New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-19

tinent the Bank of France holds 52,ao2,OOn;
Rank of Germany es3, 02l 900. against G2S,24s,-
co., while their supply OF silver Is not ma i.
changed. These three banks consequently nave
cl6S54l on more gold than they had year ago.
and at that time the Bank OF Englands minimum
rate of discount was per cent. with the smaller
demand for money following the poor crops ~
EuroDe and the consequent depression IN general
business il would seem improbable that the snip
ments of gold 70 this country should be hIge
enough TO cause the slightest monetary disturb
The lack of profitable employment abroad VIII
be certain 70 SIND money here and already puDl.SS
interest," in American securities has neeh aTouSsu
to an unusual extent everywhere in Europe: me
cause Of the present interruption Of gold imports
was the advance in foreign exchange III conIe
quence partly of smaller supply OF col at co.
bills and demand for remittance III pay nieu Ioi
securities recently sold for 10TH" IN tb. iast
Rates of exchange advanced steadily 10 .HS H S1
half Of the week, and closed irIn AZ suEuo iii,
and 81 50 for long and short sFrh"s 'iiiS
respectively.
RAILROAD EARNINGS.
| aTbc Financial Chronicle reports the net
earnings in August Of 81 railroads whlcn snow
an increase over the corresponding month last
wear Of S1.177,192. or little over IL per cent
This result is not so favorable as had been antel
paed and the gains which al" ne bv The losses Of
tboss systems which have not been benefited by
the movement Of thr large crops. ,
The Tribune has PneG e OF sysems for the
rst ySSco in October or This number fifty
ndTonanies return gains Of S665,3S6 or 80 per
cent, h,G per cent TIE whole number gives
n cain over the corresponding week OF last year
Of S565,122, or ca per cent inc Ioho T ing
tahies divide the aggregates and dlneTenceS OF the
companies showing gains ard losses
'Islees 'i 55sSs Bee Bee 1885, e
ro,,, Z co.'s SIS 9:8 $50 s94s8 042 Inc s5C5122 ca
THE WEEK Al TIE STOCK EXCHANGE
The dulness of speculation in the early part
~ last week invited operations for the short
| account. The bear faction was encouraged by
the evident absence Of public interest and sup
port. It's favOrite theory was that as the market
| did not advance it must recede, and that
| conclusion it worked vigorously for lower prices
| Toward the close Of the week there was dis
| tihct change in the temper Of speculation, and
| persistent buying for European account, although
| not on a large scale, adequate TO full re
covery of the early losses. As rule stocks closed
at prices not widely different from those OF the
| previous week. Whether the buying by Europe
| will be continued is of course not absolutely
| certain, but the ease Of money and the lack OF
profitable use for it which prevailed abroad are
| conditions which naturally would encourage a
| continuance of the movement. 1t must not pe
| forgotten thst American railway shares are IN
! fact the only safe and remunerative resource Of
| the idle capital in Europe.
Affairs in South America have not become
settled and the losses that have been suffered
there have been too recent and severe to Justify
| fresh ventures in that direction. In England
prices Of British railway stocks and british rail-
way securities are at point which precludes large
returns, and that there is a lack Of attrac e
| means of investment or speculation on the Con-
tinent is shown partly by the recent success OF
| the new Russian loan. The msfortunes o. Europe
are in this case the advantage of thls COUNTRY,
and the exceptionally favorable conditions which
attend speculation here are perhaps more freely
| appreciated abroad than at home The London
| market has displayed in the last few days ou
| entire willingness TO lead fresh upward move
! Inent in American railway securities As an IN
| dication Of this the incident should be noted
| that the London Stock Exchange has been re-
quested by some OF its members to faclntate opefI
| atoms by keeping open part Of its building until
G O'Clock at night for dealing In American secur-
| tiles only. 49,.
IL is warchful and there is reason to believe that
il will be more active whenever 1t has been
demonstrated that manipulation IN favor OF lower
feature of the week which may have no in
| considerable influence on the course OF prices was
the action Of the Missouri Pacific Railway IN re-
weekly earnings. The first report showed hand
some increase last year, and there is no douot
that for many months the comparison must con-
Time TO be favorable For this reason the infer
euce was not unnatural that the dominant interests
| in that company were no longer opposed TO an
advance movement in stocks Since the passing
| of the dividend by the company it has been q
| matter Of frequent conjecture whether the pfesi;
dent Of the company was sun Fge at Mo-
tunate action he had marketed n large part OF
his holdings, but in the sharp break which to9I-
lowed the announcement be was forced apparently
10 rebuy portion. .-
Of the stock as he assuredy must be Of the under
lying bonds that the publication OF weekly earn
| ings means the creation Of a new market 1or Lhe
balance of his holdings. That this element may
| be in sympathyyith fresh advance was SHOWN
by the strength of the so-called Gould STOCKS.
While the trading In the week was chiefly Local
and professional, there were not lacking lndicr
tions that the market would soon become broader
There was unusual activity IN stocks Ike New
| York Central which was in demand at advancing
prices Some Of the specialties were dealt In on
fairly large scale, and, although thelr gains
were not large, they were Significant OF a wlder
interest. Northern Pacific preferred was favor
ably affected by recent decision of the couTJs
| which may be Of very great importance 10 the
! company in the development of its lands. AS a
group, the coal stocks were extremely strong. al
| though not specially active, and Lackawanna was
| CONSPICUOUS for gain Of over l per cent, Dut
| Reading was not far behind it..
| II was rumored that some OF the foreign hoIders
| Of Reading were about to suggest q un1hcatlon
| of its bonded Indebtedness. The closin yester-
| dav was at some concessions from the highest
prices of the late rally, but it was not weak, and
! The fractional depression may have merely been
a speculative manoeuvre for effect on the London
| market tomorrow.
| 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 a week ago. prefxed by the
average prices of October Is, 1890
WEEKLY RANCE.