New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-14
SEW-YORK DAILY TRIBUNE, MONDAY, SEPTEMB
above the gold-importing point. and t9rCnis, ie
duction would make necessary transfer oil cOli'
RAILROAD EARNINGS.

above the god-importing point. and furtner re-
duction would make necessary transfer OIL oOA-
RAILROAD EARNINGS,
1.-THE Financial Chronicle reports the gross
earnings in August Of las railroads, which show now
an increase over the corresponding monTn iosV
year of S2s920A2 or ':2i per &c, cent onanSe IN
crease In mileage was 2,4s7. Inc lno ne THO
the previous month was S.52 per cenC a e
Tribune has printed the gross earnings OF twei.g
eight railroad companies or systems LOT riis
week in September OF this number nineteen ,1 9ar
companies return gains Of S30S, 9S, or III Hea
cent, and nine companies return losses aVeragInib
2S per cent. The whole number gives gan
over the corresponding week OF lasI yesi .,on
S26l .682 or SIS per cent. IL has pri'eo s .So
the gross earnings of sixty-four companies lor Sle
fourth week in August and the whole huihpot
gives gain of $505,404, or ga per cenu. ,c..
The following tables divide the aggregates anu u'''
Of the companies. showing gains and losses
Is Is e Sss r PSF lss ss Inc "a
8 compinies.... l,eo5lS2 1'oee,olo DC ~ -
Total % co'.ss,848,G COS @4,o0520O Inc e2oi os2 o1
~ Tsss q Aug 1873 So e ss aas Inc f
q compsnes... Sos4i 1870 2,si7,0lo Dee. l6ooll o.
Total Ga co.'s ,s92 94s s0e0s,442 Inc s5o5494 o.
THE WEEK AT THE STOCK EXCHANGE
The financial doctors who have prescribed re-
action must have overlooked some Important SSiiP-
toms in their diagnosis of the stock market 1net
was to be sure distinct pause in specuiauoh Las.
week but nothing like the remedy wnlcn EsiS 81
propose occurred While there was falling OH IN
transactions compared with the previous week, tne
business was larger than at the corresponding tlne
in the two preceding years Fuolc connaencgJ
and the strength of the market were Increased
merely by the attempts at a reaction. There was
no change in the conditions surrounding specula-
ton except for the better Money was coinpa ia
tivelv easy and the foreign exchanges fell to inc
cold-impoTting point The Government crop re-
port. issued after the close OF business on IhpTs-
day. was more favorable than had been expected,
and il indicated the largest crops ever raised IN
fhis country The wheat crop has been harvested
and the bulk of the corn crop is out OF danger by
frost The cotton crop is late and Will unoonpt,,
edlv be materially smaller than the phenomenal
CROP of last year The lateness and the falling of IN
this crop are not unmixed evil, for In one case
the demand for money from the South is less
urgent and on the other hand, the price that VIII
be received for the product will be more. AL
Though the stock market will be subject for an
other week to speculative runors about the corn
crop. there can be no reasonable doubt as to the
extraordinary agricultural prosperity of the coun-
On Friday the stock market opened buoyant
on the publication of the Government report.
That an abrupt rise of l per cent was not fully
maintained was used as an argument for lower
prices by those who favor reaction. To sup
port their belief they set in motion fresh rumors
about the Union Pacific Railway. They were
false of course, and the plan for the relief of the
company is an absolute success. In regard to the
intrinsic value of the stock there may naturally
be two opinions. The shareholders of the COM
pany have apparently lost for three years the
benefits of the companys large holdings OF the
securities of its branch lines. BY the plan
adopted a slaughter of these assets has been
avoided on terms as reasonable could be ex-
pected If the securities shall be redeemed share
should not be, the control of the branch lines on
which the traffic of the railroad largely depends
would be forever lost. The modern financial
methods which were first adopted on the collapse
of the Barngs and are now applied to the Union
Pacific and proposed for the Richmond and West
Point Terminal Company, have not yet been fully
proved. In the case of the Union Pacific the
apparent result is that company which could
not sell its own securities has placed them IN
other hands to be marketed
When they will be sold or at what price is
known only to the syndicate. But it is certain
that many millions of securities must in three
years be realized upon. similar course is pro-
posed for the Richmond Terminal Company, which
also is lsboring under serious financial difficulties
That company also has a large amount of unSal-
able securities and if it cannot use them an en-
tire reorganization would appear to be inevitable.
Adverse incidents like these had little effect
on the course of the general market. If they were
developed in behalf of reaction they failed OF
success. They checked speculation 70 a
certain extent, but did not produce substantial
declines. The general market has separated itself
from developments of that character. While the
final variations were as rule declines they were
week was really depressed. On the contrary
many stocks made considerable gains ard these
We're more significant than the losses. The Van
derbilt stocks were strong excellent buving and
they made the greatest Improvements. But still
more significant the activity and strength of
Erie and many stocks which have not been active
for a long time. They advanced steadily through
out the week. closing at their highest point This
feature of the market is proof Of the great con-
fdence which underlies it, II is encouraging also
to know that the demand comes largely from
Europe
Following is 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 week ago, preixed by the average
prices of September 10, 1890:
WEEKLY RANGE.
AcTuLI gArra IFpotI