New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-15


The Financial Chronicle reports the gro$
earnings in January of 80 raroa"S Inc !hS 90
the same month last year Is st"gT az pin e
1856 or n little over 10 per cent. lnls Ei ,am
nst about nronorionate 10 The increase in mileage
The largest decrease in earnings was rePoi UI 10y
the Northern Pacrc. but rs group me pmi
roads suffered the most FREQUENT losses. tIohni-
nent among these were the railroads COMPOSING uc
Richmond Terminal system ana 1hG r2liHIIl o and
Texas The small loss reported ny Lou'' =; .i'i "r. o
Nashville becomes more important wnen II II IT,
oernbcred that itS increase in mileage III tne !ttu
was 61S miles. The earnings Tep9r'el lOI .i'
first week in February promised 10 hc more s''i7
The Tribune has printed the gross carnings 90, ol
forty-four railroad companies or systems Ior I've
/ FIRST week i'm February. OF this number uhrtN-
nine comnanies return gains OF '!j37 ,iS2. or ~
| nrr cent. and five companies rrtarn losses aNera!
! Inc / Oh per cent The whole number gives gam
! over the same week of last year OF $1oN,1o". or
III ucr cent II has printed also the gross earn
mos Of sixty-six companies for tie fourth week IN
! January, The whole number gives gain oi
Tbo rolovinc tables divide the aggregates and
differences Of the companies showing gains ana
/ losses: ,,,,,..o,.o. - .
!; ; rSfs & y'" s'3 % &c s5:s e. 5s
ro,a, :. co's..s1iIl97o s'05s sa' Inc e'oS 500 II"
Tsss 22s be- bs sia3 FL Fl M
roaI &C Co 80 093OC Olga Clio Inc $1,000 oo's
TIE WEEK At TIE STOCK EACHANGE
The extraordinary excitement IN one srcn ,a,
ket last week caused By The official announcements
~ ,he latest combination between the ahtiIaci'e
coal companies is shown best oy the IfpITi t,
transactions. The business III tne week en LIS
snnrt of 5000 900 shares, and the reported ud h
actiops in Reading alone were nearly ,-'ooo,Vuo
shares The business In Readi1g nSp So 49,
amounted to l,169,OOO shares, anu Ill my 80 80
week the transactions i'll this stock greatly az
ceeded those in the whole OF last year. n' "t
the anthracite coal shares, the announcement, -
the combination produceu stmV1 IL ~ Tbese We're
Erie NcwYork and New. England, and New i9 aI,
0ntario and Western The transactions III hVe
leading stocks were over 80 OF tue Io.ai tmcs
The advances which were scored by thess sVI 1,
ranged from to l3 per cent, although lhc t"s
prices were at sharp concessions rom lie IrnaJv
figures. In comparison WIN uiie stooNS drii ami
named the rest OF the market was uui "ii'
dropping. ;lort contract
by which the Reading Railroad mas @cq'en Central
troll Of the Iehigh Valley and Ncw-JcrS'S Nen u.
have not been published Beyond the Dald lact Una,
the Reading Railroad guarantees 'ne pay n'n' ,t %a
first charges and dividends OF per CEN vi. un
stocks the conditions of the arrangement are hoV
nnhliclv known II is apparent, however th2t
bv the acquisition the Reading Railroad c0n' I@
! tho anthracite coal mar ket of this county: ne
managers are careful TO say that the n9lna,O Od
will NOT be detrimental 10 public INTERESTS M"
that the price of coal will not he advanced unuuIS
They claim that large prom VIII y" sill by
from economics in management niblc P'Ssl"ir, ~
tho consolidation and by the relnoval OF mi'"c
men between the producer and the cThsu .lnnI
There is no doubt that large saving may " lu
in this way, and there is no company ouuSr" ~
tbc combination which can offer serious cphPu-
lion. There Is equally no doubt that II me COT" ~,
bination is successful the price OF c9al MI ~
advanced to the utmost limit which Will hot
stimulate indepcndcnt production OF WI" VI"
Competition of bituminous coal The purpose Of
the combination is 10 make money Tor u,e ouIl.
nanies which compose il. The rcaiiest and surest
way is 10 exact a larger price for the pIohuc 49,,
Toward the close Of the week the ieadIhg Goa,
shares suffered small reccssions on runo's ~,
/ litirafiou There IL nltlc udng'I VIVA"
the combination will he overthrown IN thls way.
il is impossible TO suppose that us ceal ore
u.ern NOT fully considered before the leases were
signed Although the arranerment may s ~, i nr
fringe the strict letter OF the law, either nth'e Oh
National. it may le contrary TO its spir; "o of
his fault will not affect probably thc me 81
the combination. What may be mos' Ieafed II
hostile legislation in the future and INC arouHng
Of competition The advantngcss I" ,ns nv thc
recent rise In its securities. Predictions OF fun
interest on all its income bonds ana dlSin.lInuS
! On its stool, nav not nc fulfilled Immediately
| TIc practical success Of the combination can
hardly be demonstrated in day or a wccR'
TIE production Of coal must he mace % roIIe
/ srond with the consumption, ana YET 4 Iar!pI
/ amount of money must Ike obtained from thr
smaller output. The obligations OF the COM
! parics composing The combination have not been
! reduced, and those OF the Reading COMPANY "''o
| r. far the most conspicuous feature OF thc
! trading the lack Of cntnn-i@sn Ft"wm "2
/ tie general market The selling Tor fut'F,n
! account WIS eager and persistent, and me ad.
vance caused b. the announcement ~ me Vrnn'
/ deal" snrr1cd simply 10 encourage iorich -
! inr Apparently EITope disposed not Only Of lie
Beading securities. bui II took aHvantage u W.
! vrc and Nashville St Paul, Atcbison and other
stocks. OF which II has been a large holder IN
/ former wears Europe has suffered |ver'f ny
large and confident Investments III KeaHl,ig sl"c.
and bonds, and lis selling IN the Iacc OF lr III t
| imno-tant change in the companys affairs mat
Ia. ever been ACCOMPLISHED must ne consldcTcu
highly significant The fresh selling caused a
further sharp advance in rates Of cAchanfe, "IrTn
! are practically at The gOld-shipping point me
movement Of merchandise at the moment Is against
this country The exports are Ealing on ana
the imports increasing the excess OF imports VI
I the last week amounting IN over S4,25O,oOo
Bo>h movements entirely natural, ana accord
ing 70 precedent In connection with the heavy
return Of securities they bring nearer tnf Gsu
bullion and the continued AGITATION Of free COIN
age by Congress also explain in some degree me
European desire TO exchange, American sccuh-
ties for food products ard gold ,
While the general market was comparatively
dull and heavy the declines in the week were
and the popular opinion That the company would
/ resume the payment Of dividends on lis common
stock was somewhat shaken. The meeting OF the
directors will rake place next month, ana me
appointmpnt TO Wall Street The Vanderbilt
stocks were practically neglected. and the Gould
stocks were weak and lover Richmond Ler,
ninal advanced slowly in tie expectation that
tEe plan OF REORGANIZATION would be favorable
and successful. Although it has been virtually
Completed. it may not be made public for a week
ar Two The advance in the stocks and bonds
of The company may explain the delay in the
publication Of the scheme. Fear Of reoreanizo ton
may have been the cause OF Tie weakness OF me
,toyoe and Pacific securities The income seconds
NJ the company can take possession Of the property
if the interest Is not paid on March /. There is
no expectation that il will he paid, and The
holders Of the bonds will probably be satisfied
If they receive preferred stock at about IS or
20 for their back interest, with the condition
that the bonds shall have fni mortgage quality
Among the minor features Of the trading was
y revival Of interest in stocks like Iowa Central
preferred and the Chicago and Eastern Illinois
stocks. Although the great feature OF The RAJ
Tho activity In the Pen