New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-29

for long and short sterling bills respectively
RAILROAD EARNINGS
The Tribune mas printed the gross earnings Of
twenty-nire railroad companies systems FOR
the third week in January. or the number nine
companies return gains of $40 763 or so per cent.
and twenty companies losses of SSS4.21l. or Ia
per cent The total number shows a loss Of
$SO7.i4S, or IL per cent. 1t has printed also the
gross earnings of fiftyninc companies for the
second week in January. The whole number
shows loss Of $G7l.25S or 1915 per cent.
Third week in January- eco.
% s s t ssls bee bee Sc s.
Total % cos.AaI4529 S4Oo7osl Dec $3o7i4s IL
Il corrpanies ST sdi -. sl4S, 700 Inc s12oo4s SIS
Al comIanes..... 4.9il:'l 1890 Dec 29i lis
Total 30 co's SO aoGo23 s5eaa77o Dec sc7i 25a 1915
THE WEEK IN WALL STREET.
Speculation in stocks last week promised
interesting features. Aside from few shares
influenced 10y special causes the market was
waiting one. The course of speculation was con-
trollcI largely by the varying phases Of the
discus sion in Congress economic and finan-
cial matters Toward the close of the week the
market became practically stagnant in conse-
quence chiefly Of the action taken by the Judici-
airy Committee of the lower house. This throws
some doubt upon the proposed issue of Govern
| ment bonds, although officers of the Treasury
| Department still reported large subscriptions.
Since the report of the House committee some
!
tails in regard to the amount have been pun
lshed. For several reasons the Secretary OF the
Treasury may regret that he did not consult. ne
fore h. issued his call persons possessed OF more
| experience i'm floating bond issues. The very
terms Of his circular offered some obstacles TO
the success Of his scheme. and in consequence Of
his wcll-known opposition To an .ssue 81 bonds.
/ it is suspected that hc may have tried how not
10 do il. At any rate. 10y the terms 81 ms oItu-
lar h. destroyed competition by placing all sub
scriutions on the same basis. II he had adopted
the principle Of first come first served he would
have melted rivalry between intending pur-
| chaeers. and then his estimates OF oNcrsubScrlp-
tons might have been realized. He proposed no
/ preventive against fictitious bids. and while
the offers may greatly exceed tho amount ol Inc
/ proDoscd issue the Treasury Department Will
I not know whether the subscriptions ar" Eopd
until pavrncnt on them is required. There is
nothing to prevent large subscriptions by wholly
: IRRESPONSIBLE persons and certainly nothing u
prevent their withdrawal before allotment Is
/ made As the Secretary held forth no induce
ment for early bids. II is possible that many sub
scriptions will be postponed until the last mo
4 mcnt. because they would then share equally
{ with those previously MADE. beioIe ,hc su up
sc,iniiou hooks finally close many II the bids
may be withdrawn. The success Of the loan
/ therefore. may be considered rightly somewhat
The action Of the Judiciar' Committee Ger
tainlv throws doubt on the validity of the IL
sue In this country TING will probably exercise
only a slight innlence' because. me o"huS
should be- issued. one here believes that they
would not bc paid at maturity The influence
OF the decision might be greater and more I'M
p,riant in Europe. and il might be sufficient 10
/ prevent subscriptions for foreign account. me
action Of the committee moreover. Is supported
by the position taken by the Secretary himself
when he appeared before il. He admitted mat
he had entertained grave doubts about ms au-
ihorjtv To isslie bonds under the resumption act.
HIT that on subsequent inquiry he had changed
his mind Having decided 10 issue the call ne
could hardly be expected TO say less. II would
be interesting to know If the change In his "pin-
ion was Influenced in any degree by the condi-
ton Of the Treasury. on Friday the stock or
gold aside from that covered by outstanding
certificates. had fallen To s66920SSl. the lowest
point since the resumption OF specie payment on
January l. 1873 There is immediate pros
pect that the Treasury supply VIII be replen-
ished while uncertainties in regard 10 the tarlN
continue The importations Of merchandise at
NcwYork last week were less than S|oooooo
and for the four weeks Of the present year they
amount t. $3l. S39. 800. the smallest amount In
the same period for several years Al the same
time the expenditures OF the Government. eX-
elusive Of the January interest payments have
exceeded the receipts by s4Oji6O12.
Apart from the possibilities Of legislation. the
, conditions surrounding speculation seem to be
more favorable. Trade reports show a con
tlnucd improvement In the industrial situation
and more establishments are IN operation, While
the number Of workmen ont of employment un-
dOubtediy has been reduced. Some Adninistra-
ton organs are especially fun Of encouragement
in regard 10 Industrial and commercial business
There Is. however. no better barometer than the
reports of Clearing House exchanges. AT New
York the exchanges have fallen steadily since
the beginning OF the year. IL Is not necessary
to compare them with the same period in preNl-
Gus years because every one knows that they
have shrunk enormously. In the last week
they amounted to less than si3l 100000. de-
crease from the preceding week OF over S36'oVo'-
600 and from the first week In January de-
crease Of over $lO9 900. This falling off can
not be attributed to the dulness In speculation
because the transactions In stocks at the STOCK
Exchange were nearly as large last week as In
the first week Of the month. The foreign com
mcrce continues 10 work In favor OF this coun-
try, for while the imports have declined "X-
ports Of merchandise have not fallen off ma
tcrially and in the last three weeks they ex-
coed those Of the same period In 1883" by over
100000 in spite Of this favorable condition.
rates for foreign exchange do not weaken. ana
evidently Europe continues to pay Tor our PROD
ucts by the return Of securities. This move
mcnt has not been large, but 1t might easily
/ become more active II the action OF Congress
should excite any doubt about the condition OF
the Treasury and the stability Of the National
currency. II must be remembered also that for
eign Investors hold large amount or sccuritcH
which now I'm default. Plans or rcorgani-
Zation are progressing slowly. and TO some or
them sharp opposition has been offered. Thrre
Is. therefore. inducement for Europe to IN
crease It's holdings. while It's necessities might
compel II to reduce them.
one stock furnished over one-thlrd Of the total
business in the week. This was American sugar
Refining. which is still included In the unlisted
department Of the stock Exchange. II declined
rapidly Tuesday In consequence or the ac-
tiOn Of the lower house Of Congress In commit
tee Of the whole The protection to the COM
pany by the existing law IL Y cent pound.
and the Wilson bill proposed to reduce II 10 q
cent The committee voted In 1dNOr OF Placing
all sugars on the free list The extreme decline
in Sugar Refining was little over per cent and
on buying evidently for the short account the
price rallied slowly until the final loss for the
week was only q per cent. The only other
stocks which were at all active were St Paul.
which was by turns strong and weak but closed
only fractionaly changed. and Western Union
Telegraph which on realizing sales lost IA per
cent. 4 feature OF the market yesterday was
a sudden decline in NcwYork and New Eng
land which i'm the week lost Pa per cent. Other
wise the changes generally small and in
significant, while there were many exceptional
advances. The market closed in waiting
mood.
Following Is the usual table. giving the num-
her of shares sold of all stocks the highest. low
eat and final prices OF the week, together with
the final prices Of a week ago. prefixed by the
average prices Of January 49, 1893:
THE WEEKLY RANGE
Jan. Actual saics- No.
~. High Low Jan. 81 Jan. shares