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


and the stocks sold the New.York Stock Exchange a.
aid for the week OF the preceding two eomIAr
a follows
r,,n,os 'aas % e. -, rs 'aec e S2 Is. ,a 80
TIE MONETARY SITUATION.
DESPITE the Withdrawal Of Se.5OO.oOO gold fo
export 10 Germany The local money market las
week ruled easy ~ raicS that scarcely would aN
GRACE over per cent for call loans The porticl
lar feature of The week was the remark hr cas-
exhibited on last Friday. when tll loans made a.
the stock Exchange must stand over until Mon
dsv Tho Treasury disbursements. - shown above
were liberal. for the payment Of pensions an'
drafts Of pension AGENTS upon Tie Ncw-Nork Sub
Treasury rcmittcJ 10 NeN-Nork In lien IF cur
Icncv formed Tire occasion Of subj rraS1rv gain
Of only 100000. while S2.5OOOu0 was poli mt
the sub Treasury for gold bars taken from th'
Assay Office for export. The loans Of the New
York banks are now 81 500. 600 lower than they
were q wear ago. and the c1sh I'M the Newly ori
hanks j. ~ > COO. 600 lower than wear ago Ih,
silver legislation during the last week has hccom.
somewhat muddlcd. hut We 'lli 20 find ans anNlct
IN regard 20 the outcome among hankers or bias!
ness men while there is "a suUci1huntaucc of thco
rizing which nnds It's way into PRINT. Whether
OF not there will De any silver legislation az th
session Of Congress We dare not predict. hut u
there is any one thing which votes of the last week
lave esfahls she'd u IS that there is no tvo-tmrd'
power either ~ The >enai" or IN the House of Rep
rcsentativcs 20 override veto of any measure
which docs not meet tic approval of the cNecu
tive department. We viii assume that there g.
no necessity commercially for any imuediatf addt
fInral legislation upon the question: ana pcih1 p'
A. may prove blessing n none i aftaIna hc Whl'l
VIII receive the Executive approval | ndcr th'
EXISTING law. hY the coinage Of standard silver dol
lerS the legal money OF The country Is being ,N
handed a; the rate VI about $50 600. 600 per an
nun That would seem 10 be sufficient 70 meet
,hc requirements Of population which II Is not
asserted is incIcn sing NJ lat" oi over loN'u""'
ror annum. The circulation Of the country 10
day melodies S34l, 900 600 iat money! mite
sfitr, lc-a tender nolrsa1ainSi which the Treas
rrt holds n special reserve of only 500. uon.0oo
cola More finance and les politics exhibited on
H.. money question would simplify n and make /;
rlofc comprehensive 10 the average citizen. TIE
f.Cf that In the presence OF the largest legitimate
G. numerical movements the country ever enjoyed
money is ONtainahic ~ lower than legal rates iOI
on legitimate enterprises. by borrowers who have
TIE collaterals - pat mp, shows that There Is no
distress for money m any part OF the United
States: that the 9, panSlon g.! lc.ol money mas
more than kept pace with the requirements 81
trade
y 20 the recent exports Of COLA. while there
have been many and contradictory explanations
of the causes. there stands Ogt in bold rc'."i = Cd
fact HAT none Of the large foreign houses Wlo y
would D. natural 20 expect, would he the repro
scntativcs Of either the Governments or of tie
Government banks in an universal specie move
Inent, have had any part IN the recent cXporta-
ton. The condition abroad III regard - gold
holdings by the Government banks compares
with year ago as follows: The Bank Of Eng
land holds e. 90 600 less than year ago: the
Bank of France c7.7OO 600 more than a wear
ago and the Imperial Bank Of Germany &C.
10000 more than year ago. Hence the Bank
Of Frances gain is $500 900 greater than the
joint loss by the Bank OF England ard the Bank
Of Germany. We simply cite these facts. not -
prove that the shipment Of $500. 900 gold dur
ing the last seven days was not fact. nor even
70 establish theory that more gold Will not he
taken from US: but 20 show that II WAS nm
natural and not consistent with conditions, cv-
cept that as The United States produces from It's
mines about $50 O00, 900 gold per annum. while
neither Great Britain. France nor Germany pro
duces a dollar. IL is rs natural a market 10 buy
gold in when IL is required elsewhere as il is for
the purchase Of wheat, corn or cotton.
The money markets Of the principal financial
centres OF Europe last week developed hardening
pansion Of trade which is reported there, can
hardly he regarded as an universal rate The
Bank OF Englands proportion Of its reserve 70 IFS
liabilities, as by its statement Of last Thursday.
was 30 81, against 43.j3 per cent AT the same date
OF last wear lis rate Of discount now is Der
cent. against - per cent a year ago. The
foreign exchanges ruled firm during the whole
week until lust before the CLOSING Of tho last
mails. when without change in quotations for
actual business. the tone of the market was weak
az 81 % IA and 81 - "A respectively for long
and short sterling. against 81 81 ia and 81 80
respectively, the rates Of year ago. in which
week the gold exports from this port were
$500, 900
RAILROAD EARNINGS.
The transportation companies continue 70 make
favorable returns of gross earnings: in fact tTe
gains may be called still progressive The
tribune has printed the gross earnings for The
hrst week In June Of seventy companies or svs-
Ienls; giving an aggregate Of S6.1s5, 539-a gain
on the week of 1889 Of $6s3.gl or l24 per
cent OF the total number only eleven companies
return losses
FOR the second week in June we have printed
,he gross earnings Of ifty-onc companies giving
an aggregate of S4.77035s, a gain Of S4G4 as or
lo4 per cent. Only six companies ont Of the
per cent.
The suboincd tables divide the acoreoa,as ord
losses: 3 WV
e 81 c %ess f. Icne y. lsso lsao Dre?c
II companies. I,o9i4i5 1915 iaS De-. @9 ~
"a Total sI 70 COS SO "a 800 Inc Sos3 9i4 l94
8 companiss 1881 So 90. Eel eo Inc Dh sS-i7o
oio,Sl@ so7is Dee 1905 80
Total 81 o'ss'al4ois si,775s5 Inc. siGI7i5 Io'7
TIE WEEK AT THE STOCK EXCHANGE.
p La1 week was another dull one at the Stock
Exchange. There was even les activity in tLe
General bond market. but Vet that generally uleJ
hrm az 1ull figures, while perbaps nurchnsing
orders were delayed. waiting for tIe sneculative
developments IN the share market Tic regular
listed department OF the Stock Excboroc Furnished
only 19l, $50 shares. against gG0'g53 share for
The preceding week and the unlisted Department
furnished 24l ,739 shares. against $50, 5OO-fo1ql
OF all ,O33 los shares against l256 O93 for the
preceding week. IL is hardly necc>ear, here 10
make further comment upon the character of last
weeks speculation Our daiiy articles have told
The situation day by day. and review would he
only an old story repeated 10 the readers of The
Tribune But we may briefly say that tie mud
ole over the silver legislation the exports of poN
and revival Of talk about railway decentralization
ana Government interference with rates furnished
an opportunity for pessimists 10 relieve their minds
~ learned ESSAYS which in checking Business gave
them an apparent control Of market icurcs Il
Poss without saying that with Transaction
ssiounting only 10 '9l 900 shares and decline 81