New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-06

foreign exchanges yesterday, except lew uailsoo
tons in Cable transfers. but the market was nrm
en- both London and the Continent. ana cioseu
at 81 Sc 1-4G$4 Sc l-2 and $4 SO l-2 respectively
fer long and short sterling bills.
RAILROAD EARNINGS
The returns of the Northern Pacific and Union
PacAc railroads for the month Of February, when
are printed elsewhere, are disappointing. While
the changes are increases, the gains in net earn
ings not equal to the increased mileage that
was operated, and hardly sufficient, at least IN
the case of the Northern Pacific TO meet its in
creased first charges. The statement OF the
Chicago, Burlington and Quincy, which was issued
early in the week, was less unfavorable than had
been expected. Other returns of net earnings
were all that could be desired. The Northern
Pacific Railroad announced the discontinuance Of
daily reports, and it is not impossible that here
after it will issue only monthly statements Of
net earnings. While the decision in the first in
stance must be highly commended, the omission
of weekly reports of gross earnings may be in
ferred to indicate falling off in traffic, and the
suspicion is confirmed in part by the result of the
February statement.
The Tribune has printed the gross earnings Of
eighteen companies or systems for the fourth week
in March, and Of this number thirteen companies
return gains of $26O,7S4, or 1873 per cent, and
five companies return losses averaging AS per
cent The whole number gives a gain over the
corresponding week last year of $209,3l5 or 65
per cent 1t has printed also the reports of
siXty-four companies for the third week In
March, and of these forty-two return gains
averaging so per cent, and twenty-five losses of
5.S per cent. The whole number gives an in
vious weeks the percentage of gain was reduced
by the companies reporting late, and the addition
of twenty companies lowered the percentage for
the third week from AZ TO 80.
The following tables divide the aggregates and differ
ences OF the companies showing gains and losses:
4t week in March, g, Iso1 lee ID csH s, 20
companies. Io7i,926 i02Oi57 Dec. 5i'469 4s
Total IS 1855 0O8 50, $685. 28 Inc s2O9,sl5 O.5
AZ companies 200 1872 "a 5s5 $50 Inc 1915 s57 80
% eompanIes..... 2174,4s7 2O471l2 Dec 12782o 5.s
Total ca cO'sSO 1884 1853 Sc G32 7OI Inc s24s,592 80
THE WEEK AT THE STOCK EXCHANGE.
The total transactions in stocks last week were
806314 shares, against 517,l22 in the previous
week and 49l,lSS in the corresponding week OF
last year. The comparison in both instances Is
with weeks broken by holiday. The activity
was somewhat artificial, for a large part of the
reported transactions was in unlisted securities or
those which are not usually dealt in TO any large
extent; If there should be deducted from the
total business the transactions in the sO-called
industrial shares and in the unlisted department.
the volume of business would not be very much
larger than that of the preceding week The
dealings in National Cordage, for example,
amounted to over &c, 900 shares, while there is no
pretence that the stock has been disturbed ANY
movement in such shares is utterly without mean
ing for it is subject to slilful manipulation, with
the evident design of finding a market for the
stock There is of course, no objection to specu-
lation in anything of this kind. and the Stock
Exchange is not to be blamed for increasing It's
facilities in any direction. There is an objection
TO the attempts 10 give an exaggerated importance
TO fluctuations which really possess no significance
The influence of all the business in the industrial
and unlisted stocks since the unlisted department
was established has been contrary to the best in
terests of legitimate speculation. Other move
ments have been started in the same way, how
ever, and activity in any branch of the market
was welcomed cordially. DulneSs and strength
were equally prominent features Of the general
market The defeat Of the Anti-Ralroad bill in
the Nebraska legislature together with the
probability Of similar result in Minnesota, stimu-
lot t,a l,rap g,opo fbn ioct iaNs Of no
week. The Importance of the event was in
creased by the fact that these the only two
Western State Legislatures in session. The buy
ing of the Granger stocks was evidently for both
accounts, but the short interest in them has not
yet been eliminated, and part of it may prove
to be obstinate. Except the continued favorable
prospects Of large yield of wheat and other
cereals which are not vet planted the condition Of
railroad affairs at the West is not altogether salts
factory. Traffic is light and rumors of cut rates
are numerous. The subordinate officer Of the
Missouri Pacific, who responsible for the lower
rates sugar made by that company is reported
to have made his explanation to the president.
his dismissal under the rules OF the
Western Traffic Association has not been
onnounced and j.. SO o. far as the public mi, is
sudden departure of Mr. Gould for an inspection
Of the properties under his control may have some
thing to do with the fate of the new association
and with railroad rates west of Chicago and st.
Louis. In published interviews with him on his
way, he appears to take hopeful view Of the
situation and predicts satisfactory summer in
financial matters. Something is to be desired
beyond cheerful utterances, and the stock market
appears to be suffering rather from lack of buy
ing orders than from an absence of general conf
dence in the future. The Italian incident had
only momentary influence although the first move
ment of prices on Wednesday toward a lower
level. No one appeared to take the matter seri-
OuSly, and the early selling was proved to be
chiefly for the short" account by the subsequent
recovery. 1t is still fashionable to declare that
Europe has parted with its speculative holdings
t1,trox- nfVtg .
fact, the London spectators are doing nothing
either at home or in this market Even the ar
bitrage dealings have been reduced to the small
est proportion. but the selling probably exceeds
the buying. The difference between speculative
and investment holdings is imperceptible, and a
demand for money in Europe for any reason would
prove the truth of this statement. The declines
that are occasionally suffered by. Louisville and
Nashville and other favorites of the London mar
ket are due to n need of actual money rather than
to any doubt as TO the intrinsic value of the
stock.
Aside from those mentioned, the events of the
week were unimpOrtant, although the arrangement
made between the New-lork Central and the
Canadian Pacific railroads excited hope of har
mOny among the Eastern trunk lines which has
often been threatened by the foreign corporation.
The statement Of the president of the New ork
Central that the agreement would be beneficial TO
both companies must be accepted The recent
rumors in regard TO the control of the Reading
Company may be dismissed as entirely speculative.
for on both sides the negotiations said to have
been magnifed. The course of the stock would
seem to Justify this assertion. and in spite Of the
buoyancy yesterday this stock was conspicu9usly
weak and lower. The publication of the bank
statement which was slightly more unfavorabe
fhan had been expected scarcely checked the up
ward movement of prices, and the closing was
strong and confident at about the highest points
for the week The final variations, aside from
the Granger shares and specialties, were in the
week about from TO per cent on an average
Following is our usual table, giving the num-
her OF shares sold of all stocks, the highest lowest
and final prices of the week. together with the
final prices of a week ago, prefxed by the average
prices of April ., 1890
WEEKLY RANGE.