New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-04

The bank exchanges at the New-Yorl Clearing
House and the stocks sold at the New-fork Stock
follows:
.a SS 1855
The monetary situation during, the past week
tremely easy with the general rate at 2 per cent,
and there was an equally abundant supply LOT
short and long time loans at and a per cent
respectively. Mercantile paper was in demand at
4 to 3 per cent for short and long dates Inc
bank statement in some quarters was called pau
because Of its showing loss in the total ana sur
plus reserves. But they are both so large now
that great many statements of the same charge
ter could be made upon the money market. Inc
banks cash holdings however, were supplemented
yesterday to the extent Of 81, $500 by Treasury
payments for interest on the 4 LIS. The foreign
exchanges were lower all the week ana lor the
last mail the rates were extremely easy on tle
basis of 81 sc 3-s aud 81 SO 1-2 respectively Ior
long and short sterling. In London the rates 1Or
money in the open market have fallen TO
1-sa1 IA per cent between ban lers and to %
per cent for discounts on bankers pllls. me Ia.
plethora of capital in Europe was fully exempt
fed last week. Barring Brothers offered to the
Canadian Pacific S1j000,000 3 l-2 per cent
loan, at 95; the books remained open only Two
hours but in that time the subscriptions amounted
to Sl50,000000.
FEATURES OF STOCK SPECULATION.
Inertia and dependency were the prominent
features of last weeks stock speculation Whlle
there is no diminution in the demand for railway
mortgages, and while the transactions In them
outside of the Stock Exchange were Of an unusual
magnitude, the brokers in shares seemed TO have
become possessed of q chronic lack OF faith ana
courage. Few of them when asked by thelr GU
ents dare express an encouraging opinion OIL ths
future condition Of affairs. They hear or read OF
little that is not discouraging From morning tlIl
night the talk of Wall Street is depression, iack
Of business for the railroads and declining earn
ingi. The facts which travel slowly and arrive
at comparatively infrequent periods are given It,
tie consideration compared with the ru1n0rS ana
reports which follow in quick succession eacn gay
from m to m IIS to'9, s6 s sas 81 Shares %sI
against 1.282419 shares for the preceding 1uH
week Every speculative influence that u was
possible to give expression 10 was useu L , tiie
purpose Of Tightening holders of real securities so
Tint prices might be materially depressed Con,
sdcring the immense efforts put forth, the nhal
result rs shown by the small amount Of transac-
fians and the last figures was pltltul 1alIure
One hundred and thirty thousand shares OF 81
Paul were traded in during the week. The hue
nations covered an advance Of IA per cent to
the closing figures Of May &c, and final figure OF
sc Is which is exactly the same rs It's closing
week ago. Reading was depressed "a per cent
TO SO Is: it closed at 60. II was against 10 ana
New-York and New England and Union Paclnc
that the great bear efforts CT the week were prn-
cinalv directed. New-Engand closed 10 lower
than q week ago, but Union Pacific closed 3-s per
cent higher. Louisville and Nashville shows
werc the only ones sold down which did not make
GOOD recoverics Manhattan shows final loss or
A per cent. and Missouri Pacific a loss OF 1-s
per cent. Rock Island was raided o-o per
cont "a 1O5 as but il closed at 107. Outside OF
the stocks named the final changes are small and
iptirriGcant Tv the operations or the week the
short interest was materially increased IN nearly
all the active stocks. But thar IS OF It,ie IN
no-4ance until some few of the buyers decline 70
iond their purchases for n weapon against their
own interest When that time does arrive the
large outstanding short interest VIII be important
as efecting rapid advance
T. saerns idle TO attempt contradiction correc-
tion Of minors which are repeated with persistency
every hour in the day, but our readers are entitled
to n concise statement and compilation of Official
returns as an offset to the long continued cry OF
no tonnage and low rates" The TRIBrNE has as
rinted the earnings Of sixty systems for the third
Ircelr Of Nav. comprising seventy-three separate
railroads Thirty-fOur Of the number show gains
and six show losses, as compared with the week OF
s3 sso DAD for the week OF this year, against
s3 746 so for the week OF last year-a gain of
81 IA 0o7 or ass per cent The gain is not large,
brt n Sbould be remembered that the railroads re-
nortinc in Nav 1887 for that month gave a gain
~ I ( GO per cent over May 1885 For this old
crv ~ no tonnage and low rates. there recently
has been substituted the unQualihed assertion that
while the gross earnings were maintained the net
earnirTs are falling behind tremendously. Now
fortvslx companies have made their official state
yrents for the month OF April. Thirty-four of the
number which include the Pennsylvania, the
Reading and the Erie as representatives Of the eN-
treme Fast. and the Union Pacific and the North
own ,ciIc OF the extreme Northwest have re-
turned aggregate net earnings OF s745o,9sl for
the month OF this year, against s6,3ss,5sl for
MAY. 1887, gain OF sl,O62,46O or G.63 per cent.
ported an aggregate net earnings =, OF
ssse 53O. against sl,OoS,o5l for May.
1887 loss Of 700 per cent. The aggregate OF
tbe twelve companies sufficiently shows their in
.1..~, T1aa nylxr INN mt