New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-21

10 H,tober of which twenty mine return gains
n U .s,s -ss or Ill per cent and eleven return
Of sai- ~ sits.ois. or 1873 per cent The whole
p sSrrs gain OF sS64.750, or So per cent
r,r.t in octoher-- ,s,- r,cro,. u
s. $40 s bee E%s $3.50 1851 $50 s
Is co.'s. .s7osoc IS ias.4Ss Inc. s,7s.sao rs
sesnd week N esss7s s51aaao Inc s5i?7e Ill
:, ,sm3anies iloS4's loo'4fo Dec l4s'ole l-.s
..,, 40 co.'s. s. 7soo3G sG,144.7s6 Inc $s64.s5o G3
.rbe Financial Chronicle" computes the gross
;nss COR August of 1913 railroads at $57 l25, 22S,
,nrrease of 81 O64 76S as compared with the
g. 90 month Of last year and net $685., 3zl an
ss.rsase Of s76S. 0l3 For the eight months ending
August 81 the gross earnings OF ia railroads were
ssse 355 an increase OF sls,729596 as compared
~i,h the corresponding period of last year. and
net Sis sos sl2. an increase OF sllO3s.ese
THE WEEK IN WALL STREET.
There are many favorable and encouraging
factors in the present situation which would
have an appreciate influence upon the stock
values IL the future Of the foreign exchange
market and Of the National fin ances was more
clear The foreign exchange market developed
abnormal conditions in the week and there was
some fear OF go'd exports TO Europe but an
easing in rates toward the close OF the week
prevented any European movement OF the
metal: but s400, 900 was taken for South America
There seemed to be a scarcity of bills in the
market and on Wednesday the demand became
argent and rates advanced to 4SSi3 for de-
mand sterling. Recently commercial bllls nave
been held for an advance, or at hgures 100
high to make ii possible to draw bankers pllis
against them, and besides this there has been
a scarcity Of bills due to the extensive covering
w bankers who were short of exchange under
bond syndicate operations Moreover wheh
foreign exchange rates began to decline in the
middle of September and when the cotton crop
began its move the supply of spot bills was
checked b. manipulation. The rapid advance
in the price Of cotton, ana the big bull corner
which has been engineered in New-Orleans have
10 some extent checked cotton exports but the
actual condition of the cotton export movement
AS shown by official returns gives for the week
inst closed 2O2 600 bales shiI board. against
i5 900 bales in the previous week, and so some
thing besides cotton speculation Is responsible
for the advance in exchange rates. Inc enu OF
the week saw heavy liquidation in the New
Orleans cotton corner and prices broke heavily,
and both in this city and in the south there
was considerable decentralization in the cotton
markets. The foreign exchange market declined
cent on Friday on account or freer move
ment Of commercial bills and offerings OF bank
ers' bills in connection with the Anaconda Mine
deal
Last year at this time the foreign exchange
market became firm and small shipment or
gold was made which. however, did not hap
pen again until the second week in November,
when a special transaction was made, the rates
then prevailing not warranting gold exports.
From the first week In December until the feD-
ruary bond issue sterling rates were above the
gold shipping point and large exports were
made TO meet trade obligations and the return |
OF American securities DN EulOptdH
The selling by Europe this year in this market
is not heavy. but more stocks are being re-
turned than taken and the magnitude Of the
trade balance against this country makes an
outward movement Of gold in the next four |
months something more than theory Inc I
RAPIDLY accommodating deficit which for the nine !
teen days Of this month amounts to s1l,212Gs4 |
and for the fiscal year to date s21.l57 1852 indi-
eating deficit for the year Of over $60,OOoOoo |
is the unfavorable factor regarding the Treas
1ry's position. as well as the prospect OF !
gold exports in settlement Of trade obli- |
cations. The imports fer the week showed
an excess over exports OF A.629, 1862 the exports
for the week showed a decrease OF s49I,006 from
the previous week. and as the movement OF cot
ton and grain will be large enough 10 turn the
trade balance this year, the foreign exchange
situation is a matter OF considerable anxiety.
Among the favorable features OF the week were |
marked increases IN traffic returns by the ran
roads in the West and South; progress in reor-
ganlzaton plans. especially in the announcement !
Of the Union Pacific plan; the satisfactory con-
clusiOn of the fOrtnightly settlement in London,
and in the general Industrial world decrease IN
demand and a slight Yielding Of prices which VIII
allow natural conditions to assert themselves, /
shaping the demand for commodities nearer TO the /
actual consumption. Too rapid a flight in prices /
and the consequent accumulation Of goods are not /
favorable condition. and the yielding process
which Is now developing is an encouraging sign /
Of normal and natural markets The improved /
crops and the Industrial revival are having dis
nctive effect upon railroad earnings. and the ex-
hibit OF the Chicago. Milwaukee and St Paul !
Company for the second week in October Is good /
Illustration Of present conditions n, affecting traf-
&c returns ST. PauPs gross earnings Tor the sec !
ond week were 1886 401 against $6312s9 in the [
week last year, but they were under
those in the same time in 1888, passenger trafflc
10 the Worlds Fair in that year adding materially |
TO the roads revenue. Northern Pacific affairs |
are growing brighter and Union Pacifics plan |
for reorganization promises to be we'll supported:
and II will be interesting TO learn the attitude OF
Congress on II. The debt Of the Union Pacific 20 |
the United States is 1873 539 512 principal and sls
800 900 accumulated interest, which. 1t is under
stood will mature with the principal; and under |
the plan this will be met by reserve fund COM
posed OF portion Of the proposed per cent gold !
bonds new preferred stock and new common |
stock The Government directors of the Union |
Pacific submitted their annual report 10 the Sec
rotary Of the Interior yesterday. ard in II they
suggest plan which, In their opinion, VIII, X
adopted. afford the Government the protection
which the present situation appears to require.
They believe that il is desirable to terminate the
relations between the Government and the rail-
'oad. either by accepting fixed sum OF money or
Discriminate amount of bonds. rather than TO
continue the existence OF an imperfect lien. TO
bring TO an end the relations between the Govern
nent and the railroad II Is proposed that biii
nall be introduced IN the next Congress when
viii not only bear upon the Union Pacific. but also
;pon the Central Pacific. This bill provides for
he foreclosure Of the United States lien and
bower for the Government to settle all amounts
iue for principal and interest which are secured
~ liens prior to that Of the United States. and
hat the sale be made to an authorized purchas-
ng corporation which VIII agree TO refund the
,ntire amount advanced by the Government for
he discharge OF prior liens. and an amount ac-
eptable 10 Congress in satisfaction OF the Govern
nents claim against the company.
The properties which. comprise the greater
)art Of Stock Exchange investments show ia
'orable earnings. but outside interest in them
will not be renewed until the future Of the Ma
ional Treasury is known and the intention OF
he next Congress on currency questions is
lear. The stock market is ready for ad-
rance. Values have been well sustained. and
he most violent attacks upon them have re-
ulted in failure. The market Is waiting, and
n the mean time II is In the hands Of profess
tonal traders who are able TO move 1t little
more than fractionally. except in the case OF
ne Industrials. Occasionally there is a little
'ood buying. ard in the week Vanderbilt brok-
RS had some large orders, but such orders are
Exceptions, although II would seem that with
present prospects buying for higher prices
would not be unwise In the week the market