New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-09

!
| showed.
In the foreign markets money last week ruled
| MINER, and IN .-ondons open market the rates ior
discount OF bankers bills closed yesterday at IL
| per cent. The Bank OF Engand's weekly state
| ment made on Thursday showed loss OF El65,-
| 900 bullion, 80 that It's holdings OF gold now are
| tl,O4O,UO0 less than at date of 1889, but STILL
! 100000 greater than at date 1855. It's proper
! ton of reserve 10 It's liabilities now is Az :.
against 4O.7i at date last year, when It's rate OF
! discount was IL per cent Instead of as now,
ana against ALL per cent at date of 1888, wien
! Us rate OF discount was reduced from 3 10 : L.
! per cent. The foreign exchanges, after being
weak carly III the week, met with an increased
demand and rates were advanced, so that for yes
'erdaN steamer business was done upon the OASIS
OF - 81 81 and "a So "a respectively for long
and short sterling. against 81 81 IA and 81 So
the rates on June :, 1889
THE WEEK AT THE STOCK EXCHANGE.
The really significant feature at the Stock En-;
change last week was the continued demand
Tor railway bonds. After short period OF dull
ness III the early days. there was an increased
activlty which continued to grow until the very
close oil business on the last day oil the wees.
rs usual the demand ran largely 10 the compare
lively low-prlced issues of POrganized companies
whose hISt charges have been materially reduced
by such reOrganlzati0ns So that their hrst mort
gage Bonds promise To rank amongst the saieSG
Of railway securities. The Missouri, Kansas anu
Texas and the -. Louis Arkansas and Texas
new is, as well as the Atchson, Topeka and SANTA
re new As, were conspicuous III the dealings
and despite heavy reallzatons by earlier par
chaSerS Tor the speculative account, maze AZ
yanccs upon all previous records; me new
Peoria and Eastern issues lOhio, Indiana anu
Western reorganized, which are not yet on tAe
market. promise 70 he tempting purchases as soon
as they listed at the Stock Exchange. 10
! edo, 81. Louis and Kansas City first 6s have not
been active as Yet. but syndicate has recently
purchased the entire remaining amount OF Sy,ooV'-
O0O OF bonds, most of which VIII he held LOT IN
Vcstmcnt, they are likely hereafter To aitract
more attention than heretofore. The ro3d mas
been thoroughly TcOrganzcd and practically re-
/ : bonded
per mile. The old bonds OF tie company, "llc"
paid for the right OF way, terminals clc, were On
changed for the re0rganzed company : pfcIcrIcu
stock The company earnings snow an ll ninrm'g
growth of traffic they having been from January
to May 81 $3.50 j65. against S332,23l for the same
In the stock market the business Of the week
covered ,231 430 shares of listed stocks Against
l.57l 45U shares for the preceding week, and Avs
5l3 shares of unlisted stocks. against 4VV'oV3
shares for the preceding week: total, ,'o1,V4'
Shares against 1872 053 shares for the picce"ih.
week Early in the week tie general market
while ruling firm showed some hesitation IN me
speculation. not having fully recovered from tlc
shock Of false reports OF the preceding week nhu
the intervention of National holiday. bul
later on it gathered confidence from the continued
good buying both Tor investment AID JudlcloH'
speculative account. But then, all the time was
hanging over il fear OF results OF nanlpHI"-
ton il securities, about which no one possesses
absolute knowledge, because no official lnfoImA,
tion is ever given of the companies. lhdGSIII.'
stocks are Just exactly as legitimate for invest
nient or speculation rs are the securities oil any
railroad But neither have railroad securities
nor Industrial stocks, which MAKE no ol1GGlhI re-
ports upon which either purchaser or sciIcr c"n
base an intelligent opinion OF ther y2Itc' any
right to a place upon the Stock Exchange Isl
In the regular listed department OF the "''N
Exchange before dealings are permitted, me CON
panV must make regular applcatlon Tor the Is
Inc Of such securities as il desires. accompamc.
by a fnll report Of lis actual conolll2n. Ani
when the security has passed the committed anu
been listed, 10 every member of IL" Stock ~
change Is furnished copy of thc application ana
the report which gives them and their clients
basis for an opinion Of the securities mcII hn'
the rule i'm regard - tie unlisted department i
simply as follows " Any valid security may O'
admitted 10 dealings and QGo:Guoh, on aIpIl'i-
lion 10 the committee" In the listed department
a COMPANY cannot increase its issue Of stock With
ont thirty days notice 10 the stock lNcnanfc o.
such intention, under penalty ol haEins 3"S
stricken from the list In the unlisted drpaI,
ncnt a stock nav Do doubled or quadraplcd IN
five minutes after II has been admitted ana no one
is the wiser for II until the INSIDERS choose ~
furnish the information for The purpose Of crca'lu-
panic 10 one complains Of dealings IN ~
dustral stocks: the complain is thai Inc nc'l'lS
Of the unlisted department open VIE 'hc "vo'
for individual s"indIlng a.! "'ns. N'"P, ~
the distribution Of unofficial points ana STAG
incnts Hence the special pleadneS intended
TO bolster mp the 9reat manipulation fail 10 the
-round from the simple force ~ logic. Tho So
curitieS in tho unlisted department. TIC phrcnaS
or sale of who. by an outsider Is simply rockies
SUGAR Rcfncrics National Lead Trust Distilln-
and Cattle Feeding Company Cattle Trust ana
Cotton on Company. ANY one VINO uc'IS lH an !
of those securities deals blndy and subject H.
n manipulation which makes lls chances OF sue /
cess smaller than AZ SKIN gam" 81 cars /
BESIDES that, the %. sihlc m15nipna'd'. 81 'n.s'
bilitv Of the general market. II they made /
official reports Of their business and their financial
condition they would be rs lc-ltimai" stocks a. |
any others 10 deal in. They do not do 50 for
the simplc reason that 10 do il would take away |
from Tie real insiders their principal source q n-
The General market could not avoid being some
what affected by Fridays rapid decline Of per /
cent in The price Of Sugar RchncrcS. and sinp[, /
by the checking Of business The last hour II /
Friday and Saturday Two hours marked declines |
from the highest prices Of Tie week But, not |
withstandine that Tic final figures generally show
GOOD rccoverics from the preceding week s fcac- |
ton and with the explained dulncss, the market /
closed with an unmlStakabc undcrtonc Of |
strength All tie general conditions without re-
gard to prospective silver ea'latIon continue -
grow more and more favorable. The bank eX- |
changes are steadily Increasing, those Of the New
York banks last week having amounted 10 !
4s.9i47?6. AGAINST S736.j24.576 for the same !
both weeks practically the same number Of !
shares The railway earnings, despite Of wars
some officials who have been whipped In their
intended combinations. continue 10 report pro
grcssve gains The Tribune has printed the
gross earnings Of f3rty-tEo companies or systems
Of S6,432 $50 against S5.73j.49s for the snme
week of 1852 gain Of S667.l91. or I2.5 per
cent or The total number, only five companies
have returned losses
The subjoined table divides the aggregates and
differences, showing gains and losses
4.h week I'm MAJ 1889. 1870 DTc,oncns n r.
- companies. - f2S 327 g. 200 59j Inc 2rs IL
companies ... 13o7l71 $50 o9i Dec. r. or -
Total 40 cos IS 1885, 9s a0f32 go Inc sg07 iol
Following is our usual table giving the num-
Der Of shares sold OF all stocks The HIGHEST low
est ana maj prices OF the week, together with the
final prices Of a week ago. prefAcd by the average
prices of June &, 1880