New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-08

SO, 600 900 per month by the coinage OF the sla.u-
ard dollar Our silver exports, which recently
have been increasing, are not taken from our
monetary system, being entirely IN bullion at 50
much an ounce, and not coined silver aolars at
33 per cent higher price they are the export
of merchandise in all their effects exactly the
same cotton cereals, provisions, etc.
RAILROAD EARNINGS
In comparing railroad earnings FOR the fourth
week in June il must be remembered that tnis
year the week ended on the 10th, the 3oth BONG
Sunday, and that therefore II contained ONLY elght
days instead of nine days, ms IN 1883 Inc same
is true of the month of June 1T TINS year having
five Sundays against only four Sundays last year.
The Tribune has published the gross earnings or
thirty-fye companies or systems lor the iourth
week in June. Twenty-one OF the number r.
turn gains averaging 777 per cent, and fourteen
return losses averaging COB per cent as compared
with the week OF 1883. The loss OF the one day
is equal 10 II per cent so that the comparison IS
unusually favorable for the figures of this year.
The snbioined table divides the aggregates ana
differences of companies showing gains and losses
rou,,h VIZ In Iunc- 1sss 1889 Differences p c.
y eomSanie 800 25o25GS 1870 oos
Tot, s. comm CAS- 408 s8o9O5s5 Inc. 1922 LIS
Tho returns of forty-six companies for the whole
month of June give aggregate gross earnings OF
Si55390 $50 for the twenty-five days OF ms year,
against Sl4 ,9j3,Oio Tor the tWeh'!-siA u"9' vi
June, 1888. .-..
THE WEEK IN TIE STOCK MARKET.
The outlook for general business IN the United
States hardly ever more 1avorapie IMAM III IS
at the present time. More tian an aNcraec IIoP
of wheat is assured, and in certain localities, where
a week ago damage was reported from dfouth,
there has been decided improvement because OF
later rains. The corn crop promises TO be mfger
than ever and is reported 10 be In better condition
than the average at this date OF preceding years
There is no reason to anticipate othcr than the
ordinary chances TO which the crop is subject
after il has obtained root ana me STAND. lnefc
has been Il marked Improvement in the condition
of the iron trade, and prices have made some
advances while stocks have diminished The
tba rcn1 do fhp g.
OF the year is entirely satisfactory. The bank
exchanges reflect volume OF business mucn greater
than in preceding years; Railroad earnnss both
for the gross and net during the last six months
generally have been entirely satisfactory In the
gains which they have shown on the corresponding
six months OF 1888. Chicago, Burlington and
Quincy for five months, TO May 81, has reported
net earnings OF S2,979,s93. against so3s, $50 for
the same period OF 1888, while the auxiliary lines
report net earnings OF $685. g. against s22s3OO,
making net gain for the whole system OF s2,3s6,
500 Chicago, Milwaukee and ST. Paul has re.
ported for the five months net earnings OF So 63j,-
63ss, against sll,,374,6s2, gain Of Sl,26O 800,
and Atchison Topeka and Santa Fc reports
gain for the five months OF nearly 5000, 600
Our exports OF general merchandise are steadily
increasing and the prospects are favorable TO
large foreign demand for our cereals, provisions
and cotton. Thus far this year the exports from
this port have been S25, 600, 900 greater than in
the same period Of 1883. while the imports of
merchan dse at this port for the same period have
increased only Sl2,4O0,0 900. The expansion of
legal money in the country during the last five
years is we'll distributed at Southern and West.
ern points OF accumulation that the demand upon
Eastern centres for crop movements steadily has
declined, and probably this year will be less than
ever before.
Yet, Notwithstanding conditions so promising
Mt the New York Stock Exchange the great ar.
bitter Of values for American railway securities,
last week was one that was full OF discourage
ment and gloom. The reason for il is apparent
1t is impossible longer to believe that the manage.
mcnts of railways in this country are intrusted to
competent hands, or, if SO believing to fail to
question the honesty OF such homogeneous. In
the face of the satisfactory results obtained during
the early months of this year by maintenance
of rates, and in the face Of business during
the coming six months which promises TO over
cutting and slashing Of rates by some companies
and following by others which threaten not only
the values of securities, but the usefulness OF the
railroads to the country and the people We
hear much said by way Of eXtenuaton and apol-
ogy concerning the complicated character of rail.
way business While it is true that the service of
an apprenticeship and the practical knowledge
obtained by such service are requisite TO a
successful management of railways as of any
other business the detail and complications con.
Dected with the railway business never yet have
equplled those appertltaing 10 eight t'l. IL rye
retail drygoods firms in the city of New-Yorll.
To hold in ones mind the extensiveness of a
stock OF goods, ranging from the AGENT print TO
the $4,000 Cashmere shawl and at the same time
keep the financial balances in a condition that
the bills payable are met with promptness and
care, far exceeds in its difficulties anything con
nected with the running of Il transportation COM
pany. The merchant frequently makes errors in
forestalling his market; 1t is after he has made
his contract for line OF fancy goods that he
discovers the public do not take to them. A loss
necessarily ensues. BE il great or small il is the
penalty of an error in judgment. With the rail
road manager no such condition occasionng an
absolute loss can possibly arise. lie contracts
10 perform n certain piece of labor the cost of
which ~ known beforehand, and whether tho con-
tract is profit or loss is certainly known
The manager also knows that under the existing
Interstate Commerce law small cut on a single
traffic contract may jeopardize the entire bust
ness OF the whole property which he is
hired and paid big salary to manage for the
profit Of it's owners There is no speculation in
the railway business, as there necessarily is in ali
other businesses where contracts and purchases
have 70 be made 10 meet an anticipated seasonable
demand Once in awhile there appear geniuses
IN all KINDS OF trade who. without previous ex-
perience, successfully carry on large operations
They are the exceptions and not the rule The
exceptions in thc railroad business are scarcer than
in mercantile pursuits.
Measured by general railway returns for the
twelve months ended June 30 as9 the country
has just passed through period of scarcity suffer
ing and great privation. Measured by the taxes
which the people voluntarily paid 10 the Gsaeral
GGvernment-taXes laid chiefly upon articles of
luxury-it was period OF unusual prosperity Tho
receipts from customs amounted 10 s22i, D7I 235.
an increase on the preceding twelve months of So
SS0,06l-and the receipts from internal revenue
amounted to s1Bi, 662 06-an Increase ON the nro
ceding twelve months Of s7,36j, PA. This total
increase Of over 81, 900 paid TO the General
Government reflects, rs also have done the bank
| exchanges, an immense increase in the volume of
the country's business, and furnishes IN jndict-
ment against railway managers so strong as 10
force the blush OF shame, If their egotism and
assurance OF public dociity were not four 10 one of
capacity The present course Of some of the man
ayers tn forcing fight on rates and the obstinacv
OF others in accepting the fight equally illustrates
| the sagacity In giving such long odds On the
| one hand il is the Burlington and Northern which
railway managers principally hold responsible for
| the condition Of affairs at the Vest and on tho
other hand the Baltimore and Ohio is held re-
| sponsiblc for the conditions threatened AT the
East. Neither claim Is good; either in law or in
equity The fault lies directly ~ the doors of the
large companies managers who permit the smaller
ones TO browbeat or blaolSmail them In the case
OF the Chicago, Burlington and Northern whose
business 10 is claimed is composed entirely of
through traffic, IL cannot make rate nor carry
| tor OF freight between Chicago and St Paul ex-
| ccpt upon such terms rs the Chicago, Burlington