New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-01


s.rougnout the country reflect the prevailing
stagnation in trade and the falling off in bank
ciearings and in the demand for commercial ac-
ccmmodation at bank centres is further evil
dence Of the unsettng effect of politics unon
business every four years AS to the slow move
meht or grain 20 market, it should be remem-
Dered That there Is vast amount Of II still held
IN storage, and that In the last few days there
were Indications of a heavier movement in the
near future; also that the falling off ir receipts
al chicago was due. in part. to the increased
receipts at Gulf ports. Stagnation in trade ia
based on temporary conditions The country
ana Its people are ready for charge In political
parties which Will introduce better times and
convert the dulness and uncertainties of the
present into hope and confidence In the future
Inc business community Is impatient for the
meeting of the National Republican Convention
Tor 1t believes that happy ending Of all doubts
ana fears regarding the tariff and money
questions will then be made BY the adop-
ton or iat-footed sound money and pro-
tective tariff platform. Destruction wrought
primarily TO the Nations industries by the VIII
son tariff law led to an abnormal eilux Of gold
in the last three years, which resulted in the
worry and troLble over the currency situation.
and this. in turn. has been aggravated by the
political in'endiarism of Populistic and silver
senators Farm products are at low level OF
Prices. wheat. corn, oats. barley, rye. haxseed.
provisions and hogs have reached prices which
are very discouraging to the farmers The de-
mand for these articles is curtaied. To increase
tfe demand absolute confidence must be re-
stored in business circles. and all eyes are look
Ing toward the ST. Louis convention to make
this an accomplished fact
There Is no reason for dis satisfaction over the
transportation industry. despite recent earnings,
when are not - favorable as those earlier In
me spring. Roads whose fiscal years end in
June. almost without exception will show hand
come gains over last year, and in the case of the
st. Pau! Company. for instance. per cent
earned on the stock is assured, as already in
ten months ~ per cent has been earned. the
report of the Chicago and Northwestern is due
this week. and 1t Is believed tina. il will show a
net increase over last year of more than $1,000
WO. Rock Island will make good showing. SO
Will Louisville and Nashville and hundreds Of
other companies. The DeIver and Rio Cirande
directors may meet this week to declare div-
dend. as II IS thought that current earnings war
rant one. The road has been making Sits
factory percentage of gain: its physical cond-
tion has been very much imprvved and. outside
Of current accounts. il has no floating debt. AS
10 railway reorganizations. ii is encouraging to
note thai rapid progress is being made with all
the companies still in receivers hands. The sale
Of the Northern Pacific Railroad will be held on
July % and that of the Philadelphia and Read
ing on September %. that by the end Of the
year both Of these reOrganZatiOns Will probably
be closed up and the securities issued. The
oregon Improvement Company's reorganization
plan was announced on Friday, providing for
the issue of SJOO0OOO new first mortgage , per
cent nfty-year gold bonds: 81. 600 600 per cent
nCn-cumulativc preferred stock, and S9.OO0,MO
common stock. with assessmsnt Of l2ls per
cent on the preferred stock andtl0 per cent on
the common TIE most important development
In the week affecting the railroads Of the coun-
try was the decision of Judge Wheeler. in the
United States Circuit Court in favor of the
Joint Traffic Association in the injunction pro-
Ceedrgs brought against the association by the
Government. 1t was held by the Court that the
as association was legal organization and that
in entering into a contract for the regulation
and maintenance of mates, fares and charges the
association in no way violated the Interstate
Commerce act the sherman Antitrust law;
also. tina, the division of freights hy the agree
nent did not constitute q pcolirg OF traffic as
argued by the United states Dis triot-Attorney
in his application for an injunction to restrain
the operations of the association. The Court
held that "PrOvisicn for reasonable, although
equal or proportional. ldtes for each carrier. or
for just and proportional rate for each car
rfr or for a just and proportional division Of
traffic among carriers. does not seem TO be either
a pooling Of their traffic freghts. division
of the net proceeds OF their earnings in any
sense"
Ordinarily such factor would advance stocks
considerably but they failed II show any per
Ceptb!e movement. Other encouraging features,
such AS better crop reports. failed TO stimulate
stock trading, and the OnlT demand from the
outside was for frst-claeS Investment bonds.
The total sales in all stocks amounted to I31 1914
shares. AGAINST 123. 432 In the preceding week
and 100. liz in the week a year ago
Among the active list losses OF from II TO 81 per
cent were made. the rally at the close Of the
" eek failing to offset the early losses. American
Tobacco was an exception, at net advance OF
"a per cent. The following tables give the move
menls OF the chief active stocks and bonds in the
week:
STOCKS