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

small profits upon their operations. to be ready
10 repeat the operation with the next schcnig
which is offered, The AtchisVn, Topeka ana
| Santa fe syndicate were willing TO accept ,.sa
so for the new As; the same bonds arc now ruling
at about Sc on their own merits. The incomes oil
the same company were freely sold by the syndicate
at jOa55; they now command in the market 90
IL is hardly necessary for the readers OF Inc
! Tribune that we should here ma ic any eA-
tended review of the stock market OF last
week. beyond a few reminders OF what as
course has been. The transactions for the week
i'll listed stocks aggregated l,oo4,I9 81 slalt I
against ,13l 1872 shares for the preceding week.
1t will lie remembered that during the, preceding
two weeks there had been very material advance,
recorded on comparatively small TRANSACTIONS 10
also may be remembered that week az" a ma
iorty of financial writer's expressed thc OPINION
that if the bull movement had not cuimlnc,l, y
very substantial reaction due, anu that the I'I-
lowing llast week would record such a reaction.
| The market of last week. before SHOWN. was
more active in the volume of its business because
only of the greater activity amone poaru-looi'
ators, either bull" or "bear" during the Whole
week favorable TO such rcact,oh' -IcNcI-
theless the material which made up tle Irai ih"r
ket of the week was continued ap 1 p.ion vi
stocks that after further maternal advances IN"
( reaction which did occur late in the week is emit
tied to be called only moderate huctuall9h. ne
absorbent qualities of the market corsiscu oil au-
! ditional home and foreign investment puHlhg'
! The present upward movement IN values AT me
Stock Exchange began with the week pc
ginning Monday April IA. Since theh lhcIc mas
| been steady advance III VALUES
ton. UP to the close of business ycs'crd3y, thau
is worthy OF the name. To show now lllie Oh
how much professional speculation vi 'v ill.,,
side has had 10 do with this aHIHnVti vi Ioms
attention to the fact that on April 'lc Ioo1s "a
the associated banks of New orh -. -
Sl0S 057 200, and by YESTERDAY sl"cihCmG ,'',S
had been reduced TO S%09."2 AoO; ,, Il,
IS 90 900. So it is quite evident th't 'i' 49,
| speculation during the last four Wcths nos "
licved the banks from demands Tor loans p'Tou i
II is certain that the dcm1ndS ior @ ioascG
/ Tho
IIcncc so far as stock values have pceh aiicocu
by speculation it must have been hy partial GOV.
ering of short" interest when .1S n' "''"0''
unanimously pronounced TO he NY o ,,ioI,
! IL ~ worth while to note the CAUSES WIZ
have led up this apparent change OF eIIt'ori'
First, we find that since July lSS'' n s rcdnred
mcnt. by the purchases OF It's noh"s' mus -.
the funded debt nearly S01 900. Ooo by ,uc pay
mcnt Of principal and premium OF ~ 01 "00
thus dsplacing in the nine months >, sorc.s
Of invested capital. which has Sough' 1thet SUI
for income That is n large item III inc ~ ',ii
but without other reasons that loosehtu '"PT III
would not have sought railway nnrCSaned railway
securities is that the official reports oi en-
and the general business OF me county, 49, ior
! lenrthcnpd period nave warranted such chailIe
Of investment For long period the eNassera'ru
rcnorts Of railway wars, dcmoraIza'lou any "H T
rates held their sway over values az lne go. '
Exchange. II only question OF nm, II Wv
railway earnings continued 10 show such improve
ment as they did when the outSIyihss W SpIIi"s
lative railway managers. backN nv thclt "ll','
| npWS-vPnQcIS
| That period seemed 10 have bcen rearnr" e ~
weeks ago. when. despite the circulation OF me
most damaging reports ana the heaNN ,tnni,
| ON values by professional SPECTATORS 'e N'o,N
IDIOT refused 70 make further concession IN
| prices 1t probably will be alleged. ana me aug
| cation probably will he true, that certain ril-
way managers at that period wTTc es Whose opera
| lions were entirely controlled bv the prlTaF
information which they received from hl3"
| officials.
| H. of
| di6 tho wcel<'s returns Of railway earnings Wakc
| snch a remarkable exhibit as did those LOT 'he
! third week i'm April. SiXty-cight systems or h'
some of our contemporaries would can H. eIsinA
tbraa railroads have reported their gross earnings
| for the third week of April. Only two OF tle
| systems have returned losses, and they aggregate
only loss Of 1854. or less than per cent WIZ
the aggregate Of the whole number has returned il
! cain of SS34.349. or lj.7 per cent on INC same
week of 1889. The subjoined table dIVldes lhr
| aggregates and differences Of companies showing
| gains and losses
CO 81 SfS En- AD'i Ta 1896
| companes..- US 80 NV - -
Total ss cos g. 29 $40 s6125. 90 Inc. esa8io lj7
For the fourth week of April only nine com
nanies as vet have made their returns OF gross
earnings. They are even more faNorapie, 50 lar
aggregate for tie week is Sl,s32,oio. against
81 ,jj7,740 for the same week OF lsA". gam ol
SOB 90, or l7.6 per cent The nine companies
which have reported may be regarded as examples
|
panes in almost every section OF ne country
between the Atlantic Ocean and Rocky Mountains
When it is remembered that during thc Iast le"
weeks the stock market has been fed with u
continued stream Of gUsh about railway democrat
izatons the auditors figures when we have
given seem to De all the more rcmarkabc.
The quarterly statement Of the Ncw-l Ork Cen
trail and Hudson River Railroad Company IS
printed below. The quarter ending March 81 is
Always lean one for his company. But Tor me
last quarter the deficiency III net earnings
TO meet per cent dividend was
only Si,os2, against ? deficiency in 1850 of
S525,173 and "a deficiency IN SIS Of 349- ,;'o.
surplus over and above the per cent dlVl
surplus over ana above the two per cent. diVl-
dends paid was $i4s.119, or II per cent on the
stock. against surplus for the same %l"1 oi
the preceding year Of 5000. and AGAINST 4
surplus for the SIX months ended March 81 l@~~.
of S202,198. 1t is unofcially stated that Tie
compauys gross earnings for the month Of April
or 1888. The official statement. however. which
will be Que during the coming week, VIII gave
The Missouri, Kansas and Texas Railway Com
pany has issued a preliminary statement Of Ms
business for the year ended January 81. lNHD
compared with that Of the year 1883. For th
last year il shows net earnings from traffic OF
S2.35911G, sum about equal 10 tie
interest both the new Is and second bouds
The net earnings Of last year. as have bren those
of all the years during The receivcrshiP were
expended upon the property. which, for The FIRST
time in It's history, places the road in irst-c!as.
condition. II is estimated b. the managers TINT
hereafter the road can be operated for about 81
per cent Of its gross earnings. For the first
three months Of the current year the gross earn
ings OF the company have increased S32O,OIG
Upon this basis it, is estimated that the gross
earnings for the current year VIII exceed S9.2jO-
ooO which with tie operating expenses at 81
per cent will return net earnings of 80 l3j.OOo.
which sum will exceed The interest on the mrs,
and second mortgages and per cent dividend
on the preferred stock This is the first official |
statement made 10 account for the steady adj |
vance in the cOmpanY's new first and second mort
gage bonds. In addition 10 this, il is believed
long be delayed ard, aside from the additions |
40 the earnings Of the COMPANY |
which that action would provide, the com |
many would then be entitled 70 a claim for |
3G?2 400 acres Of land granted by the United |
States Government subject 10 treaty stipala- |
lion The comparative statements are printed |
below under railroad EARNINGS.