New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-08

has occurred during the last two years IN thls
| country through the imports OF goId ana the
nr,r,ucts OF orr gold mines ana the annual coihf
| agc of the standard silver dollar The IrIDung
has disagreed with its contemporaries only uPpp
the availability OF the mulated surplus III w
NcwYork Treasury, and we nave on'y cnrchae
| bonds at The high figures winch REDUCED 'nrin
to q per cent per annum basis, that irengg"ia{}
surplus was n seI-actlng saIetY-V;;nnfe, " a,en
ouicSy would respond to commercial or even
speculative requirements The Tribune mus iar
has been correct, and it yet can perceive no reason
for supposng that the same conditions WIN nov
confinue TO rule so long rs there II q SURPLUS eA-
isting I'm the Treasury. IL would be diihcu's
without the exact data to name the amount OF
bond offers Of last week which were rejected Dy
the Secretary because nTe hut we do
know that OH last Friday alone the rejected OFFERS
at 1-4al per cent above the Treasury hgurs
amounted to 900 AS TO the n ncra rn
partly because of the high price for bonds para ~
The Secretary. it must be rememperea ,Lab Ime
bank notes are not legal-tendcts, ana therefore
are not applicable to an expansion or DahK crcu-
its and that such contraction is nearly iniiy met
by the continued coinage Of 81, 100000 per month
of legal-tendcr silver dollars.
The foreign exchanges were only moderately
active during the week, but firmer tone pre-
vailed, and on the advance IN the Bank OF Eng
land rates to per cent the rates Ior S,sno an
change were correspondingy higher Fof tlie
last mail business was done on the OASIS OF - -
and 81 IS IA respectively for long ana SNORT
sterling While the Bank Of England rate IS now
per cent against per cent at TINS gaze l nnn
wear. its holding of gold bullion is only t13O,000
less than at date OF last year, and the proportion OF
its reserves to its liabilities Is about per cent
less than it was year ago, but u Is iract 5
higher than at date Of 1885, when its rate for dis
count was only 3 1-2 per cent The total gold
holdings of the principal banks OF Europe now Is
GI12.Sss. 6O9 against f1 O0,O25.348 one year
ago, and Of silver now is ts9'2%72lo' against
fIO9, 025,34s.
THE GENERAL. SITUATION
There is unusual unanimity in the trade reports
of the various industries Of the country. They
all point to the continued and addItiona progress
anxiety has been expressed concerning the out our.
come Of the wheat speculation But
one thing Is certain et that of rel ia
futurcsp after the elimination of the Sepfem-
Der corner, there was no material break in prices,
as was anticipated, and II is noticeable that IN
be purchased at less figure than mllleIs ana eX-
portcrs are paying for the actual stuff Evidently
the holders have confidence in the commercial
value and are abundantly able to take care OF IT,
RAILROAD EARNINGS
The Tribune has printed the gross earnings for
the third week in September of sixty-one com
panies or systems. OF the number twenty-eight
report gains on the week of ss7 of g. 3 per cent
and thiry-three report losses averaging 965 per
cent The whole number give loss of S33, Pa
or O.6s per cent. We have also printed the
gross earnings for the fourth week in September
loss from the week of 587 Of S42 6l2 or Q. 80
per cent OF the number, twenty companies
show gains averaging 9.16 per cent and eighteen
show losses Of l 0.32 per cent The yellow fever
at the South has been principal factor in
reducing the averages to what is named, but con-
sdcring the conditions under which many of the
railroads of the country have continued TO trans
act their business, the results shown are remark
ably favorable, when II is remembered that the
comparisons are made with weeks showing gains
on 1886 Of l. per cent for the third week and
II per cent for the fourth week.
Forty companies or systems have rendered
their full statements for the month of August
The losses OF net earnings OF twenty-one compa-
MES exceed the gains of twenty other companies
by S20S,446 making the average loss from Au-
gust 1887 2.55 per cent. The following tables
divide the aggregates and differences of the
panies showing gains and losses:
GROSS EARNINGS.
Third week In Sept. 1887. 1883. Differences Per CT
% Co, VIA 50 450 924 so $50 go Inc. 800 335 sf3
SO Co.'S ..aH% 2,410255 2i77.626 Dec. $50, 500 9.o5
Total 81 Co.'S a. SOL i0o g. SCI ss5 Dec ss3 29l COS
Fourth week in Sept
Is fs Bss s?s
EHr Il az 2S ess s4eoa Dec 00'
'Sq Auss $50 inc y @ssgSg ~
Tota41 Co.'S s17Go7 25 ST. 4e2 279 Dee s29s44o 2.55
TIE STOCK MARKET REACTIONARY.
Notwithstanding that after the first day in the
week the stock market suffered some reaction from
ito huovancv and yalues gradually settled