New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-22

exchange market was quiet YESTERDAY, as ssu ss
on half-holiday but rates were mn n.or Ji re-
and 81 SIS IA Tor long and short s'eriins
'p'O''''' RAILROAD EARNINGS.
The brighter promise held out ny une IalrU nav
| returns for the first week in February "eIc nv
fully sustained. The percentage OF gam over eorI
CORES ponding period last year, winch was hgatN
l.5 per cent last week has been Ieuuce a !, the
| second week of February is Only 80 PEI ctnl. -,
The Tribune has printed the gross carn s ,ba
forty-hye railroad companies Or bS ~ number thirty
second week in February. O1 ms nulnoeI .',i
three companies return gains OF Sfblt'?, vi 80
per cent, and twelve companies return loSSt. a'
eraging IA per cent The whole nnmecf 49, c sSc
gain over the same week of last year oil S"'o,o-o,
| or S3 per cent. 1t has printed also me sloIEs
earnings of sxysix conpaIes Tor the nrsu ai Mt
| in February. The whole number gives sain VI
S67 1884, or 1915 per cent.
The following table divides the aggregates and diner
| ences of the ccmponics showing gains and losses;
%:$s s:: ;2 5s,sS 81 #5Si 4
Total, As eG;,,sa, 645,o54 s'Osioso Inc sS8os2o SO
seSssf4 IS I Bc s7 53 e! T.? Is
Total e6 CO.'S 33s 0n s7,oiO575 Inc sci 934 100
THE WEEK AT THE STOCK EXCHANGE.
The movements in the sock market last week
cIoarIv showed that the great Reading deal had
brought no new element into the speculation:
The balance of business was lirtlc more than hall
stocks the shrinkage was very m1ch laIseI 10
was natural of course that there should DE Sohi SOM
reaction from the intense eAcltmeht Which iol-
lowed the official announcement OF tic coinpln'
tion but the comparative dulnesS IN the STOCKS
most deeply affected by IL aroused suspicion ul'
the previous excitment had been somewhat afti
fetal Reading remained the first stock in point
of activity and after extreme fluctuations OF about
) per cent il recorded fractional gam Ior the
week The transactions IN the other coal shaT res
were little larger than those on one day IN the
previous week, while the tendency Of prices was
downward. D.,
ing combination Erie lost l per cent and New
York, Ontario and Western nearly as mYch; While
New-Englsnd was strong ana iraGtiSnay ny oo
shares against l54, 900 on Thursday, February II
those in Ontario and Western were i 400 against
127. 900. and in New England $1,000 against
l43 900 shares. For the shrnkage in business
and price the threatened Investigations OF the
great coal combination were not an adequate eN-
cuse There is every bllity that ega, forms
authors of the deal and that on legal grounds
it will not be disturbed The real ya aiIs.o Of the
combination, even to The Reading Railroad, re-
mains to he proved by it's ability TO secure larger
revenues from its business.
Public interest in speculation abroad ana at
home was not awakened by the announcement OF
the combinatio nor by the activity ana advance
in the stocks affected bv ii. On the contrary, me
American public remains apathetc, and l,'rc ana
in Europe old-timc holders of these stocks were
quick to IA Ike advantage of the extraordinary rise
The selling for Euroi can account, In fact, was
greatly stimulated wlnle Il was not limited 70 'ir
anthracite coal shares. Even at the reaction IN
prices which has been witnessed In ne past
week the foreign selling has not diminished. "
is not impossible, Of course, that Europe Us Ipaks
ING false diagnosis of the financial condition OF
this country. II is highly improbable that II
has made any mistake about its own AFFAIRS it-
continued selling Of American railway securities,
and particularly of those Of n high grade. mlst
he attributed to it's own necessities rather tah
10 any lack of confidence in the investments
There are few persons in this country who antci-
Eponcio1 disturbance .in consequence
newed agitation of the silver question or the
fresh outward movement of gold. \ free coinage
bill less absurd than the now under discussion
bv Congress has probably little chance of going
far beyond the House, and in any case would not
receive the approval of the President. Inc worS, Wort,
feature of the present agitation is that 1t VIII
prolong the existing law which compels the pnr-
chase of 100000 ounces of silver each month;
In case the export movement OF goa 6 Sno ,be
apprehcnsions of Europe. the treasury IN
doubtedly would exercise lis lawful power IN
support of specie payments me return OF 5cr ~
a distinct advantage, both immediate and re-
mote to this country. What effect on srccuia-
ton might result from an issue of bonds Tor the
protection of specie payments or to connteIact
European demands for gold may not ne safety
predicted. The suggestion that Europe has been
baled out" of American securities Is unworthy
Of notice. 1t is constantly reiterated IN spite oil
the fact that the movement of securities Is a
direct contradiction. The enormous trade bal
ance in favor of this country with the beginning
of the usual exports Of gold indicates The extent
10 which Europe has drawn upon lie permanent
investments. The export movement OF mcrchan-
disc is continued on large scale. and has not bceh
INTERRUPTED by q speculative advance IN the price
Of wheat The condition Of our foreign commerce
presents anomalous features which the future
can alone explain.
The business in stocks last week was more
widely distributed and in this respect the mar
kct more natural and less subject to pro
fcssional manipulation. Western railway shares
were depressed toward the last Of the week by
rumors of hostile legislation, although these may
have been an excuse rather than caus'. The
general course of prices toward lower level,
hut the declines were neither large significant.
With the exception Of Western Union the Could
stocks were weak under selling pressure which
was not caused by any developments in regard
10 the companies. Western Union advanced
steadily on rumOrs that the dividend rate would
be advanced next month from 10 per cent
year The rumors may not be confirmed but the
earnings Of The company will probably justify an
ncrease in the rate before the end Of the year.
Among the incidents of the speculation was
the activity in Chicago Gas, which advanced until
the announcement that control of the opposition
ccInppny had been secured in lis interest, when,
very reasonably il declined Al the close il was
scarcely higher than il at the end of last
week Richmond Terminal also active. suf-
fcring a final loss of ! per coat The plan for
the reorganization of this company may be made
public next week, and lis success IL already as
eured by guarantee syndicate of undoubtcd
financial strength.
Following is our usual table, giving the number
of shares sold of all stocks. the highest, lowest
and final prices Of the week, together with the
final prices Of week ago, prciXed by the average
prices of February 81, 1891 &: