New-York tribune., 1891-08-31

fetal In the end to the institutions engaged in IL.
besides adaing 70 their prestige. Although the
Bank OF England is sending considerable gold TO
the Continent, there is no suggestion of strngency
abroad. The bank holds it's discount rate at l-2
per cent, while in the open market rates are firm
at 7-Sa2 per cent for discounts. The lnterna-
strong rates for money but without construction
in the markets. The foreign exchanges closed at
the S wSh ssesE 81 Ops cent to
bills respectively.
RAILROAD EARNINGS.
In our daily issues last week some notable
statements of net earnings for July appeared
prominent among them being those Of the Erie,
the Pennsylvania, the Reading and the St. Paul
The Financial Chronicle" says that present in
dications are that its elaborate tables for July,
when eted, Will make o more encouraging
comparison with year ago than did the figures
for June.
The Tribune has printed the gross earnings Of
ffty-one railroad companies or systems for tho
third week in August OF this number thirty-six
companies returned gains Of $438,Q59, or lilo
per cent and fifteen companies returned losses
q gain over the same week of last year Of $327,-
107, or Sd per cent
The following tables divide aggregates and differ
ences of the companies, showing gains and losses;
i gSSs 5 'sssfg Bss
Total 81 cOs.s6 i24 022 &C. $4,000 Incs827, ,iO7 6S
THE WEEK AT THE STOCK EXCHANGE.
broadened materially and developed activity on a
steadily rising scale. The occurrences of the
week were not sensational, but the whole at
mOSphere of the Street was charged with cheer
funesS unknown in many months Temporary
reactions were caused at one time by reports of
weather conditions inimical TO the crops, but the
bulk of testimony pointed to only slight injury by
the frostS in any direction The general brilliant
agricultural prospects remain unmarried; and un-
usually severe experiences will be needed to
reduce the high estimates Of the yield Of cereals
fully warranted at present The improving ten
dency of railway earnings, growing confidence in
the, money markets, the gravitation of foreign
exchange toward the specie-impOrting point, de-
creasing imports and increasing exports and con-
stantly diminishing anxiety on the silver. Ques
tiOn were the broad elements which revived both
investment and speculative demands.
At the Stock Exchange the transactions in
railroad bonds We're of enormous magnitude, and
even if allowance be made for business inspired
by manipulation, the record would be large
one, and indicative of absolutely new life in the
market. The foreign element has been felt in
both bonds and stocks, and the Importance of
this new influence cannot readily be measured,
because its appearance has, to O considerable ex-
tent, been surprise even TO close observers.
The speculative issues Of bonds received the most
attention, with the Atchison, Kansas and Texas,
Texas and Pacific, Reading and Northern Pacific
securities among the most prominent. The week.
however, witnessed more QGfet growth 1
terest in the higher investment grades.
"A glance at our weekly range of prices
will suffice to indicate the upward progress made
in the stock market, The smaller net gains eX-
ceeded per cent, and numerous shares are up
4a6 per cent. Even Union Pacific rose more than
per cent, with q not unimportant change in the
sentiment with which the DreXel-Morgan plan of
financing the floating debt is regarded. The
prominence in the scheme Of this great house may
put new phase upon the financial future Of Union
Pacific without requiring the assumption that
the VanderbiltS'' have acquired interest in the
property. 1t may be desirable for Wall Street to
make haste slowly in revising it's estimates of
present and prospective values. But it is o
simple fact that last weeks buying impulse over
came alike the opposition Of bear Spectators and
the effect of liberal conversion of paper profits
into cash. Interest spread throughout the entire
list, buoyancy visited nearly all shares and the
market closed under high speculative pressure
Following Is our usual table giving the number
and final prices of the week, together with the
final prices Of a week ago. prefxed by the aver
age prices Of August 80, 1890: