New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-23

Boards and Granger laws from charging more ioi
services, can guess the result.
Wars of rates do not count for much winch
leave railroads able TO earn, as eighty-nve for the
first and forty-eight for the second week OF June
have earned 1915 per cent more than they earned
last wear Net earnings on 14s railroads in April
are reported by The Financial Chronicle" show
ing an increase of 14.43 per cent over last year
The volume of business in progress, as shown by
exchanges through clearinghouse outside New
York. is 1OI per cent greater than last year for
three weeks of June at Boston. Philadelphia and
Chicago, and GA per cent greater at all other
points. Furthermore, crop reports steadily i'm
prove. and cause decided expansion of trade III
Western and Southern States which means a
larger fall trade in products of Eastern manu-
features.
The small decrease in stocks of wheat is recog-
nized too late for many spectators, proof that
their notions about exhaustion of the supply were
absurd Exports from both coasts for three weeks
have been equivalent to 4,9l1 900 bushels, flour
included. against 4,l07,353 bushels last year,
which indicates exports of about 900, 600 bush
els for the entire crop year, and an unsold sur
plus on hand July of about 63, 000, 900 bushels.
The price has dropped three-quarters Of a cent
during the week. and corn fell quarter, but oats
were stronger. Cotton was also depressed In price
three -sixteenths, and lard weaker. OIL cof-
fee and sugar all fell fraction and refined sugar
q quarter The markets are yet to some extent
in false position, because of the fictitious prices
manufactured when the silver craze set in, and in
some directions further decline is necessary to re-
store natural dealings. Spectators marked up
silver bullion TO as sd per ounce at London
Tuesday and OG IL at New-York on Wednesday,
hut Saturdays prices were AZ I'D. at London and
! GA 1-2 at New-York.
The natural change in balance of trade at this
season is aggravated by imports to anticipate the
change of tariff In three weeks of June the in
crease over last year in imports at New-York has
been IA per cent which, if realized at all points
for the entire month, would make the aggregate
nearly $72 900, 900. While this is not to be
expected, an increase exceeding S5000.000 is
practically certain already, making imports over
500 100000. But exports OF wheat have been
but little larger tlIar last year; the increase in
corn has been but 200, 900 bushels. and in cotton
for three weeks there has been decrease Of
80 900 bales in exports. At New-York for three
weeks the value of all exports has been about 3
per cent below last year. and at the same ratio
elsewhere the aggregate for the month would be
not more than S47,C0o,oO0. The principal eX-
ports for May brcadstufs. provisions, cattle. cot
ton and OIL showed increase OF only 81 ,S65, 900
in value, per cent over last year. indicating
for that month aggregate of about S54 900 900,
against increase in imports Of S3,300,000 at
Ncw-YorI alone indicating total of $72 100000.
Thea rough estimates suffice 70 show that the bal
ance is TO be heavy against this country for May
and June. but the movement OF securities has
been such that the rate Of foreign exchange is
further from the gold exporting point than it
was week ago. Just at present, with the curious
uncertainties in regard to silver and tariff legsla
ton at Washington. efforts to forecast the none
tary future are afforded with more than usual
difficulty. But there seems TO he little room 10
doubt that any step in the nature of free coinage,
or causing Serious apprchcnsons OF the silver basis
here would soon result in very heavy Withdrawals
of gold from ordinary monetary use, If not from
the country.