New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-23
NEW YORK DAILY TRIBUNE, MONDAY MAY 3d. 1s92-IMlLv1 ~
400 90, 700 loi,i7I. 700 81, OOo, 20 Cd

touther1 Nat eii5.GOO 47s,s00 21soc I'oo,poV
400 9l6 700 Ioi 700 80 Ooo2 o o3i 49, W
Tie bank exchanges AZ the NewYork Cheering hO"'e
and the stocks sold at the New-horh "'o." -
week and for the week OF the pfee'u'"e
follows May 80 80 N s "a "a s7s 81 ga
EXCHANGES old 9 e66o73 i7oS5-7 issos5O
TIE MONETARY SITUATION.
Money continued to accumulate at all the great
financial centres of the world HE Bank OF
cont and the open market rate discount In raris
was only | per cent The Rank OF England made
no change in It's rate, but in the open market
fell to 3d. per pc ien anu per een At
other points in Europe rates were also unprece-
dentediy low In the local market there was no
important change in rates Inc ",ty oanks gai1 t,n
county. although the Treasury payments were
considerably in eyccss Of receipts At the stock
Exchange rates for call loans ranged from ] TO
extreme figures. Renewals wpp made at IL per
cent, and the great bulk of the nrw business
was done at the same rate The supply OF time
money remained excessive. but on account Of the
light demand lenders did not force their offer
ings II borrowers wished 10 make fixed engage
monts they could easily arrange their own terms
throughout the week. The mercantile. demand
for remittance was very light, and while there
was no large supply of either merchandise or
security bills il sufficient to depres the mar
at 81 Sc II and 81 81 1-2 respectively for long
and short sterling bills.
RAILROAD EARNINGS.
"The Financial Chronicle" reports the gross
and net earnings for the first quarter of the cal
cndar year of 2Os railroad companies. According
TO its statement there was gain in gross earnings
over the same quarter last year OF SlS,36o.31o
SIS par cent. ana IN net earnings OF So.'o''-
asa or 9.37 per cent
The Tribune has printed the gross earnings of
forty eight railroad companies or systems FOR me
&c hos . 4 fNs-nln a.
companies return gains of S341. 40 or ~ per
cent, and nine companies return losses averaging
GA per cent The whole number lives q gain
over the Same week of last year Of S274,512. or
40 per cent II has printed also the gross earn
ings of sevcnty-one companies for the first week
in May The whole number gives gain of $780,
10. or 80 per cent.
Tho following table divides the aggregates and differ
ences Of the companies showing gains and losses;
g $::S = A' S' 5s5 B: Ss
Total .s co... So 497 i2O s5,77i os2 Inc s274Si2 40
sss b be: ''7Ssis
Total II CO.'S SO Cos 200 So sos o69 Inc e2oo77o 80
THE WEEK AT TIE STOCK EXCHANGE.
The stock market was under the control Of an
aggressive bear faction. Wall Street was filled
with gloomy predictions in regard TO the crops. ana
the damage by rains and floods was estimated at
many millions according 10 the interests Of those
who were struggling for lower prices. They ,h'ei,
tated to fix the amount of damage TO railroad
but confined themselves 70 statements
about AGRICULTURAL products which could not
PROMPTLY be denied. There can be no question
that the rains at the West have been nnfavor-
able to the crops. hut predictions in regard TO
corn. which, in some sections has not b-cn
planted are at least premature. The gloomy
DEMONSTRATIONS Of the bear faction were not
by reports from railroad officers at me
there oy hs of damage have
exaggerated IS altogether probable and the ad-
vance in grain and the decline in Western railway
stocks are an indication that the highly colored
stories were circulated for speculative effect Ibe
Clearing House returns and the reports OF rail
way earnings ~ yet afford no ground for the
jcef that the general business OF the connffy
las been interrupted 10 any serious extent.
Besides the unfavorabe weather at the West.
he bear faction had in it's favor the official
allure Of the plan for the reorganization OF the
Richmond Terminal Company the suspension of
dividends OH Northern Pacific preferred stock and
the announcement Of new issue OF bonds Ivy TIE
vantage. was taken of these incidents. so that
,fter all. the results which were achieved WIRE
out of proportion to the tremendous efforts.
The stocks which Were asSailed with the greatest
vigor were the principal Granger shares Atchison.
Northern Pacific preferred and Eric. The extreme
declines in these stocks rarely reached PER
,ent while the final losses Were only IT, The |
heaviest decline occurred in Rock Island, but it |
vas less than per cent, while the final loss In |
st. Paul only 3-s per cent On the other |
hand, many stocks resisted the general movement
we're material. The closing yesterday was strong |
N the midst Of rally. which may have been
luc chiefly 10 buying for the short account IL
IS significant fact, however, that prices rally |
more readily than they decline, for the advances
we're on much smaller transactions than were
necessary to accomplish the previous declines
Exchange markets were the CESSATION OF selling |
or European account and the continued and |
active demand for railway bonds There were |
10 shipments of gold while rates for foreign eX- |
hangc steadily weakened. II is certain that |
european confidence in American securities has |
zen steadily growing for the last few weeks. |
forts OF the bear faction had no other Influence
N the foreign markets than 10 check fresh pur- |
bases. There was evidently no inclination on |
he part of spectators investors TO part with |
tocRs which they had recently bought. In fact, |
he declines brought 10 the market very little |
Ong stock from any quarter. With the possible |
10 appearance OF important liquidation. In
loubtedly the attack on Erie was intended TO |
disturb foreign shareholders for rlinors about |
he dividend on the preferred stock and about
new issue Of bonds were repeatedly trans
nittcd 10 London. These r,lInors had no fOun1a-
ion, but, Of course, advocates Of lower prices
lever correct their misstatements. There was no
Indication in the movement Of the stock, although |
{ lost l-2 per cent In the week, that the real
wners Of the property were concerned about the
JUNIORS Of financial troubles.
III in these circumstances Europe unwill-
ny to reduce its holdings Of stocks and at the
anne time was an eager purchaser OF bonds, It's
ttitude in respect 10 the American market may
ot be doubted. On more favorable reports about
he crops and the natural ending OF recent bear
ttacks, the buying for European account may
i've a stimulus TO speculation that may not be
esistcd.
Following is our usual table, giving the number
+ shares sold of all stocks, the highest, lowest
nd final prices Of the week, together with the
nal prices Of week ago, prelAed by the average
rices of May 90, 1891
WEEKLY RANGE.