New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-25

Ss.ss 5ss$S$$ sj$$ iss$$ s s$S$s
The exchanges at the New-Yorls Clearing House
last week were 81 90 900, 900 less than the cor
responding week of last year, and were slVo,-
100000 less than for the week of 1886. But
when alio 4cnce is made for smaller business done
at the Stock Exchange than at the corresponding
periods Of the two preceding years last week
figures show no diminutiOn in the clearances
arising from commercial and mercantile trans
actions
The bank exchanges at the New-Yorls Clearing
House and the stocks sold at the New-York Stock
Exchange for the week Of three years compare as
follows: .. 1910
Eo sa1ss sold
THE MONETARY SITUATION.
The week developed no changes in the monetary
situation other than further. gravitation toward
lower rates. Call loans at the Stock Exchange
ruled uniformly ut 1-2 per cent, while time loans
were quoted at from 2 10 per cent, according to
character Of collateral and date OF maturity Com
mercial paper was in better demand at from J, =
to 5 per cent. The gold exports for the week,
amounting to about 100000, and large transfers
of money to Philadelphia on account OF the new
Reading loan were Offset by Government purchases
of bonds, so that the reserves OF the Newi1 ork
banks were scarcely affected. The foreign eX-
changes were quiet, with the supply OF CONNER
cal and security bills rather in excess OF the de
rnand The market was easier toward the close
of the week and rates for sterling closed on the
basis of 81 81 and 81 IS I-2 respectively for long
and short bills.
EARNINGS STILL GAINING.
THE TRIBUNE has printed the gross earnings
for the second week in June of tlfty-ninc compa
MICS or systems inc wnoie gives "a an sa5 n6 fo
the week Of 887-a gain of 81 $1,000, or 4.SJ per
cent. Practically the same companies IN the week
of SSf gave gain OF nearly u per cent on tne
weil of 1886 OF the fifty-nine companies, thirty
nine, which report gains, give an aggregate o.
So 294, O30 against $1,000, 769 for the week OF
sS7-a gain Of s294,27O, or l4.n per cent me
other twenty companies, which report losses give
an aggregate of 81 1873, sos, against 81 S32 III
a loss of 81 00,266 or 5.4l per cent.
The companies which last week reported their
net earnings for April raised the average OF thoSc
us the earnings of seventy companies or sys.
tens, which give aggregate net earnings OF
S11,gO9553 for April of this year against 81 l.
SOC for April 8S7-a gain of 81 &C. GA 7or O4 per
cent This is small gain, but still it is gain upon
Improvement Of oyer 20 Per cent in the month
Of Ss7 on that Of 1886 or these "cvcn"y-SeVen
companies, forty-nne which have returned gains
give an aggregate of s9,7l0o5l, AGAINST
$50 1888 in April 1874 gain OF 81, 5O0,463
or 81 81 per cent. The other lwcnty-ci2ht com
pauies, which have returned losses, give IN aggrc,
81. $50, 81 6, or 1902 Ter cent:
Fifteen companies already have reported tholr
net earnings for May; The whole give: "a n! gre
gate Of sG0I DOL against :5l4 67a for May So
"a gain Of S96,339, or 1888 per cent. or the
fifteen companies twelve which have reported
gains ave an aggregate OF S5OOl27, against
s3S7,1s2-a gain of 81 2,945, or 20lS per cent
The other three companies give an aggregate OF
81 90. s94 against Sl27,400-a loss Of S26,5O6, or
20. so per cent.
DULNESS AT THE STOCK EXCHANGE.
The stock speculation last week was dull but
not altogether uninteresting. The recorded trans
actions Of listed stocks aggregated only 775,575
shares, against 1861, 900 shares for the preceding
week. The first part Of the week was marked by
the leading and best securities were washed off
2a2 1-2 per cent Rock Island exceptionally de-
clined per cent under fictitious sales made to
give color TO the reports circulated that It's dlV-
dend for the current quarter would be only per
cent or, at the most Ia per cent. Before these
reports were circulated the question Of the divi-
dend had practically been settled. The dividend
declared was 1-2 per cent, and President Cable
is the authority for the statement that IL VIII be
paid out OF the cOmpanys earnings. The middle
trunk lines were attacked at the same time with
reduced upon some and be passed by others Rock
dStreme fV depression and ID closed Ia per-
sRGTe Michigan Central AND Meek CANADA sR
ern recovered and closed higher than they did
week ago. and Erie marks final gain of "a
per cent. These particular points worthy
OF special notice only because they demonstrate
the straits to which the " bear leaders are
driven in their efforts to hold prices down. With
them it is not q question of further decline
rent quotations broad enough for them to be able
to recoup their outstanding contracts. There
probably is not a stock uron the list that they
would not purchase at 2 to per cent above
last evenings figures If they were offered to them
in blocks equal to the number of shares they
are under contract to supply. Fol-. two days the
to speculative holders The move
ments Of the subsequent four days thoroughly de-
veloped how fictitious were the seeming conditions
of Monday and Tuesday. Without excitement
and with only moderate transactions, Iticcs
quietly but steadily advanced and more than
the losses occasioncd by the sharp raids
purchases for the " short account had fully as
much to do with, the late advance as did
purchases for the long" account Nevertheless,
except for the desperate raids made the early
depression would not have occurred. Fridays
stock loan market developed very little change
in the borrowing demand from what it had been
a wGk ago, and the shortages probably were
covered to the extent Of part Of its sales made
early In the week.
The talk Of poor business all over the country
nnner asa possSr But up the talk IS no
stronger more emphatic than it has been at any
time during the last six months, And the railroad
Of such talk than they have done before. There
are seasons Of sowing and Of harvesting. and also
there ore Of dulness and inactivity in all
branches of trade: They. come as regularly every
year as spring follows winter and
autumn follows the summer This is the
middle Of one Of the usually o., dun
periods but yet the railroad earnings testiiy TO q
either 1887 or 1886. Much that is udcrous has
been said and written about the water competition
against the trunk lines in connection with the
strong efforts to depress the values Of their stocks
md vet we know none of these people who so
rouns as not to remember that inland navigation
as competitor with the railroads in the summer
1as existed for at least two years. One writer
N speaking Of Lake Shores report issued last
week said 4" 1t earned 3 1-s per cent on its
took, while declaring per cent; but IL will need
Ia make for the Door
period when the waterways divide business with
T." AS the Lake Shore statement showing 3 l-s
DER cent earned was made for the six months to
md .mne 30. the statement includes three
nonths' period when the waterways did divide
business with the railroad Further. il is well
Known that the last half ycar-July, to December
n of the Lake Shores business always has been
more nrodtsble than that of the first half year.
Our Weekly Range" to-day compares with the
isurcs of June 25 1eS7-thc day following that
,norn as the manic in Could stocks when Man
..r, S.l.a 1aI.,ra 20 l. 10 IL Missouri pncillc