New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-14
RAILROAD EARNINGS.

Total 20 cos...s9 2545i6 s955649o Inc. s3Ol974 80
S Sompanss iiio5d2 icsssS7 Dec 75SS 81
Total 81 cos . s545i57s s5scs.e2s Inc. ss52.c55 ga
THE WEEK IN WALL STREET
Activity in stocks was confined to a few issues.
and out of the total list fifteen shares contributed
more than three-quarters Of the entire business
done. The market whole was dull and wholly
in the hands of professional traders. Heavy In
terests continue TO stay away from the Stock Ex-
change. and this. with the absence of any foreign
interest in this market, prevents an improvement
in values OF the standard shares but II does not
force any serious Declines and, was the case in
the dull days of the summer. values are better
sustained than car be expected WIFE only pro-
fessiOna traders In the market The prices Tor
. the Industrial shares have huctuated to some ex-
tent and transactions have in great measure
been confined to this class Of speculative proper
ties for reasons which too familiar to need
any explanation In the week aggressive cam
paign against Chicago Gas developed. and there
were unmistakable evidences that the efforts OF
the reorganization committee to rescue the prop
erty from the hands of stock sharpers would be
violently opposed by those who make specially
Of the manipulate ted Industrials The plan for the
consolidation Of the Chicago Gas companies Is
said to be a strong document; in fact strong
/ enough to meet the objections of the Attorney
General of Illinois and inc Governor Of that state,
and the friends Of the plan believe that 1t Will be
the means OF establishing the companies on a
sound legal basis and secure tor investors a good
dividend paying property. Chicago Gas huctu-
ated between II and 65s4 in the week and closed at
slight loss The rest Of the Industrial list moved
more or less in sympathy with Gas. although
various unfavOrabe trade rumors were re-
sponsible for fall in United States Leather pre-
ferred. and what Is considered the favorable out
come of the negotiations between the wreckers of
Disting ana Cattle Feeding Company and the
/ MANAGEMENT of the successor company helped
Distilers to advance little. st. Paul was sold to
some extent by London, ard the rest of the
! Granger shares and the Southwestern railway
group were unfavorably affected by the demon
+ nj
Union Pacific was higher on reorganization prog
ress. Some uncertainty was felt In the week re-
garding the outcome of the fortnightly settlement
! in London on account OF the recent INCUBATION
there in mining shares. but the result Of the first
day of the settlement was satisfactory and devel-
oped no trouble among the Kaffirs. The end of
the settlement may see speculation in the mining
bubbles increase. but there is reason for be-
lieving that the end Of the mining craze Is in sight
The fact that many banks were below the legal
reserve limit a week ago caused some slight APP
prehension in the early part Of the week of srin-
gent money but the market eased off on Wednes-
day and remained easy all the week. The returns
of the banks for the week just closed show
further decrease in their cash holdings. and
larger number of banks are below the % per cent
/ limit than in the preceding week. but this should
cause uneasness, and the chances are ii Will
not. unless alarmists should point out the grave
condition. as they would con, der It, OF the Dig
money institutions. The effect Of the banks re-
duced holdings ought TO help rather than injure
the situation. Speculation in silver bulliCl GER
tiicates was one of the unlooked-for and active
/ features of the week on the Stock Exchange. and
II assumed larger proportions than in many
months The demand for the metal in London
has increased and there is an appreciate increase
in the inquiries from the arts and manufactures,
well as falling off in the supply here on ac-
count Of direct shipments from the smelters to
San Francis for export to China In the last six
months and longer there have been large ac-
cumulatOns Of silver in London and Paris in con-
nection with the Chinese indemnity payment TO
Japan. and the consensus OF opinion is that tn.
activity in the silver market is due in great part
TO these indemnity payments An interesting fac
in connection with the rise of silver has been de-
cline In cotton, and while IL is not argued that the
responsible for the other II is interesting
because the people in the South were wailing last
year about a decline in cotton being brought on
by the decline in silver. The price Of silver bull
ion on the Stock Exchange reached 69% cents In
the week. and further advance would undoubt-
eddy have an important bearing upon the silver
mines in the West. Many of these mines nave
been abandoned and production in others is on a
small scale while if the demand continues they
may be reOpened and worked to their full capac-
ity. In England bar silver reached its highest
price Of the year. closing the week al an advance
from the previous week Of nearly Id: to $3.50
Among the important and highly significant fe2-
lures of the week We're the meeting of the Trunk
Line and Central Traffic associations; the forma-
ton by these associations Of traffic associa-
ton. and the ratification Of one OF the most eX-
tensve and far-reaching traffic agreements ever
drawn up in this country. The history OF traffic
agreements has been flee with dsappOint-
rnents broken pledges and lack of faith among
railway companies that any plan which embodies
features which can prevent the most harmful III
y,
ting-will be received by the public with glad
and thankful welcome. OF course, the new agree
ment has yet to he tried. but II seems impossible
to predict failure for ii In the first place, the
companies pledge themselves TO aid in running
the purposes of the Interstate Commerce act to
cooperate with one another and adjacent trans
portatiOn associations: to establish ana MAINTAIN
rates. rules and regulations; 10 prevent unjust
discrimination and to secure the reduction ana
concentration Of agencies and the Introduction Of
economies In the conduct of the service The plan
is entire departure from old methods ana
agreements. II contemplates putting the rate
making power competitive business into the
hands of nine men elected by the different
roads forming the association and this rate
making body will have the authority to en-.
force its control Of the rates which Is in itself
one Of the distinct improvements on previous
plans. Managers have. as a rule. been desirous OF
living up to their agreements, but the pernlc!ouS
solicitors. In their efforts TO secure business, nave
ruined the whole arrangement. Under the new
plan these solicitors will be under the control OF
the board Of directors and will be unable to prac-
tse their methods as heretofore. and, moreover,
separate soliciting agencies are to be done away
with and replaced by joint agencies. Any viola
ton of the agreement will be punished by a
heavy fine.
Some If the provisions Of the agreement relat-
ing to the power Of the Board Of Directors with
out their legal phraseology read as follows: The
Board shall be deemed the exclusive agent and
representative Of each company In fXing ana
adjusting rates fares and charges and in making
therules and regulations governing the traffic; the
action Of the Board shall control ana be Dindlng
on the parties TO this agreement until such rates
fares or charges are dsapproved by the Board Of
Directors Of any company. The Board shall, from
time TO time, consider and fix such rates. fares
and charges on traffic as may be reasonable and
Just and make all reasonable rules and regua-
lions necessary for governing the traffic covered
by this agreement. and shall adopt such rules as
It may deem necessary for meeting the compe-
tition of other lines The published rates and
fares shall conform TO those established by the
Board ana no company shall through any of its
officers or agents deviate or change the same
except by resolution OF its Board OF Directors,