New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-24

unusually heavy, and there is n Temporary scarcity
o. piIs 4sawh against our exports. Sterling eA,
ehanee closcd nrnl on the basis of g. SO "a ana
% so Ior long and short bills respectively.
RAILROAD EARNINGS
AithouSh the railroads of the country have
yet 70 feel uhe tonnage promised from the trans
portatlon oil enormous crops the general course
OF the earnings reported is extremely favorable
The Financial Chronicle has returns from l2s
roads Tor June, showing gross earnings Of
S5O,5ls0oo, on Increase OF S2,l32, 400 or AL
per cent, and net earnings of 81 5,soO,35o, gain
OF Sl.7eS'Soc, or l2.2 per cent The increase
in mileage is only 2.6S per cent.
The Tribune has printed the gross earnings Of
ffty-one railroad companies or systems for the
second week In August. or this number thirty-four
companies returned gains of 1890, 746, or i2.4
per cent and seventeen comparir. returned Losses
averaging S.3 per cent The whole number aives
gain over the slmc week OF last year of Sa40,-
10l, or 40 per cent
The following tables divide the aggregate. and diner.
enees OF the companies showing gains and losses:
.:@S:Si.: 1b .s
Total 81 COS: $1,000 7a0 so,24o,s9O Ino53501Oi 40
TIE WEEK AT THE STOCK EXCHANGE
In the stability Of the Stock Exchange markets
last week testimony was given as 10 the actual
Improvement in the financial position Two
things were proved by the course Of business One
was an increased independence of manipulation, and
the other that the manipulation which did exist
was not resolved blindly 70 attempt to defy the
influence OF normal reactionary conditions The
impetus given IN the previous week carried values
up sharply at the start, but realization checked
the markets and a process of digestion began.
The advance tempted the foreign clement 10 re-
new sales, and the first hesitation in prices
naturally induced woud-be buyers 70 withhold
orders, pending a possible setback II is need
less 10 add that professional traders worked
zealously TO produce that reaction; but the con-
cessions from the best points were only such as
would attend even broader speculation In only
one Instance did stocks lose ground while closing
prices generally exceeded those OF week ago by
las per cent.
The arrangements made for extending the IN
funded obligations of the Union Pacific for three
years were favorable 10 the market in that they
avertcd the threatened bankruptcy Of a great
railroad system The transaction was not positive
in Its effect for good and Union Pacific stock
closed l per cent lower than week ago fort
unately losing. the extreme prominence it had
previously held. On the other hand, Louisville
and Nashville, which had also been disturbing
feature, seemed to have passed through necessary
hquidations, and it led the active list as regards
advancing tendency, even when the late leaders
in the market halted under realizations and a
diminished interest.
most encouraging development from mar
ket point Of view was the expansion Of the deal
ings in bonds, the revival of interest in long
neglected issues, and the demand aroused by the
ective movement. Brokers who pay particular
attention TO railway bonds unite in estifyina
TO the vigor of the new inquiry, and it is even
selhshly suggested that larger profits would be
probable if the demand were artifcially restrained
for the time being. AS 10 general conditions
affecting confidence, important contributions have
been made by President Harrison and Secretary
Foster in their emphatic declarations OF loyalty
10 the gold standard The news Of the week
relating tO. the crop outlook was Of the most
fattering character just as railroad men year
ago foresaw deficient traffic, they now discern
the results Of the great crops, and their faith
Is proved in works by their extraordinary efforts
10 gather all equipment possible from car-shops
and siding. Some financial conditions may Be
lacking for an instant widening Of the speculative
spirit, but the disposition Of Wall Street is on
nny announcement TO forget past Universities and
anticipate future prosperity
Following is our usual table giving the num-
Der of shares sold Of all stocks, the highest law
est and final prices Of the week, together with
the final prices Of week ago. prefxed by the
average prices of August %, 1890:
WEEKLY RAEoK