New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-08
RAILROAD EARNINGS.

a Of
$243,&$4, or As per cent 1t has printed also
the gross earnings of sixty eight companies for the
third week in January. The whole number eives
loss Of $271 ,3ss. or per cent.
The following tables divide the aggregates and
differences OF the companies showing GAINS and
losses:
$ Ss in I,n isYi 81 ,s 500 COG Dncs g
10 companies... 1io1siC 1869 Dec. I55 So 9.3
Total IS co.'s C3as2l sjs77 o55 inc. s34S.23i 43
g co@paaie s3s22ssa59n s$csl ~ Inc e?e7 2sa s.
Total, IS cos~sc7o3s2s sj,4924io Dee. @25i SsS 40
THE WEEK AT THE STOCK EXClI.NGE.
Speculation in stocks last week was active but
lEg. Three stocks contributed more Than a third
OF the total business. They Were, III order of
activity Reading, Distiliing and Cattle Feeding,
and Atchison. They are excellent representatives.
of three widely different groups. OF these Read
ire recorded an advance of Ii per cent, Dis
/ til,ing and Cattle Feeding decline of - per
cent, and Atchison > Is per cent, In the last
half OF the week the coal shares Lccame eX-
lremey active, and closing Il little below their
highest points, recorded gains of from ; Ia 10
10 per cent. The transactions in them over
Swallowed the rest Of the market. which generally
declined slowly with considerable Resistance.
Aside from tie coal stocks, the closing was dull
and rather heavy.
! The course OF prices since the beginning of the
year has been disappointing and contrary 10 ap-
parent conditions. One cause has been the con-
tnued selling for European account, which has
carried rates for foreign exchange 10 very nearly
/ Tie gold exporting point. The advance III rates
last week suggested the possibility OF shipments
Of specie. In view OF the Immense trade balance
in favor OF this country exports OF gold are re-
eardcd with apprehension because the movement
il mysterious and unexplained II Is not pam
whether Europe fears some disaster III It's own
affairs or whether ii has been selling securities
because Of the unccrt9inty iii regard - the silver
question in this country.
4 II the selling has been in consequence of ~
own poverty the American market has undoubtedly
! been the best one which IT. cUuld possibly nave
of last year and the imitation of money by the
constant issue of lcgal-lerGcr notes for purchases
/ Of silver bullion nave tAabed uhs country 10
endure without distress the persistent selling for
foreign account. If. on the other haud, TINS sell
! ing has been simply because Europe has known
that it could now obtain -O.d il would Indicate
General opinion abroad that no international
agreement for the reconciliation Of silver Is
probable. - 80. -,
favorable to ths country II - IN c1et;. nothing
! more than piNing q part of our debts, and this
country would he 50 much the richer If Europe did
NOT hold single bond or share OF stock. 80 lar
as the sock market is concerned IN exactly OPP
uo-ltc influence would b, cNcred 10y continuance
of the selling. The fears of early exports OF gold
/ which crvsIcd the stock Exchange were not en-
! tirely rcaSyHablc. The outward movement OF gold
always begins III the spring and the return now "c
ours IN the autumn. lie Only reason why lH'
seasonal BE movement should De dreaded ms yer
| - tie drUSiyc nope that the very heavy snip
ments a year ago dll no, return III greater volume
The df preston in Europe in come lu'nce of the
Barring failure ard the Argentine collapse was a
| sufficient reason why no larger part OF the GOA
should have been rel urncd. II probably never VIII
flow y II undoubtedly be resumed III a Few weeks
The somewhat abrupt Use in the anthracite coal
stocks Was largely speculative. NO alIecmcil,
between tie companies ia respect 10 restriction 81
! mining or division Of tra!ac has Yet been maze
| There j. no danger of . serious coniici, ana %ct
the necessities Of the Reading company JUSTIFY
il i'm insisting upon the proportion Of me total
business which it, property and facilities
cnitlc it to. If other companies are
the production of coal III the present wear VIII
probably BE- the largest on record. The project OF
IA ioint agency for the sale OF coal IS not new
one and there j. no reason TO suppose that II Will
Inc carried into effect. In any event, il is not one
of the questions which are now pressing Tor SET
4 further decline in Dstiing and Cattle Feed
| ing stock excrtcd balcful influence on the
! general market 1t fell on ThulSiay = A. .,
decline of over II per cent in "a few weeks. Since
then il las rallied sharply and there are re- SONS
to believe thai the speculative directors nave
accomplished their purpose. whatever mat may
| have been il was scmloicially statrI fcs'crdl ~
that the net earnings of the company IN December
were 81 ., 600 and ia the ~ nth Of January, over
lS3OO OOO. II was stated also that TIE company
| has in it's treasury sufficient money - pay the
anil dividend. II is impossible 10 suppose that
these earnings wcr not brown t. inc directors Mh2
met AZ Chicago on TUESDAY. Vet they listened
10 u written statement of the president IN which
| hc spoke Of misrepresentation IN regard 10 'hc
lcarnings Of the company. ana thrY pass, 'eSoi".
tons authorizing the officers 10 icluc" lnc p'if
Of The product Of any time, according - their us
crct ion even if dividends should have - he sus
II must be inferred from the announcement
that the company alrca " has money for us April
dividend that the president and his associates nave
recovered the stock which they soId ~ hiemrr
prices That the decline in Distilllng and ta''lc
Feeding should fcct adversely all other lndnslrI1l
stocks is not TO be wondered at. No combination
Of this kind was ever formed whose uhIcTIS M
purpose not - snbVcrt the natural la"S OF
trade. II prices Of thcr products nave OCCASION
| ally declined. it has been due TO circumstances
Io,,f ir..lt tfei,f fIc
simply showed the futiliiy of efforts to nnl,iy the
natural law OF supply and demand. Tie dement,
which the public obtained WAS not by the grace
Of IN" combination. =,
| TIE principal disadvantaac Of the industrial
stocks, or Of those which have been admitted 10
dealings at the Stock Exchange, is that they haFc
been controlled by speculative managers Inc las,
example may not have been much worse th"n thos'
which preceded il. None Of them Is productive
OF GOOD To the people.
In the general railway list the course Of prices
was slowly downward. ore excuse for this move
mcnt was the falling of in railroad earnings III
the latest weeks reported and in the month oi
January. The decreases unfortunately nave no I
been confined 10 any particular section OF 'hc
= country il has been expected that the southern
railroads would suffer severely from the depression
in cotton and in tie iron industries. The snip
mrnts of cotton have been falling OH wlnc inc
low price which the planters have received i9r
liz las prevented large return nciehts All
southern railroads have shown largely decreaSed
earnings The Richmond and I)anville system re-
poris gross receipts in tie third week in january
Of S231. $50. against S3l1.2j0 in the same week
last wear The East Tennessee reported decrease
i'm The third week Of S3S 1873, and the Memphis
u and Charleston one Of 81 .l3j. The decrease oil
fine Louisville and Nashville in the month was
only $4,000 but this was important when 1t
is remembered that in the wear the additions 10
tbr uiragc amounted TO GlS miles There can
hardly be any improvement in the earnings OF
tbc Southern lines until there has been sub
stantal revival in the industries from which they
| Foiowing is our usuS table giving the number