New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-15

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semi-annual settlements was regarded as the be-
| ginning of an important movement to the West
and South for the crops. We so frequently have
referred to the enormous expansion of legal
money in the country during the last few years,
made up by the continuous coinage of standard
dollars the products of our gold mines and the
net imports Of gold, even after deductng the en-
ports Of the last six months, and to the wide dis
tribution of this new money instead of its ac-
emulation at Eastern centres, that 1t now is
only necessary to refer to it as basis for the be-
lief that the East this autumn will be called upon
for a smaller amount of money to move the I'M
usually large crops of the year than it ever before
has been.
The frequent references made 30 the condition
of the New-York banks and the supposition that
their positions are dangerous in the face OF the
approaching harvesting of crops seem to fail TO
take into account the changed and continually
changing conditions which yet each year make
New-York less centre and the producing sec
tons of the country more and more Independent
of Eastern aid. The extension OF the NauOnhl
banking system TO some centre Of almost every
producing section has 50 expanded the interchange
of exchanges of one centre upon another tnat we
no longer see the intending purchaser OF wool
cotton grain going TO the New-fork banks ana
drawing 81 90, 600 in currency and carrying 1T
away in his carpet bag. OF course more or less
money is sent from New-YOrll at one season and
received by il at another to settle the balances
but like the operations Of the New-York Clearing
House, an average Of about S5,0O0,OOO actuNl
cash settles the daily clearances Of Sl3O,OOO,OOO
to Sl5O,O0O,O0O. Before tdc establishment of
the Clearing House the amount of money moved
through the streets from bank to another
aggregated very nearly the total deposits OF the
preceding day.
The Treasury makes no deviation in ifs pur-
chasing price Of bonds, and still adheres 10 the
figures Of 1913 for the per cents and l. 6 10 for
the 4 - per cents. The nominal quotation Tor
the per cents at the Stock Exchange IS slowly
approaching the Treasury valuation; mat
sl5,ooO,O0o of per cents Offered to the Secre1
tary last October have never been disposed Of ana
unducstionably will be offered 20 the treasury
whenever the money market makes them expensive
to carry. SO aside from the scattered oherlnS
that occur every week there is that sum available
for the needs Of the money market when re-
quired The sale of them to the Treasury VIII
work liquidation Of about 100000 in both
bank loans and deposits, and add nearly
$4,000 900 to the cash. In view Of these con-
ditions there seems no reason 10 anticipate any
strngency in the money market, no matter now
great the demand for the crop movements may be-
The banks certainly are not in dangerous con,
dition when loanng Sl5,000,00O upon collateral
for which they have certain market WIN tne
United States Treasurer at % or higher ana Cle
Treasury is carrying a surplus balance OF over
sec, 900 900.
RAILROAD EARNINGS.
"The Financial Chronicles" table Of gross
earnings for the month of June OF 1877 railroads.
shows that of the total number nlnety.one give
an aggregate increase on June, 1888, OF 81, u
992 or S2j per cent, and forty-sX an aggregate
loss of Sj94,492, or S.82 per cent. Inc aggre
gate gain for the whole number Is 81 ,333,0Oo, OF
4.47 per cent, against a gain in mileage OF 4;o6
per cent But the month of june 1857, included
five Sundays, against four In 1883, therefore the
working days in $50 were tWentyiYle ag s ne
day the real gain OF the nincty;o companies IS
1910 per cent; the loss for the forty-slX com
panes is 4.07 per cent, and the net gain for the
whole number is s.32 per cent, or 3;76 per cent
greater than the gain in mileage. The following
table divides the aggregates and differences OF
the companies showing gains and losses:
81 gI''s SiS s25 55 inc 1922 s25
Total 70 io is7 $50 Sel 30 Inc sio555oo Ar
Favorable as an analysis Of the return Er J g
return for the first week of July, when, according
to the sOOthSayers, the railroad conditions were
about rs dcplorable as they could be, Is stu
turns of forty companies 2ry four OF when ARE are
less than the gross earnings OF the week OF 1883.
1hirty.six companies show an aggregate
gnin of S2SO455, or 1878 per cent, and four com
panies show an aggregate loss of S7s5S, or 4.47
per cent; the whole an aggregate gam OF .!
597, or 0.30 per cent: The following thple divides
the aggregates and differences Of the roads, show
ing gains and losses:
"a compane a SO Co Inc ESQ ass y
Total 20 81 500 $50 So 5l7 Inc s272697 $50
TIE WEEK IN TIE STOCK MARKET.
Probably never in the history of stock specula-
ton were the efforts made TO produce depression,
if not TO create panic, as great as NOSE pup
and misconstructon OF news items were taxed to
their fullest capacity And yet despite 1t ALL the
closing market values Of large majority oil the
railway stocks were higher last evening than they
were a week ago Not only were the local
agencies Of Wall Street used to disseminate, II
not false news fulsc representations and lnferences
drawn from the actual occurrences, Dut The.
Chicago and other Western special writers never
failed to attempt by sending Late items with edl-
tOrial remarks upon the same to secure their pub
LEGATION in the morning papers. Inc main lacts
of the week briefly stated are that the Interstate
Hallway Association met and, instead Of disrupt
ing, the same agencies and SPECIALISTS had
predicted for more than week, maze ltS agree
rncnis stronger than ever by the exhibition of
an earnest and apparently honest desire to meet
the difficulties presented by tie Kicking OF two
or three unimpOrtant companies by the application
of business methods. Unqnestionaby more
harmonious meeting OF railroad men representing
50 large ard varied an interest never took place
in this country. The results of il are yet TO be
seen and felt in the earnings of the companies.
The extension Of the low commodity rate be-
tween Chicago and St. Paul WIS certainly stopped
at its present limits, and every Attending member
renewed the ledge OF loyalty and obedience 10 the
decisions OF the association, The world was not
made in a day. and the objects OF the association
hsye not been fully accomplished There is
more work to be done, and 1t seems now more
certain that it will be done than
It did week axe Inc prophets o. disruption
accomplished, by detailing and charging upon
that which was rot accomplished As they be-
fore predicted disruption, they now, with an en-
phasZed p0stivencss equal TO the requirements
Of the emergency, predict that nothing further
will be done
The meeting Of the Eastern Trunk Line Associa-
ton and its results are now SO well known that
il is hardly worth while 10 repeat them here
But as after the fullest explanations have been
made and are rs well understood in Chicago as
in New.lork, Chicago specialists succeeded in
smuggling into this mornings New.lork papers
additional msre presentations, they may ag,in
he briefly stated A week or ten days ago the
Baltimore and Ohio Railway gave notice Of IA
reduction in its grain rate to the basis OF 20
cents from Chicago TO New.Yorl1. IL defended the
position which II had taken by saying that il was
necessary in order that IL might obtain portion
of the corn moving from ST. Louis by Chicago
and the water routes 10 Ncw-iork. The Penn
syyania Company first met this re.
duetion and later the Chicago and
Atlantic Erie. The presidents met on Wednes-
day. discussed the question. and on Thursday