New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-11

The bank exchanges at the New-York clearing
House and the stock sold at the New-YorI Stock
Exchange for the week Of three years compare as
follows:
Week ending-Jun4 10 1886 June H. 1887 June O. 1898
EXCHANGES 1892 494 $50 sG39 1870 $50 1924 o59 90
Last week was barren of any specially important
developments in the monetary situation. The
Bank of England rate for discount was reduced 10
IL per cent on Thursday. But this had been
foreshadOwed by the condition of the open market
for money for week before, when rates had ruled
at below per cent all the time, and as low as
! IA per cent. The only importance in this
change TO the American markets is in its Indication
that no matter what may be the temporary bal
ance of trade, Europe has need for our gold.
In the local market the condition was that of su-
pcrliuous ease. Call loans ranged between and =
per cent and time loans were freely Offered at 81
a IL per cent, according TO the character or the
collateral and length of time. The Treasury 5
bond purchases during the week were in small
amounts and aggregated an ms gniicant sum. On
one day the holders tempted the Secretary TO adj
vance his rates by Offering 81, 900 at 12S for
the Is and l07 IL for the lbs, but the Secre-
tary refused to advance his prices. The forei On
exchanges ruled weak although the effect Of tho
Bank Of England's reduced interest rate was 20
siffen the price for sixty day bills. The market
closed dull on the basis Of 81 ss 3-s and 81 SO jS
respectively for long and short sterling What
will be the effect of the recent Reading and Cana
dian Pacific negotiations is still a matter Of some
uncertainty, but il seems probable that they will
supply the market with q sufficient amount Of bills
10 carry over 10 tnt new crop movements without
"a further expectation of gold
EARNINGS GENERALLY SATISFACTORY
According TO The Chronicles compilation.
seventy-f0ur railroads which have made full re-
turns for the month OF May give an aggregate OF
s22 sS3, $50, against SCI, 746,3 07 for May 1887
gain Of s1,13725S. or 3 % per cent. Last year
in May the gain over May, 1896 Of ! 90 roads
then reporting, was $50 per cent Bearing in
mind the gains of last year, the further gains for
May OF this year should be regarded as eminently
satisfactory.
Sixty-ive companies have reported net earnings
for the month of April giving an aggregate of
60 S5s,S ST.. against 81 Oh 493 for APRIL 1887
loss Of s3ll GIG, or 300 per cent Stated in
satisfactory. But Of the total number OF compa-
nies there were forty-fve roads which show a gain
of 81 262, 15 3. IS per cent; the other twenty
companies give loss Of Sl574. 23l, or A.. s. per
cent. Further of the aggre gate loss the twenty
companies, three-Chicago, Burlington and Quincy,
Chicago, Burlington and Northern. and Atchison,
Topeka and Santa Fe-furnsh s., 325. 94O or II. 20
per cent TO the companies named Thus the loss
OF the other seventeen companies was only
s24s2s2 With the foregoing explanation the ex-
hbt of net earnings for April, far as reported.
should be encouraging and satisfactory TO every
one. excepting those persons unfortunate enough
10 be holders Of the securities of the three
companies whose losses sufficiently large 10
convert the large average gain OF sixtytwo others
into average loss OF 306 per cent for the whole
siXfy-fiVe companies.
One reads and hears Of little else in these days
except depression. There is depression in the iron
business depression in railroad construction depreS
sion in mining depression in the coal traffic de-
preston in manufacturing, depression generally
spreads itself over all mercantile pursuits, ana
at the moment there is particular depression