New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-02


House and the stocks sold at the New-YorlS Stock
Exchange for the week of three years compare as
follows:
July 'ras 20
No. shares sold 1,15SOso 1882 ss 5o9.os1
THE MONETARY SITUATION.
Barring little more activity caused by the
usual calling OF loans in preparation for meeting
the July interest and dividend disbursements the
money markets Of the week were unchanged from
what they have been in preceding weeks: The
transfer Of large sums of money TO Philadelphia
(which all occurred In the week ended June g. and
and the usual demand for remittances abroad OF
interest and dividends on American securities held
b or
the foreign exchange market Excepting on Fri
day the rate for call loans ruled almost univer-
were made as Ri h as per cent but the closing
quotation was 2a2 1-2 per cent Money on time
was in abundant supply at 2a2 1-2 per cent for
mainder of the year. The disposition of holders
of Government bonds to realize upon them and
make other investments seems TO be undated, but
the holders are still striving to obtain from the
Government higher figures than it has yet paid
for any portion of the s32, 1860 which it has
purchased. Last week over $4,000, 600 was Of
tarys limits, aud we have reason u believe that
the combination offering the bonds has in hand
something like 100000 in addition to the
Notwithstanding the very hard times Of which
so much has been written during the last six
months, the July disbursements for interest and
dividends VIII be unprecedented. The Daily
Stakeholder Of tomorrow Monday will print
its compilation Of the interest and dividend pay
ments to be made this month by the railroads and
cognate corporations. The payments for interest
amount to S44, sll ,96s-which is Sc, 000, 900
greater than the payments for last January-and
the dividend payments amount TO sl4,46s,466.
S59,3S0,434 In addition to this, the Govern
ments payments for interest amount TO over
interest and dividends to be made by States, mu-
inequalities, banks and manufacturing corpora
tons tie probable total of such disbursements
during this month will exceed $50, 600, 900. En-
ceptng the money to come out of the Treasury. the
distribution Of this vast sum of money naturally
would work temporarily IN favor of higher rates
for money, because, TO a certain extent. IL Is
withdrawn from financial centres and dis
tributed to bond and stock holders in small
amounts. But the existing conditions OF the banks
at all the financial centres are such that the effect
of the distribution viii be hardly noticeable.
while probably one-ffth of it may be counted
upon surplus to the receivers seeking relnvest-
ments.
The money markets Of all the European financial
centres are easy, with an abundant supply OF
money. The arrivals Of gold in London from
Australia up to June l, this year have amounted
to FL O05 600, against 81 "a 900 in the same time
of 1887. Our foreign exchanges ruled weak at
time when they usually, at least temporarily de-
velop strength because Of demands for semi-an-
nual remittances The rates closed on a basis OF
81 Sc rs and 81 81 3-S respectively for long and
short Stcrnng.
EARNINGS CONTINUE TO BE FAVORABLE
It must be remembered that railway earnings
for this year compared with those OF leo :;
which then were regarded rs phenomenal and
that therefore even an average equailty now is
favorable indication. Unquestonably the earn,
ings of the last few months have been reduced
from their natural proportions by the 1olly, IL
not something worse, of certain managements
An increased tonnage and frequent periods OF
scarcity of cars to move the freight offered are not
conditions that should 60 hand IN hand with an
indiscriminate cutting of rates. Bearing In mlnd,
however that these factors have travelled slde
by side makes the earnings for the first I'VE months
of this year seem even more phehOmehdi IMAM
were those Of 1887.
Bradstrects' has compiled the mileage earnlns =
of seventy-fve railroads, with results as follows
For the month Of May, earnings per mile IN
1888, s443 in 1887 1896; in 1886, s4Ol ana
in 1885, 1895. For the five months ended May
81 the earnings per mile were In 1888, 81, $40
in 1887, s1,0s5; in 1886, sl,So6, and IN 1882
THE TRIBUNE has printed the gross earnings
for the third week in May Of hfty-hve railroads
or systems OF the number, thlrty-seVen com
uanies have shown gains and eighteen companies
have shown losses. The gains, losses; percentages
of each class and the aggregates OF the whole are
as follows -,,-.o. u, r.
a. companies 80 541 433 s2s Inc s294 2s7 1871
IS companies. 1,2710o7 l167257 Dec loS'oo o-Io
5s compan,es ss41o54s s8 col os5 Inc. s19o,537 50
Thirty four railways and systems have reported
-s,eir net earnings for the month of May. VI the
Cmber twenty-four have returned gains ana zen
losses, which are shown in the following taDle
MOIn oi go zoe a., 90 or o9A Inc $3.50 $40 25 %