New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-02

week was full of incongruities which were not
explainabe in developments affecting the railroads
themselves or the financial situation the devel-
opnens were not important. The declaration
Of a dividend of l-2 per cent on the first pre-
ferred stock of the New-YOrk, Chicago and 81.
Louis was entirely unexpected. 1t was FOL
lowed by natural I advance In tnc
prices of those stacks and in Lake Shore,
which owns majority of them: Inc acton
proved that the present Vanderbilt policy Is u
distribute profits whenever they are made among
the shareholders Of their railroads. The annual
reports made by the principal anthracite coal
companies were exceedingly favorable In view OF
the condition of the trade during the year, ana
in the case of Lackawanna the increase in net
earnings proved how rapidly that railroad IS
gaining importance purely as a transportation lhe
The reports of net earnings for December when
were made by few companies were less favorable
and the loss on the PENNSYLVANIA Railroad may
be accepted as a general INDICATION 81 thc ralI-
road traffic of the country. Rumors of heaVy
loss in the December earnings of the Chicago
Burlington and Quincy were circulated during me
week, hut they have not been confirmed ny the
publication of the statement. II they should De
verified they would probably be without further
effect, for the loss of traffic on the corn-carryine
roads has been long anticipated. since the
harvesting of the last crop.
The entire force of the bear faction was
directed against the Granger railroads, but aside
from decline of about - per cent III During
ton and Quincy the attempts to make lower prices
were practically unsuccessful. The depression
which marked the beginning of the week was
overcome and the sellers at that time we've sud
seouently BUYERS. II is a significant fact that
the veteran leader of that faction Is largely In,
terested on the long" side of the market ana
no successor to him has yet appeared. The basis
for this change of heart is admitted TO ne the
steady initiation of the currency by the issue OF
new lega-tender notes at the monthly rate OF
about S5,O00.000. The influence Of this new
money is steadily increasing and, OF course must
continue to do So With a renewal OF the I'M
certainty in regard TO financial legislation win
easy rates for money everywhere In the world
with prosperous trade throughout the country,
there would seem to be reasons for the selling
of railroad securities at present prices. mat
holders entertain this view was proved by their
refusal to reduce their holdings While they see
at present no inducements to make new ven
lures they obstinately hold on 10 their old ones
An incident OF the week was a decline in silver
both in London and here on the sudden death o!
the Secretary Of the Treasury: and from lP de-
preston there has been no recovery. why the
death of a known hard-mOney officer Of the Gov
ernment should have had this effect is simply IN
explicablc. II is not impossible that the silver
men are becoming convinced that n frcc-colnagc
bill would not benefit the price Of the metal, ana
that the death of a stanch opponent OF that
measure might have been considered a calamity
even to the silver party.
If any valuable lesson may be drawn from the
course Of the stock market last week. il is that
on. Spectators as well investors ore dis
eliminating wisely between the securities of cor
pOrations honestly and efficiently managed and
those which are worked chiefly for the benefit OF
speculative managers and officers.
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 a week ago, prefXed by the average
prices of February |. 500: