New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-28

the stocks at the STOCK Exchange
and OF the preceding two compare
as follows - -, $40 ~ ~ 80. -. 49, -
EXCHANGES PSI q e Ri; e ss1 81 y
THE MONETARY SITUATION.
Money was trihe more active last week, but
at the Stock Exchange there was plentiful SUD-
ply at 3 per cent on call, and at from I-2 to
4 l-2 per cent on all periods of time. The fact
that it broken week, and that on Thursday
call loans had to be made TO extend until Mon
day caused some little stifcning Of rates. but tho
abundance was great that the disturbance
amounted to nothing. The weekly bank state
ment shows the peth3rc condition Of the local
that there will be no furry in rates even at the
end of the year.
Although the Bank of England made no chang,
in its discount rate, money in London was Q
trife dearer, and the open market rate for dis
counts raised TO 12 per cent at which IL
closed firm. The advance seemed TO be caused
by fear that shipments of gold to this country
on an extensive scale would be resumed In the
immediate future. On the Continent money N.
manned easy, although at the principal financial
centres rates were slightly higher. At Paris and
Berlin money appeared to be steadily accums-
lating.
The foreign exchanges were lower In conss.
quence of o continued falling of in the demand
for remittance. There were freer offerings of com
mercial bills, but there little doing on 40
count Of the movement OF securities. The 10
ceiptS OF gold in the week were about 5000 900,
but these plainly were not exchange transactions
Imports cannot yet be made without loss. Ths
market closed rather firm at S4 Fl ga and 81 "a
for long and short sterling bills respectively. On
account of the general observance Of the holiday
there little doing yesterday, but these rates
were maintained.
RAILROAD EARNINGS.
The Tribune has printed the gross earnings Of
fifteen railroad companies or systems for the third
week in December. Of this number eleven COM
panes return gains of Sll4,419, or ll.2 per cent,
and four companies return losses averaging lilo
per cent. The whole number gives gain over
the same week of last year of $l6574, or 80 per
seventy companies for the second week In Deem
her. The whole number gives an increase Of
$3.50 1897, or SO per cent.
The following tables divide the aggregates and dneeacs
Of the companies, showing gains ana losses
T 8; s b be- 54sis
Total Is 593 07o sl,84O 25O Inc. s48J6T. 20
sss b ESs fsS, ~
Total 70 CO.'S IS 4o7 1913 50 22s lo5 Inc. s7SosS7 50
THE WEEK AT THE STOCK EXCHANGE.
The transactions in stocks in the four days
devoted to business last week were larger even
than those Of the preceding week and they were
nearly three times as large as those in the same
week in the two preceding years Inc activity IN
railway bonds sustained, and the reported
transactions in them exceeded Sl3,000,0OO. The
most active stocks were Erie and Richmond
Terminal, the transactions IN which exceeded
Pacific Northern Pacific preferred and Atchlgon
in the order named were good seconds Inc
movement Of prices was steadily upward, ana tno
closing was strong and confident at ABOUT the peso
prices for the week The largest final gains among
the atcive stocks were 3-S per cent In Missouri
Pacific, per ceht in Richmond Terminal, and
nearly as much in the other shares already named
The final gain in Erie was fractional
While the market undoubtedly has broadened
and there were last week fewer indications OF
professional manpulatons the strength and ac-
ti,-it, stimulated by the eNpectatlOn OF an
early resumption of gold imports. Without as
paragement To the ability of this country, IL -
q matter of supreme Importance ~ the stock mar
ket to know whether Europe Will soon De an
eager BUYER of our securities. Inc GovernmHno
report of foreign commerce, which Is printed N
another place. indicates the European heed vi our
products and it is a satisfaction 10 Know ulae
the eastward movement of merchandise mas noe
fallen of in the present month lhe e1porg
from this port in three weeks IN Dece, a5no onS
10 S29.3j2, s57, an increase OF over SI,3oO.ooo
over the same period last year and sun mlgQ
increase over the preceding year FROM ING
Atlantic seaboard the shipments OF wneae anu
flour were over 10 750, 900 bushels, against lt-
tie over 1000. 600 bushels in the three Weeks
last year The trade balance In favor OF "a"
country is thus seen 10 be constantly growlng.
How il will be settled is a question when lnu'
mately concerns speculation in railway securities
That England, at least. will return securities ~.
stead OF gold may be inferred from the aavsnoo
in the rates of money in London and the present
condition of the Bank of England. It's STOCK OK
gold at the end of the business week was IEs.,
l93.405, against f2s,l97,'7l SIX months ago T ahu
f2333sl27 at the same time last year. Inc
amounts of gold held by the Banks OF France ana
Germany shows an increase in the past year OF
over fl7 ,500,0 00 while the increase mace y .no
Bank of England is less than 81 1000 since
January | this country has sent To Europe aoous
$40, OO0. 900 in gold, and since July ! II has re.
ceivcd in return less than $4O,OOO, oVV. III s,n'
face Of the unprecedented shipments OF mcrchah-
disc these figures lead 10 the absolute CONCLUSION
that the foreign holdings of American railway
securities have been largely reduced, wtSe IIe
% . hn rnl
Bank of England and the constituencies OF inc
London money market discourage the hope 'ha'
the movement will not be continued. .,
In the present financial and commercial coI'f
tions in America it makes little difference wheLeI
Europe pays for her products in securities or .ilo
only standard medium OF exchange. WIN u
increased wealth which abundant crops nave
brought this country will be the gamer Dy l's
larger ownership Of its own corporate securitles
The effect on the prices OF those securities ni''
There were no specially interesting incidents
in the week. The annual statements mace ~
the central Vanderbilt companies were eminent!
satisfactory but no little disappointment wa
felt in speculative circles that the dividend on
Lake Shore not increased. and by the 9,hett
companies that there was not a more hUtlai
distribution Of profits. The meeting OF the Sew-
York Central Company will he held on Wednes
day, and the advance and the unusual acuNiS
in the stock are indications of an increase III ITO
dividend rate. ,..,,.
II is not impossible, of course that speculative
homes NAV be disappointed in this, as wei as ui'o
Other instances. lhe prominence wlnGl wa" nd
assumed by the Richmond Terminal stocks anu
bonds was entirely speculative. The appoihhs.
ment of IA new reorganization committee on ..s
basis that the stock should not I've assessor VIC shs
considered favorable To the company, out .iI
buying which resulted in sharp advances IN ~
classes of its securities evidently was not ny '"'
outside public. ,...d
The appointment of the committee, me propSsas
reorganization and ir fact, the compete nis ara
ment Of the company and all It's lnlet s"s,,an
under the control of the East Tennessee iaeEi i'm.
To what extent this may he a permanent. ,.s sr
provement can only be Judged by past eAp'
cnces A.. ,Iosin1
dav was the absence of realizing sales ana peaii
ish attacks On the eve of long recess !. W. nrn.
not have been surprising il traders 'hoId{nrs
fessional spectators had reduced their th;ns Of
and put out few short contracts HSninn1tion
L. aals