New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-13

per cent bonds will result in increasing the Ma
rona bank circulation by Sl6, 900, 900, the money
MARKET Will be strengthened BY the LIST OF October
o , ron ,S4oo0O,ooo to S50,ooo,o0O. Whether
tms VIII be sufficient TO meet the requirements of
the west Tor the movement of the abundant
crops can be determined only by the event. Tho
banks as well MS private capitalists arc fortify-
ing themselves IN every possible way, and their
action, which ls conservative and prudent, may
prevent the monetary disturbance which they
evidently fear. The exports Of merchandise caused
fuller supply of commercial bills, which was re-
fected in lower rates for foreign exchange At
the end Of the week the market was little
steadicr, closing at "a SIS and ga 81 for long and
short sterling bills respectively.
RAILROAD EARNINGS.
The Financial Chronicle" computes the net
earnings in June Of 1873 railroads as showing
gain Of $40 per cent, and for the six months Of
3s4 per cent. In the first half of last year, with
which the comparison is made. the increase over
the preceding year nearly IL per cent, which
makes the present result all the more satisfactory
The Tribune has printed the gross earnings of nine
teen railroad companies or systems for the first
week in July. OF this number sixteen comma
mes return gains Of S2l6,6ll, or l2.1 per cent
end three companies return losses averaging per
cent. The whole number gives a gain over the
same week of last year of S02,51l, or 3s per
Gent. IL has printed also the gross earnings of
lity-seven companies for the fourth week in June
The whole number gives an increase of S627.753,
or SO per cent.
FOLLOWING tables ulNlue the aggregates differ.
ences Of the companies. showing gains and losses
Is osol Ine s ssiS s., o2 &
companies 595,l02 47o,e02 Dec. l24,3O0 20
Total 10 eos$2 3s2 s52 s2.470,8O8 Inc $02 5i1 sS
80 companies 4ss ooo SO PIG 100 Inc s7s3 100 1919
z oompanes...... l494,599 L3s9,222 Dec. 105877 10
Total 81 CO.. So 977 O59 81 6O5,42 Inc s627 753 so
THE WEEK AT THE STOCK EXCHANGE.
Speculation langushed last week in spite Of
conditions Of the most favQrabfe character. In
every department. the market suffered from an
evident lack OF buying power Which was as
strange it was unreasonable. The heavy dis
buIsements at the beginning of the month had no
effect beyond increasing the supply of call money,
which was already excessive. The apparent cessa-
ton of gold exports the increasing shipments
Of merchandise, the low rates for money and
the heavy traffic which the railroads are CARRYING
were substantial reasons for an advance in stocks
and bonds. On the contrary the market rarely
was more stagnant, and although prices were
firm, the advances We're small and were merely
the result of the operations of professional trad
eTs. While bonds Of established reputation were
in little better demand, those of lower grade
were practically unstable even at the current
low prices. A revival Of speculation must come,
but how or when, or through what influence.
Wall Street does not know. The one thing that
general public sympathy the large and Important
interests, without which there can be no great
activity prefer money to railway securities. They
not only are doing nothing in the market, but
there daily indications that at every slight
advance the supply OF floating stocks is III
creased The disturbance III November in con-
sequence OF tic Earrings failure has been aptly
termed a rich mans panic, and apparently the
market has not recovered from It's results. y
loss of pride as we'll as money was not the least
of bpcs
for the public TO increase it's speculative or IN
vestment holdings 50 long as these interests main
tain their present apathy.
The interesting Incidents of tie week were thn
increase in the dividend rates OF the Long Island
and the NeW-jcrscS Central railroads, and the
Louisville ard Nashville i;ailrOjd The action OF
tic Long island and New-Jersey Central com
rarics was justified, apparently, by their pros
porous condition, but on account OF recent large
exchange of stock il was regarded as significant
OF jealousy between the controlling interests III
the two properties. The Louisville and Nash;
vile dividend was probably never in doubt and
the statement of the company for the year showed
that it had been fully earned. How far rinnOr6
that the dividend would be reduced or paid III
scrip were encouraged or ll5tlgated by directors
Of The company may never be known. If the
earnings had not made the dividend CERTAIN the
fact that the company. is trying to market few
millions OF stock would have made any chaIge
imp0litic and unwise. The declaration OF the
dividend was preceded by n rise in the stock and
followed by a fractional fail. There could be no
clearer proof Of the speculative manipulation
which hos tended 10 discourage public buying
The market was affected toward the end OF the
week by the apparent cessation Of gold shipments,
but prices advanced reluctantly, and at the very
close the market weakened slightly by the
publication Of an unfavorablc bank statement
The concessions that were made Insignificant
and holders of stocks once more refused u sell
them. The market is entirely without leaders
or either side, and, although every decline is at
tributed to bear faction, it nay be doubted
whether any such combination exists The very
ease of money prevents selling for the short ac-
count.
Following is our usual table, giving the num-
Der Of shares sold of all stocks the highest low
est and final prices Of the week, together with
the final prices of week ago, prefiXed by the
average prices Of July l2, 1880: