The sun., 1892-05-15

the other hand. has apparently strained
itself to pay dividends upon It's pro-
fsfred stock. and in consequence that stock
has sold down to figures that tlainly fore
shadow a suspension OF dividends. Its earn
ings are falling of owing to tho reaction incl
dontal TO the development Of the Pacific
Northwest. The earnings OF the Union Pacific
system are also being affected. but on
q smaller scale. by the same cause.
Both companies are large borrowers OF money
outside Of their mortgage obligations. but for
long periods. Their time loans will eventually
have TO be refunded. hence the prosperity OF
both depends to an extent upon the character
Of the investment market during the next year
or two.
Tie stocks Of all OF the railroad companies
that are members OF the Western Traffic As
ISOLATION have declined this week. though the
meeting OF that association. which has Just
adjourned. was, according to all accounts.
harmonious That condition. however. ap-
pears to have been superficial: and though
steps were taken toward maintaining rates.
ofloers OF the several companies do not hesii
tate to accuse. informally OF course. their
neighbors Of fragrant violations Of tho asso-
citation agreement Trustworthy inform alton
Is that the Atchison and the Union Pacific
companies are ignoring schedule rates moro
generally than any OF their competitors. The
Association Is certain OF precarious exis-
tence as long as It is reluctant to treat It's Of
Tending members with the Same severity that
It did the Missouri Pacific Company year ago.
Only few stocks have proved superior to
the general tendency Of prices this week.
They were specialties. and most prominent
among them are Hooking Valley and Ma
tional Cordage common. The first named
Was exceptionally strong to-day. No
end Of favorable Hsports are cur
rent regarding Hooking Valley. but
all Of them lack confirmation. The heaviest
dealings to-day were In Union Pacific and
Northern Pacific preferred. with the first
suffering the greatest net loss. The remain
der OF the list was. as rule. neglected.
Tho bank statement shows further piling
up OF unemployed capital at this centre. and
reduction OF nearly S2.OOO.O00 In the loans is
further evidence Of the apathy OF capital to
engage In new ventures or indulge In
speculation. Tho publication OF tho state
ment had no effect upon prices. except
as the plethoric condition Of the banks may
have baen regarded as indicative Of inactivity
in general business. While there has been
some liquidation this week. the bulk Of tho
operations on the Stock Exchange have
been made with view OF depressing
prices. In. consequence the short inter-
est has been very materially Increased:
in fact. in the opinion Of many observant and
disinterested brokers. the market Is now over
sold. The closing was comparatively steady.
owing to tho evening up OF short contracts at
the end OF the week.
As compared with the final prices Of last Sat-
urday the majority OF stocks are lower The
more important net declines are In Northern
Pacific preferred. ~ a cent: Union Pacific.
3a: Omaha. 81: Rock Island 2H: Missouri
Pacific. *: Chicago. Burlington and Quincy.
14: Richmond and Terminal T. r.. X: Atch
ison and Northwest. X each: Lake Shore and
North American. 1 each: Lackawanna. Z:
Louisville. New Albany and Chicago and New
England. y each: Wheeling and Lake Erie
and Wabash preferred. 4 each: St Paul. New
York Central. and Wheeling and Lake Erie
preferred. = p cent. each. The noteworthy
Manhattan. 5h: Cordaee. 3.: American Sugar
lefning. =: and Louisville and Nashville. X
p cent.
Final sales compare with those Of yesterday