssao15 Dec isEsS5
Total 80 $40 4o5 ss 294 0OI Inc. s49l 1876 81
We print the Atchison, Topeka, and santa re
statement for the month of September ana lor Chc
three months of the companys ilscal year. me
net earnings for the three months OF the whoe
system are ,24S greater than Tor lhe colIe-
spending period of last year, whlch Is AT iie Iao
of $1,124,972 gain per annum for tle Hane
months ended June so, 1890, the net earnings
were sufficient to permit the payment OF "a per
cent upon the income bonds 49, AZ,
The September statement of the Chicago, NIL
waukee and ST. Paul, which is printed below,
shows net earnings $4,000 less than In lSS9' Du9
81 Of 800 greater than for September, lSso, a n
for the three months the net earnings are - 'Voo
greater than in 1889 and $267,OOO greater than
in 1888.
TIE WEEK AT THE STOCK EXCHANGE.
Mystery upon mystery-the patient ana untir,
inc labors of great capitalists, some OF whom sui
have regulations to lose, have at last hearl! ac-
complshed their perfect work IN the denoralzd-
ton of stock values 1t would pe diincait 10 ~
accurately whether it was the decline In STOCKS
which demoraized the Street or the decentralization
of the Street which caused the very important
declines which last week were recorded t az ,ScS e
il was The results are shown III the comparative
figures printed in our weekly range WIN tnose
of week ago and with those of a year ago
Many times during the last few months we nave
distinctly pointed out the desperate efforts when
were being made to demoralizo investment mold
ers and TO Brighten them into sacrificing their
stocks That those efforts have partially sue
ceeded is not to be denied, and we are glad that
we can claim no part in having aided the success
of a movement which was uncalled for ana uil-
warranted by general conditions Inns column ~
hoe hoa,, hohi nd M
holding railroad officials 70 their responsibilities as
trustees, and it is with some gratiflcatlon tha1
now we can think that if our warnings had Deeh
needed AT the annual elections STOCKHOLDERS nov
would not be bemOaning a condition of affairs al
the New-York Stock EXchaAge which is incom-
prehensible to all except the consprat0rs VINO
have worked days and nights for more than year
to bring about the present decentralization. we
were the first two months ago, to direct attention
10 the withdrawal and locking up OF money 1oi
speculative purposes. No lnteIilgent person no"
doubts that that has been done, and is still being
confused But no one fully estimated the power
to absorb so large portion of $50, 100000 treas
ury disbursements and withhold it from genera
circulation.
There is very much said and written abou,
late liquidations. II now is quite evident that
the important hquidations were made months, II
not wears ago, and that those railway managers
and CAPITALISTS who then liquidated upon pros
| poets. every one Of which has been more than
fulfilled have later bent all the powers OF theli
official positions and the weight Of their capitals
sellers at their own figures. All this is evidenced
| by the force of events. and presents such oSr
| whelmng moral evidence that if put into lega
evidence it would unquestionably put many repu
| tations much below the standard of an ordinary
| Doodle alderman.
| The weeks manipulation of values was filed
| ND with continual buying and reselng at lower
| figures. If we were compelled to guess we should
| say that each buying movement on the part OF
the manipulators accumulated more stocks thar
were thrown back upon the market to make th
| succeeding additional ldecine. These tactic.
| are as old as is the speculation in stocks TIT
| downward movement, subject to the frequent
| small reactions, more general than IT. ha
| been at any previous period, and the first indca
| ton of any resistance was exhibited by LAX
| Shore and Chicago and Northwestern. but LAX
| Shore, after selling at Oh 1-2 closed at lO4 7-S
| against 10Y a week ago, and Chicago and North
western, after selling at 04 2, closed at lO5 IA
| against los week ago. These were the TIVE
strong stocks at the latter part of the week, an'
| vet they showed the declines indicated above
| Even Delaware. Lackawanna and Western wal
| finally permitted to follow the of thu
| general market, and it closed at the loves
| price of the week with decline of 5 3-s pc
] ha t;..an II