New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-27

gold shipments have been so continuous that lhe9
are entirely disregarded by speculation, because IL
is expected that they will he returned in rev
months many fold.
In the local money market there was no impor-
tant change in the rates for either call or Jline
loans The highest rate at the Stock Exchange
was made on Friday, but the advance TO . per
cent was followed promptly by fresh offerings
and at the close funds were readily OptalnaDIe az
the formerly normal rates. IL was uncertain
whether the advance was caused entirely by the
needs of belated borrowers or by manipulation ny
the operators for decline In stocks Inc supply
of time money was rot more liberal thah l. na 9
been in the past few weeks, while the demand
was a trihe more active The larger Speculation
in stocks and bonds naturally created nc" 1 U
mand but rates were not very much hgher' NI
usual Stock Exchange cOlaterals loans were Ilt q
al 1-2 per cent for sixty days and from 2ao -
per cent for four and six months. Inc IOIeisI
exchanges were firm throughout thc week lIlu
were not relieved by the shipments Oh gG hlrs
was no additional supply OF commercial plIls Eoi
of drafts against foreign purchases OF SECURITIES.
There was scarcely anything dong In ue ma 90
Yesterday, but rates were wen lnslll'1 1 nd
| "a IS IA and 81 IS l-2 respectively loI i0Hs ~
| short sterling.
RAILROAD EARNINGS.
The Pittsburg. Cincinnati, chicago s anu o.
T,ouis Railway declared its first quarterly ulVlucu
of per cent its preferred STOCK loI 1 Ieat
| ended December 81, 1900 The previous ueiaS
| ,ritb tho known conservatism Of the manage
ment affords excellent reason Tor Deenlns 4bc
this rate will be maintained statement VI tnr
i
tho consolidation shows gross earnings OF PI2'5o-,
G33 and net earnings of SO ,9S7 444 After ueo S
inc interest on the bonded debt ana payment Io .
trackage rentals and other small cIIgS' fny the
income the statement shows q surplus toI w w
| yeor of S674O74. The income account lor u !G
3uarter for which the dividend was maze Is s,ii'
I,oro favorable II shows net earnings OF Fl'oo-,-
07s and. after the payment OF hrst cnafges' To
| nIne earnings for the quarter OF S2oo,oo4 my
Si,,;dend REQUIRES 1922, O33, and the neb lhcone
for the quarter leaves surplus ai'er C1e pay
| n 1,fG
Tie Tribune has printed the gross eaInlhgs VI
nineteen companies or systems LOT the lIlIu ; "" 10
in April OF this number eleven coni pan and
turn oains of S173,5j0, or 143 per cci'; ' LIZ
eiaht comnauies return losses averaging III r.
cent The whole number gives gam oo oeo ' or
corresponding week of last year OF 9oS,"I++, 81
. nor cent II has printed also the reports ~
yty Eve companies for the second week Ia hP apr
of Tyhich forty-dve companies return GAINS a 90
aoinc 1912 per cent, and twenty coiI III u,boIo
turn losses averaging 81 per t tSn corresponding
rani, ~ last wear OF S297,20l, or 40 peI uVd
The later reports for this week slightly lncie"''D
the total percentage . 49,, creootes and differ.
eoce enc Of the Companies showing gains and osses
81 week in APRIL 1872 70 s 81 ls21 Inc
y c,mIPpnies 9I60-5 e1S,Z9| Dec IOooo
Total 10 $50 7,5a S2,i27''a' Inc 9o'''22 80
"a wse5 in Inc $685. 409 192
20 eOnpSnies 49,. 2,SGi425 2274,'II D'c' o2--
ro,, q, oo,s s6I5S97O So 45i 1871 Inc s297 9ol 4.s
THE WEEK AT THE STOCK EACHANUh.
the total transactions in stocks lasU week MeIe
2704,S11 shares, against ~ .'1 a. resrpndI,o
nr week. ana 1,460954 in the cofIespoiid! - -
ID, If last year One OF the most laVOrtoIe
features of this increased activity was taI II w.0
due almost wholly to opelauohs AZ IN, onS f, M,
me- advanc1 in prices WAS not helped by Eng
land mr. Europe and while pubic interest heIo
was not exceedingly large IL Is nOt ehouEl ~
tribute it to sentiment or SHth irnenees Mere
nrnminent in the movements, Dut as alWa3S III.
rise excited an interest outside OF wan Soioet
which is not unlikely TO carry tne uiONe i
much further great deal depends on the hnail-
nioI ability of the country for no assistance Is
likely to come for few months from any par ~
Furope The losses that have been suIeIea III
South American ana Gther LII 6noIv turn
IN 1he l'nited States as the most promising anu
profitable field of speculation, us IesoGt1es h
been SO reduced that the recovery WI ny boon
Immediate The demand for gold "Ihch nle peIi
going on for several weeks IS entlrely Seaeolaggei
and for this reason the shipments are are, ItsatiIou
largely as demand loans to Europe I'm ma
arc justified in part by the trade conditions ana
the practical suspension OF the demand loI lnl-
way securities, there is probably stu more tii
nortaut cause for them. In the mere chahce Vi d
General European war, many nrms 'tpIoa, sun
Of whom have suffered heavily by thelt un-
fortunate speculations, are Strengthening Chenl-
selves against possible emergencies -, ,,.
1t is for this reason that most OF 1e aol' tToe
rnents appear 60 be special and not exchange Tals,
actions The slight loss that perhaps Is lIGurIcu
is of minor consequence in comparison win the aa
vantages that would result IN case OF any te fact
that certain prominent houses nave not m"uC "
single shipment of specie, and that II the trans
actions were due entirely 10 rates VI Inc
they would probably he large exporters Inc
activity and advance in the market were moSu
encouraging, although the httie news OF I"T WIN
was somewhat opposed to higher prices; ne re,
opening of lake navigation was promptly 1Olio"c'
by lively cutting of rates between the ACahuc
seaboard and the Northwest If this was not I'M
usnal il had certainly been supposed that TINS
wear the danger of a serious conflict between ule
water and rail routes had been aYerted. kepofts
of general business were a rule unfavoraDe
and discomfort in organized labor becomes more
threatening at the approach OF May l.
The vitality of the Western 1raifc Association
does not seem 10 be assured although the New
York meeting, from which everything is expected
will not take place for more than week. he
outcome of the meeting apparently rests with the
president Of the Missouri Pacific Railroad, ana ne
furnishes assurances that the organization VIII
he continued, and become still more enectlVe III
the maintenance of railway rates Iils plan iOt
the establishment Of joint agencies was not as
cussed at the first New-NOIk meeting, but J4e
next one may take up the question. II u shouIu
moi and If Mr.. Gould should insist upon some
thing of that kind the future OF the ASSOCIATION
NAV be considered uncertain. HIS assertions III
regard to it are hardly in c0nsOnance Wlth the
resolutions passed at the Chicago meeting, aiter
the members who were present tad waited tWo
DAYS to receive simply physicans certIhcae
that he could not visit Chicago. HIS return nome
incident in his Western trip.
In spite OF the slight and unimporiant develop
ments in railway and commerci&l ahairS, con
fdence in the future was strengthened every Day
bv the advance in the prices of stocks; The semi
Official announcement that the selling OF the
Northern Pacific Shares by Bjriin had been COM
pleted, the increase in the rate of dividend from
I 10 : per cent by the Wheeling and Lake ERE
Railroad and the beginning OF dividends by the
Pittsburg, Cincinnati. Chicago and st. Louis were
Indications of the generally sound CONDITION OF
raTTroad properties They gave lie and strength
not only to these particular stocks but also TO
the general list. The huOyancy was not checked
ot tie close of the week, when prices rallied
the publication of an exceptionally favorable
bank statement, and although the closing was not
at The highest point. it strong and promising.
The most influential consideration 50 far as the
stock and money markets were concerned was
the continued brilliant prospects Of large crops.
FREIGHT room for wheat carGOes has been taken
for July and August, that il is already virtually
exhausted. and freights have advanced TO an I'M
usually high point. In all computations about
the supply of money, the outward movement Of
cur surplus products is Of much more consequence
THAN the seasonabe exports Of gold or the con-