New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-01


" il is natural, however. that, as god-prodllc
ing country, gold should be withdrawn from I'd
United States, independent OF regular exchange
whenever u special premium is offered Tor III aoro"l
as lately in France" -
1t is 10 be assumed that it is not claimed that
the act quoted discharges the snperlnteadehts OF
the coinage minis and of the Assay once from
the direction Of the Secretary OF the treasury.
The act simply authorizes, or permits, certain
thing 10 be done; 1t does not command inc uehV-
cry of gold bars in exchange Tor goia com OF me
same value. To interpret the act In any otner
way would require an interpretation ol INC
Standard Dollar Act, compelling the monthly com;
age of four million silver dollars Inc wCtus oi
that act are rs follows:
And the Secretary of the Treasury is author
lied and directed TO purchase from time TO time
silver bullion at the market prlce tnereoi' not le
than 81 600, 900 worth per month nor moro IMAM
"a, 900, 900 worth per month. and cause the same
to be coined monthly as fast as so purchased INTO
such dollars o ., hill
be purchased each month, and authority grant
ed for the purchase Of 100000 worth eacn
month The discretion authorized 10 purchdse
than s20O0,00o per month mas ne,er Dee
exercised We still think, with all due respect
to the Treasury authorities, that 10 Is en1lreiy
within the discretion of the Secretary OF tne %
ury whether or not he will exchange goiu ouiio '
for gold coin, and upon what terms sucn IN
change. if made shall be done. On May 81 tne
Treasury held in gold coin $3.50, $50, 81 Z, ana IN
gold bullion SS5, PAL 865. The outstanding GER
tfcates at that time were 81 'u,ounted 70
sI ooo 400 This has been accomplished by
drawing gold certificates from the oaiks ILL ~,
steed of drawing gold coin from the SUI lid intS
i'm exchange for them they have been palu nv no
tho Sub-Ireaslry and an order oDtalneu upon olio
Assay Office for gold bars, dollar loI uolar W.
that the monthly statement TO be issued
will show bullion ca hand 10 the amount OIL oniSS
about sGs 600 OOO with about S23O,ooO,oVV gol .
coin on hand and outstanding certlncaces vi ~.
SIIo 600 600 The Secretary cannot lo1ce tu H
holder of a gold certificate 20 accept goIu D IT.
payment-they are payable only in gold com. me ne
bank of England in the past has not only b
TO an advance in its rate OF DISCOUNT puo ~ -
sometimes placed a premium upon paI5, no w
Ronl, of France is now doing. Inc Otner coni
ments of the Director OF the MINT mIghu H III
becn ouoted as taken from the Columns Vi i"'
Tribune. 80, ,,,ooorat,ons fo
.bo dshurscmcnt of corporate funds fOr dlItuenti
and interest payments, in connecIlCIh, T''' nor
recent large exports of gold to estaoiisH pr
manent advance in money a ce loans were gen
orally marked up to per cent anu ule 60,
rates for leans from day to DAY ransI hur dan
TO 6 per cent But there was and nd on Friday
supnlv on every day at per cent, ana OH i,"'S
Tho market was characterized by great aouun
dance than there seemingly had peen on ,,;th
Wednesday Thursday and TINS aIter ,rl' sotu.
drav-ol of So 500 900 gold for export by s oaoIu
| laws steamer The foreign exchanges HILL
beSin 70 feel the effects of the large exports
cold bullion. as they would that, OF any o'I nv
merchandise The rates ruled weak ron onc D -,
ninning Of the week and finally closed heavy OF
gnnIns 81 Of "a Sc Is and 81 IS 1s, respective
| w. for long and short sterling me cerpor s ~
paying dividends and interest at te nraU d - ba1,
month have all made their preparations anu nay ~
| thcir money in hand ready for disbursement ~ ~
the other hand, the Treasurys disp9rs SCI ono 600
interest early in the week VIII exceed oosr
! Thpt Is new money coming out OF the lreasuL.
| and NOT like corporate disbursements uenPplal.
| withdrawal from the money markets Oh luhuS ~
wide distribution.
RAILROAD EARNINGS.
| Railroad earnings for the third week IN JUN
as far as reported make a more taVoraoe CON
| noriSon Than the same roads did FOR the secon'
| week The Tribune has printed the er1ss ea an
incs of fftv.one companies or systems, wnlch sI,
aggregate gain on the dniro or W cent of tn
! total number thirty.fOu show gains ana seven
teen losses. The following table divides me a.; ag
| gregates and differences OF companies sno"iN'
| gains and losses: o ,,r,.oo,os n 9
s So ssss7 H Bss ' 4sG79 &
r.., :, oor,s az 90 Clio $3.50 11s Inc sl7o5os 81
THE WEEK IN THE STOCK MARKET.
In tho stocl, market last week the trust securl
] ties monopozed an unusual proportion OIL tn
sneculation. The total dealings, aggngao o IN
l,66O,34j shares, were dlvlded-vS 400 80 Of
| ~ The listed department. ana ,tES,ol
to the unlisted department sboros N"''I ana
| lead contributed 406,549 shares, a ro
lis price advanced from 30 to 3d. ana ai ILL., i
action TO about 30 closed at 8" 30. IT,! LIZ ori
iittio doubt that the trust has ABSORBED the onH
t,o rcmaininr large companies in the country
and therefore that it practically controls tc iI
cs. Beyond that tle IS h tS market indicate
tbat those persons who are the DeSU lIlioIIIno,
were the principal buyers Sugar Ieiherre -
week ago at IL IA aiter slenuS u Of las
over 90 par cent Early Monday morning Oh Il ldi =
wool, the price was suddenly advanced 10 ~, y
was pace which it was unreaSonapie u SmpP sup, -
could be sustained. \ decline OF 10 per ce5i' .
tx followed after which the advance TO 10 80
iost evenings closing figure, was steauS WI
aiL avntmations, This trust like all others
nnblishes no Official statements the Slalluaau Oi
does not. but it is beyond 9spudC o ,,"V in The
realized large profits from the advance ~ vn
mice of raw sugar which it had on manu-, neo"uo
Of the worlds short crop. conSer ~ " oSo
horty estimates the prot11;S Of oa az and fol
the six months of this year net prolt on 1 i
81 = 600 900 Cotton oil with unusually ars,
transactions shows a decline 10 t as;cioi State
. Al nor cent Notwithstanding an ohiclaI sSa'e
mont that the profits for the current year VIII c1
cod 50 GOO 600, or per cent on IN I
Ing Certificates and that the the acc
lnF rb bc cause Of his special decline seems to be
ieannointment at the nOn-decllration OF july
Gvifrnd All the talk Of dividend NJ I'M
es y,boee snccuIative procvities cannot ne
suppressed The Tribune has repci,euIy nS,e .I
,hat T., dividend would he declared uhtll III VIZ
autunn. that the conservative managers an
largest holders of the certificates were OppGS'd Il
rho consideration of a dividend untll me ciose y
The cotton year. Probably the speculative truS IT,
WI, ms we'll posted on the subject as was lh'
Tribune but saw that an expectation anu to S"D
seouent disappointment gave opportunity Joe ii.
speculative turn on, say, 10000, shares OF NE
holdings Without the skies fall, we eXpect. :,
ri ~ nov trusts added TO the list last week
american nr Cattle and DistiIlers, and Cattle Fed
cre|attract little attention. but their price
auctuated under manipulation "a ana = y
per cent, both closing better tlah 'he OPENING
In the general market what there was OF
specnlation was chiefly for the short account nv
| r. hu,.inC was of a different character. Inc
i iLrav! situation at the West is not as sltls-
fact"ry aS il should be- but it is not as bad as
the exaggerated reports would make 1t appear
70 ono hoif Of the Western reports and the IN
situations. differences and predictions winch ara
added as news items were true, the condl'l93i
| truly would be sorry one and one when woulu
| i,nnair the value of first mortgage bonds upon
In-Iu. - -. - China The slstem n