New-York tribune., 1890-05-26

No' shares sold i25i 285 2,25l7sl 25o2''oo
TIE MONETARY SITUATION.
The local money market last week ruled hrmer,
80 tInt rates lor call loans generally were marAcd
mi ~ nor cent ON every day but Friday there
were exceptional loans made at hlghel I"'cs, Ir'n
mn IN 10 Der cent. But that tAs was l"ISc9 "
matter of sentiment, the result ol ah luca 'ii"V
the activity AT the Stock Exchange Cic"'eu
greater demand, goes without saying. III diso y
true that money-endcrs who "eIe dhAio"a dh,,
put out time loans on laN0i"pc uoilno t,,,n
AGED the sentiment by Withholding money iioii i
me cau market Yesterday Ddnk statement III
showing further decrease IN loans ol 9'Uo,U
while there steady influx ol currency lo'.' @
the interior during the Whole wees, "E"l , So
that the activity of the stock market Is lcu"'in5
rather than expanding brokers requirements
l}y Yesterdays statement the pahk io"hS e"ou
SS Boa. 900 smaller than they dld on APIIl ., pc
fore the recent Speculation at the Hl0cN "a
change began; ana they are no" hediS Fi''-
COO oOO smaller than they were year ago
The iofeign money markets developed ease aux
ing the week. and IN London the rate OF discount
Tor bankers bills was again down 10 - PV'
cent Tie Bank of England now holds Il loo'c,
600 less than 1t held year ago, nut i'H I''lo VI
reserve 10 liabilities Is practically the sdH'' "S
then-42l 3 against 421G. Its rate LOT u's-
count a year ago was II per cent; now IL Is
> per cent.
and ruled heavy all the week through, develop
ing. however little 1irmcr tone on the Closing
of mails for yesterday steamers, the hhaI rdt's
being - So IA and 81 81 "A respectively IoI
long and short sterling, against 81 s. "A ana
Si 50 nj this date 1859. The principal cause
| for these marked changes in rates is SHOWN III
! tie comparisons OF the Natoh commerce i'i
| three years which are printed ABOVE
TIE WEEK AT TIE STOCK EXCHANGE
| At the Stock Exchange it was a week Of heavy
speculative TcalIzatlOns added 10 strong lA-
ciuatlou ON the part of the Old-timc bears 10
average t"elr silI-outelahdlhS ahcichu shoIu
interest. OF course the htl'r disposition WIS
encouraged by the seeing Of the heavy secuIa,
tive realizatiOns Yet there Was a market ciuti
to the absorption Of such securities as we're oiccI
by both accounts. The business oi the week III
stocks was considerably less than that OF the pre-
ceding week ; the sales III Tie listed dcidr hch'
were ,943,627 shares, against 2,4l 5000 Tor me
| preceding week and in the unlisted department
| were 6Oo,-19 against 62i,6ll shares; tCttI,
25J2JO6. against 3,03S, 1856 for the preceding
week During the week there were three or four
desperate drives made against values, encouraged
| by dismal dispatches from Chicago concerning the
railway situation. But the rccOverlcs from each
and every of such demonstrations were rapid
and significant of tie true character Of tie mar
ket. Taking prices as whole, the closing IL
| ureS of yesterday show immacrlal changes, but
more fractional declines than there were advances
| for the week After SIN weeks Of almost steady
| advance in figures, the movements OF last week
| more fully demonstrate tie markets inherent
strength, the continued growth III confidence IN
values on the part Of the European and honr
public than would have done continued spccu-
iatiye boom due 10 tnc personal influence or
manipulation Of one OF more speculative opera
tors. The absorbing qualities Of the market were
more fuHy developed IMAM tNcN nave i'ru lu amy
preceding week. We have already noted that
despite the. activity AT the Stock Exchange the
bank loans have been reduced $4,000 900 since
April ). This tells its own story Of the character
of the buying which has been Tie prime factor
In the Stock Exchange markets during the last
| six weeks.
RAILWAY EARNINGS.
Tie great event Of the week was the purchase
| 10y the AtchsOn Topeka and santa Fc oi-a con
| trolling interest in the 81 Louis and San Fran
1 ,f-f d Hrt.l Ae tft flf.
! present management Of tie Nohissn, Topeka and
santa Fc, there Is no snap-eamc attempted IN the
| purchase from the Messrs. Hclgman VI con
trolling interest the smallest stockhcldcr has tie
| privilege 10 exchange his common and preferred
stock Of II. Louis and san Francisco upon exactly
tie same terms which have been given 10 the
| controlling interest Certainly, what was good
for the majority hOldcls Of ST Louis and san
Francisco is equally good for thc miscellaneous
| ard small holders Of those stocks. Me-srs scls-
man 4 Co. have the sole night n make such cN-
| changes. and reserve the right 70 withdraw the
| privilege offered 10 other stockholders at their
own option. Without making predictions oi
! further immediate movements Of the same char
| acter, this practical merger only shows tho GER
! tain drift toward consolidation Of great with less
! important lines. on the basis Of geographical
position. The consolidation resulting IN the pres
cnt Big Four company, and lis later acquisitions
! ly purchase. and the merger Of the rcOrganAcd
| companies, the Chesapeake and Ohio and Rich
| mOnd and Aleghany, both companies practically
| being under the same management. was step III
| the same direction. All such things mean the
| harmonizng of conflicting interests and 2rcat
| economies in the operation Of the consolidated
! systems Further, they are long strides toward
! an end Of railway wars and q stability in pas
| sruqer and freight rates which will prove as
! lcnchcial 70 the public as 10 the holders oi
| securities
| The general bond market Of last week, after
! heing unusually active III The early days, with
GTmness and I'm some instances large advances, was
/ moro uuirt with some declines IN the figures for
tbe speculative issues which recently had made
/ sharu advances. This. however, due entirely
| - sucriIlativc rcaZatiOuS IL excess of The IN
| mediate investment demand. which, however, con
| tinuad GOOD. and free buyer at the con
| ccssjons All the outside conditions continue Z"
| he as favorable AS they have been at any tine"
Tie changes at the New-lork 'caring House laSl
,ycck with the business in shares practically thc
Same a. H. was in The week Of 1889, give 4
yolumc Of business of Ss33, JE7, ,106, against S73O
| 4-7IsO for the week Of 1850 The railroad cam
! inus continue 10 make progressive improvements.
| The Tribune has printed the gT0ss earnings Of
sevcnty-thrcc companies or systems for the second
week in May. OF th" total number siNty-one
| companics giving aggregate earnings for the week
| of s. sol or, show gain Of Ss3G,3j3, or l6.4
per cent Twelve others, which show losses, give
an aggregate of S37s .s74 decrease Of S37.434 or
/ : . ucr cent The whole number give an aggregate
| o,iu az :; 1919, or lis per cent.
The snbioincd table divides tie aggregates and
differences. showing gains and losses:
"a "a cSS nj Nay pe Sn sssos;a go
u companie-..... 4ic'sos S'ssH Dee. S7.iSi 80
Total 7s comps lO02 so174 92I Inc s70s oio 1ts
For the third week in May only eight com
NAMES have vet made their reports They show
gross earnings for the week aggregating $0G5,7l2
against Ss43. .G37 for the week of 1850. a gain
Of Siee. O75 or l44 per cent. against Gain of
the same companies for the second week in May
Of sg4. .j4s or 1O.2 per cent
Following is usual table. giving the num-
her nf shares sold o: all stocks the highest low
est and huil prices Of thc wcr; together with the
Gral priccs ~ q weclc ago. preiiyed bv the average
prices Of MAY %, 1889:
WEEKLY R,SGr.
ACTUAL sALrs. lFlnsLI -,