New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-21

and the market was bare OF bills such offerings
as there were being quickly absorbed. Rates
Kept up firmly. and showed only slight varia-
tons; but they indicated that shipments OF gold.
both to London and Paris. were profitable. and
gold TO the amount of s.. $50, 900 was exported on
Wednesday and Yesterday principally to France
The market at the close was very firm. with rates
AS follows:
Sterling Sasiti ! hS1s s ssS5 s,;
Reichsmarks ....... ~ e5,sqoSAs % 1911;
There are no indications Of much easier rates
or exchange this week.
RAILROAD EARNINGS.
The Tribune has printed the gross earnings Of
thirty-seven railroad companies or systems for
the second week in January. OF the number nine
teen companies return gains of s15659S or III
per cent and eighteen companies losses of $751;
$50, or 9.S per cent. The total number shows
loss of $lOl.l92. or 2.5 per cent The gross earn
ings of fifty-seven railroads for the fist week in
January printed in The Tribune. show an in
crease of sl509 or 02 per cent. The following
tables show the gross earnings of thirty-seven
companies for the second week. compared with
the same week year ago. and of ffty-seven
companies for the first week Of January for the
two years:
70 s'SSna %ssH '.n "s1: IS
IS conpanlcs.... 2.Gs472 237a,es2 Dec. 257,7so os
Total 81 co.,. :ssoc47s2 $50 Dec. sioi.io2 %
20 S Dec @ ::ss 4
Total 81 CO.'S. s5.4,2 4es $3.50 9T5 Inc si5oa OF
on THE STOCK EXCHANGE.
The stock market devoid Of stirring incl
dents. but 1t surprised nearly everybody by its
strength narrow trading. This improvement
has, indeed, been going on for week or two; bu.
1t is only just now that the condition is generally
admitted. 1t is attributed by the most careful
observers to the covering Of short contracts. But
what led to this covering? Why have the bears
become timd? They declare that railroad earn
ings show no substantial improvement, that bust
ness has not rallied greatly. and that the fnan-
cial condition of the Government has grown
worse; yet they have protected themselves. The
explanation seems to be that sentiment is again
at work. While railway earnings are bad. they
have been worse; while business mas not III,
creased greatly IL has increased somewhat; ana
while the Federal Governments condition II
lamentable. this fact in itself is likely to lead to
needed legislation. II not by this Congress- by the
next one. which Is almost sure to convene In ex-
ira session In March Moreover. the pooling Dill
is likely to pass the Senate within a few days II
is easy to see therefore. that an appreciation or
these facts might create bulsh sentiment when
would shape the market as ii has been shaping
for the last fortnight. Things which may happen
were more effective than present conditions; I'M
favorable bank statements and gold exports were
disregarded: short contracts were covered; some
lucky possessors Of January dividends bought
few good stocks-and the result was strength. a
firm undertone advancing prices but no increase
in the trading. which. however. scattered itself
little more widely 1t was wholly sentimental
rise; but. after all sentiment Is generally the I'M
DERIVING cause of most stock movements.
The general list firm and Its changes were
upward except yesterday. when profits were
taken Stocks which for some time had Deeh
neglected showed relative activity. although III
nearly every instance some little tale or interest
to investors excused the dealing Illinois Cen
trail advanced the strength OF IFS regular semi
cx.i1lA nd oh la
cause foreigners wanted II. too; Ontario ana
Western the chance OF minute dlVidehd on
its many millions Of stocks; Manhattan because
of the probably advantageous retirement OF
per cent bonds within a year. and some Iapid
transit development (Which Was only hinted a,,;
Pacific Mail because It's bookkeeping looks well;
the Vanderbilt lines because II anything Is Roou
they are Baltimore and Ohio because the noat-
ing Indebtedness has been reduced; ana the coai
stocks as a group. because OF more encouraging
talk about settling the anthracite dinerehces.
The Changers were especially stimulated by the
possibility that the Pooling bill would be passed
next TUESDAY Western Union was neglected.
but strong Details Of the movements OF these
stocks win be found IN our usual tables printed
herewith. -.
The Industrials are things apart from the rest
OF the market. Some OF the less conspicuous
ones shared in the general advance. through
sympathy but the prominent members OF inc
group responded 10 manipulation. American
Sugar ReaiSng was allowed to langush on the
plea that. after all Congress In extra session
might hurt It. Chicago Gas was the feature not
only or us group nut Oh tlI' ilidihr'' anu '''
dencv after Tuesdays decline upward. on the
rumOr that the present management WOULD re-
sign and politely let the new stockholders go IN,
or that In some other way differences would be
arranged The expression Of the quotations for
Cordage was stu sad. General Electric was
steady
Government bonds showed continued weak
ness in view Of the probability OF new Issues
before long. Southern State issues received
backset especially Virginia securities. owing 10
the indifference OF the Legisa ture OF West VIZ
ginia 10 the financial obligations Of the state
of which II part The railway bono
market was strong and active. and prices were
generally higher. The following table reflects
the principal movements OF the week:
Bonds. High. Low. Close. Ch'gf sales
A g. sG. '' 60. ~ ~: ~. -. S sISs