New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-22
DAILY TRIBUNE, MoNDA'' JUNE ~ 80

count and short bills by the denahu W Jun Tho
who had sold securities for foreign account. Inc
mayket was not perceptibly weakened by the snip
ments of specie, and closed firm at 81 50 ia
81 Sc and 81 So IA for long and short Sterling
respectively.
RAILROAD EARNINGS.
The Financial Chronicle" reports net eaTnlngs
for April of 1876 railroads, which, compared WIN
the same week year ago. SHOW an IL nrodnced
chiefly by decrease in operating expeassess' nc
the gain 10 gross earnings is only Soo,ouo.
Whether the enforced economies III man e. the
future by the condition of the properties me
Tribune has printed the gross earnings OF tnlIS
seven companies systems for the second week
i'm June OF this number, twenty.seven com
panies return gains of $222,472 or III per cent
and ten companies return losses averaging a.
nor cent The whole number gives gain over
the corresponding week last year of $sO.lO2, or
. per cent IL has printed also the gross earn
ings of sixty companies 1or tne nrSe meek sa
week last year Of $500, or % per cent. AS d
rule lately the companies making the latest re-
ports suffer heavy decreases.
The following tables divide the aggregates and differ
ences Of the companies. showing gains and losses;
Cd week in June 1890. 1891 Din sg,. ,o p C
S s5s s Dec sS 1870 Il
Total 81 co.'s 500, 400 88,a7S5ll Inc. sSo'sC2 90
ssssS g b bsS sSf S9 81
Total 80 co. s. s5 9ls 422 s6,O17 121 Inc sos,590 10
THE WEEK AT THE STOCK EXCHANGE.
The Developments in the last week were OF
surprising interest and Importance Inc reneWai
of gold exports, when II was popularity SUPPOSED
thai they had ceased, aroused uncertainty as 10
future movements. II is no Satisfaction that the
latest shipment was made on a speclai orueT u u
mai IT, went TO Berlin instead of London. III Is
not even a satisfaction that the shipments are in
pavment of our indebtedness, as they must I've, De
cause this country would hardly loan goIu 10
Emrope While the Bank of England has strength
ened it's reserves to point where IL thlIhe ~
unnecessary to support longer an aItnclal I"e "
Lilo ;e NOT vet satisfied As the rate Of en-
change between Berlin and London renueIs nm III
nent a movement of gold from England, uhe sh9lI
premium paid on the last shipment demoilsoIaGt ~.
that it was unwilling tO depend wholly on o l.S
neighbors There yet remains about t5,Uoo'oog
or GA 900 900 which must be sent 10 Russia, anu
the efforts of that country and of Germany anu
France to secure large stock of the only in,er
national currency possesses more IMAM 1IulItaitS
meaning. 1t is not at all clear, although tne PM
ments are in payment of debts, that those uG t
are the result of commercial relations or the pal-
Confined shipments. on the other hand, point
to the snSnicion that Europe is withdrawing from
tbe limited States large amounts OF capltai WHICH
II had employed here at better rates than IL c0uld
get at home. 1t wthdraws IT presumably on ac-
count of the recent silver legislation. which Is
liable to result in the disappearance OF the more
BESIDES the revival of gold exports, a second
develonment of still greater consequence was the
suggestion that the United States Treasury wouId
continue the coinage Of sill yer after the ehd Oh ue
fiscal III Is cEtlllleu IHdt bic hcOiNt'iS
the Treasury has discretionary power under the
Act of July IA, 1890, 10 coin any part or the
whole of the monthly purchases OF silver puliloi
The question has not been decided alsOluleIs, anu
a ,neetino of the Cabinet will be held on Friday
to consider it, and also to arrange 1lnally the e1-
tension of the maturing l-2 per cent bonds 1t
is understood that the President ana one or Two
Cabinet officers are in favor of the continued com
age of silver and opposed 10 the extension OF tle
bonds on the terms proposed by tIe New LOTS PTS
banks At the recent conference between uie
Secretary and leading bank officers OF TINS Guy IT.
was definitely proposed that the banks would en-
tend the whole amount Of maturing OohIS a. PEI
cent and that they would take ont bank NOTE
circulation for the So O0O, 600 bonds whltl are
rot now used for that purpose 1t would propaoB
require two months L. PRINT the new cHcIiau1 NE
notes hut the acceptance OF this Olef WOuIu duu
This sum 10 the circulation Of the country at a
timt when the demand for the movement Of the
crops will be most urgent. $50
The addition will be made without expense
TO the Government, and, in fact, at consider
able saving in interest, while the prompt payment
of it's obligations on september / would ne a.
sured The scneme for the coinage oil 4,oVO,oVO
ounces silver bullion every month may he III
accordance with the letter of the law but It's real
purpose is TO gain the advantage OF the mint
seigniorage. which would amount to about 81 $780,,
600 Against this amount the Treasury I'M
douhtedly would have the right TO issue silver
certificates although it Issues iull tender ire3SuS
notes for every ounce of silver 1t accunulates
IL is no wonder that the mere suggestion nOt
only stimulated exports Of gold, but also caused
a sharp rise in the price Of silver. II this pohcy
should be carried out there would seem TO he no
good reason why silver bullion certificates should
not advance to parity with gold. The Treasury
has ample authority to sell bonds of the Govern
ment to maintain the equality of the two metals.
So far as speculation and the legitimate business
of the country are concerned, such step might
be followed by the most serious consel uences.
Speculation in railway securities was sluggish
and stagnant The trading was entirely pro
fessiona, with the possible exception Of dribbipg
sales for foreign account. AL the favortes of
the London market were weak under the pressure
Of this selling, while the bond market was life
less but otherwise devoid Of feature. A few
pf the specialties made little advances, and
Chicago Gas. il is unnecessary 10 say, up and
down according TO the speculative whimS OF the
controlling interests in that company. Missouri
Pacific was sold down early III the week in the
fear that it's dividend rate would be reduced, but
this fear was subsequently set at rest by the
declaration Of the regular dividend. The market
was disturbed at times by rumOrs Of fresh linan-
cial troubles in Europe and South America, but
they have not yet been fulfilled. The closing was
made strong by the publication OF an exceptionally
favorable bank statement. and although it was
dull, it seemed full of promise
Following is our usual table, giving the num-
Der of shares sold of all stocks, the highest low
est and final prices OF the week, together with
the final prices Of week ago. prefixed by the
average prices of June 81, 1890