New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-02

its deficiency in food products from the American
market. 1t must be repeated again that these
purchases can be paid for only by the return o,
railway securities held abroad or by the actuai
gold. ., A. .L
Foreign exchanges were comparatively firm, the
only change in rates being in conformity with the
price Of money abroad. There was no large de-
pp,and for remittance while there was a fair sup
ply of commercial bills. Transactions on account
of purchases and sales of securities we're oil itt@
conseouence The closing rates were barely steady
at "a 81 and 81 "a for long and short sterling re-
spectivey.
RAILROAD EARNINGS.
The returns of railway traffic published in
the week were remarkable for the large increases
over the corresponding periods last year The
large gains in net earnings in September winch
were reported by a number of important roads,
of which the st. Paul, Atchison and Chicago,
Burlington and Quincy were the most prominent
among the grain-carrying lines exceeded all ex-
pectations They are the more surprising because
the new crop of corn has not yet begun TO move
The large decrease in the working expenses.
especially Of the st. Paul Company, may not easily
be explained. but it is to he hoped that the same
ratio will be preserved throughout the next few
months The statements of the Pennsylvania
and the Reading railroads were also fun OIL en-
enlargement
The Tribune has printed the gross earnings of
sixty-seven railroad companies or systems Tor the
third week in October. OF this number fifty-hve
companies return gains of S96s,2 93, or 13l per
cent and twelve companies return losses averag-
ing 63 per cent. The whole number gives
gain over the corresponding week of last wear
of SS9s,2s2, or 1916 per cent. The following
tables divide the aggregate and differences OF the
companies. showing gains and losses
Third week in Oct SO s3 ia rd DG 5s s m
i is @ Dec Dec 7oo So
Total CT Sass 40 50 ss6 7OI Inc. ss9s 2s2 1916
THE WEEK AT THE STOCK EXCHANGE.
Speculation in stocks last week was fitful and
desnltory With an utter absence of controlling
news and public buying. control OF prices was
left to professional traders, who moved prices up
and down according TO their whims. The market
was not affected by the Gillian incident for the
simple reason that no CHILEAN securities are heid
here. 1t was not clear that 1t influenced IN any
degree the European speculation III American Sc
curities, for the London market was practcalIy
as motioness as our own The duIness was I'm
To-morI Ow will be bank holiday IN London, ana
the next day holiday here. 1t cannot be dis
puted that there is a feeling OF apprehension IN
speculative circles about the result OF the ONO
election. 49,
The defeat of the Republican ticket in that
State might reopen the silver question, and any
agitation of that subject in view of the near
assembling of Congress might have an important
influence Oh the stock market. If the Repnbli-
can ticket should be successful, there Is llttie
probability of any definite action in regard to
silver by the next Congress. 1t is not probable
that any legislation will be recommended while
efforts are being made in the direction OF Joint
action by the principal European nations
Whether they all can be prevailed upon to JOIN
the United States in the restoration of silver Is
not certain but already Indications are no, acE
able to it, The position of France in regard TO
silver coinage renders the assent of that Govern
ment most doubtful :.
should be noted that the Treasury will resume
tomorrow it's purchases of silver bullion. Since
ment has published the prices only of the OFFER
ings that il accepted. To avoid the slightest
suspicion the Treasury might now publish the
prices as well as the amounts of all offerings, ana
ic IN no
November purchases this course will be adopted.
If the speculation in stocks was inactive ana
fltful interest in the railway bond market was
well maintained. Transactions at the Stock En-
change were not so large as they were IN the pre-
viOus week, but the tone OF the market snoWed no
falling off in respect to confidence Prices OF
MANY issues advanced steadily while the supply OF
bonds returning about per cent a year was ap'
parently not large.
Outside of the open market, however, there were
transactions of more than usual Importance. Inc
practical marketing of about S50OO,OO0 OF Zen
trail Georgia bonds viii bring reeI 10 1he do hc If
the East Tennessee Company had already Deeh
provided for, and that of the Richmond and Dan
vile Company will probably not cause tf0uoIe.
A transaction of this magnitude is particularly en-
couraging, because, in this instance, at least IL
indicates the strength of European confidence IN
American securities. Another transaction OF the
same kind the sale of about $4,000, 600 OF the
Philadelphia and Reading Terminal bonds. IL Is
entirely safe to say that these two operations
could not have been successfully carried out at
any time before in the past year ms demand
for railway bonds is a sound foundation for an
ultimate improvement in the share speculation:
1t is encouraged of course by the low rates or
money and the lack of other equally profitable
use. The supply of bonds seeking a market is not
so large that it may not soon be exhausted, ana
the only resource of idle money WILL then be The
stock market
The week was not destitute Of interesting Incl
dents. In the early part of the week rumors OF
financial troubles in Boston were freuuent but I'M
founded The loss suffered by the Maverick Ma
tional Bank of that city through Evans & Com
pany was not large enough 10 anect 1t in any de-
gree The apprehension which was excited by the
rumors, was out of all proportion with the actual
facts The close of the week was marked by
sharp decline in the anthracite coal stocksa!though
the ostenslbe cause was better argument in favor
of higher prices. The coal companies by remoy-
ing all restrictions on mining for the present
month, virtually announced their belief that the
demand for consumption would exceed the highest
possible output. The professional element III the
market promptly drew the inference that the
companies were on the verge of bitter warfare:
No more absurd and illogical a conclusion could
have possibly been reached.
Another incident was fresh development in
the affairs of the Richmond Terminal Company,
but the stock did not gain actively from it. There
NAV be important changes in the company within
the next year, but at present they do not appear
to be imminent The industrial stocks were
unusually prominent and among them American
Cotton Oil was affected by the final acquiescence
Of the outstanding trust certificates IN the present
organization, IT. is understood that the annual
report which will be made at the general meeting
this week will be full and explicit besides being in
every way satisfactory exhibit. Chicago Gas
was conspicuous by an exceptional advance of
nearly per cent, but, like previous movements
in the stock, this one also may be entirely specu-
ative. In general the final variations compared
with a week ago were declines, but aside from
the coal shares theywere neither large nor dgnif-
cant.
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, preiiXed by the
average prices of November !, $780,