New-York tribune., 1888-08-27
TIE MONETARY SITUATION

No. shares sold :. eisoos Ilo9'o5o sss9so
TIE MONETARY SITUATION.
There was no material change developed last
week in the local money market II anything
the rates for call loans ruled little easier than
they did in the preceding week. the extremes
business. both renewals and new loans, was l-2
| per cent. For time loans, there is no change
In the rates, but practically. there is little or
| none Of that class of business being transacted
For several weeks there has been a continuous
talk Of hardening Of rates for money. and
vet the business now is done at almost the ex-
so prevalent that the rates for money should
| harden at this season Of the year, that other
and controlling conditions are overlooked in es-
the usual results The total and surplus reserve
Of our banks are unusually large, and it is not
| the Government will hold them at high level
during the whole season. even if it antci-
pated that the interior demand for crop move
fomsr The Treasury large last rs week X
purchased only small amount of bonds,
but the :, offerings exceeded s7,oOo,ooo at
figures SO little above the basis of per cent per
annum as clearly to prove the bonds are held to
be scld to the Government whenever the rate which
it costs to carry them shall advance to per cent
are Of some value who did not hesitate to express
their belief belle when the circular Of April l6 was is
cess in obtaining bonds while money remained as
easy as IT was then. Yet during the period from
then to this date when The speculative markets all
over the country had been unusually dull and un;,
proDtabIe the Secretary has purchased
s33, 60S4, $50 bonds. With the facts in view, it is
only reasonable to anticipate that an advance to
4 per cent as the common rate for money would
depiete the Treasury surplus more rapidly than
might be considered desirable. At all events,
when 1t is remembered that the extreme in
money now is, and has been, due to the enormous
expansion of legal money in the country during
the last two years, and that that expansion must
continue at the rate Of So. 600 900 per month by
the silver coinage it is reasonable to calculate that
the Treasury management will force continuance
OF low rates for money until after election at least
The foreign exchange markets last week were
extremely dull. but there was fEmer tone
and rates ruled higher There is a scarcity for tho
time being Of commercial bills, although there
unquestionably has been heavy foreign buying
of our wheat. scarcity of vessels postpones the
outward movement SO that the immediate exports
are light and bills Of lad do not furnish basis
for the drawing of commercal bills. This will be
ports The market closed on the basis of 81 81 3-4
and 81 81 "a respectively for long and short
sterling
THE GENERAL SITUATION.
The improvements in the general situation
noted week ago received such further marked
developments during the last week as to require
very little comment here. The trade reports now
are unanimous in their expressions and the tone
of confidence exhibited for the first time partakes
Of character approaching boom. The crop
situation, which upon the whole continues favor
unusual foreign demand which will require all
our surplus The rapid advance of Friday in the
price OF wheat was an episode in the speculation
it was bear and not bull movement it was
result Of the realization of the situation which in
duced the bears to desire TO recover thcir con-
traits The holders of the contracts being salts
fed with the profits accepted the prices offered,
and there was liquidation Of both long and
short accounts But this movement had little
effect upon the general situation. The real stuff
which undoubtedly is largely owned by shippers
was little affected in its price, either by Fridays
advance or Saturdays decline for options
RAILROAD EARNINGS.
The Tribune has printed the gross earnings Of
fftysix railroad companies or systems for the Sec
ond week IF August, showing average gain of
433 per cent on the same week Of 1897: of the
number, thirty-ninc companies have shown gains
We have also printed the gross earnings for the
third week of August of eighteen companies. show
ing an average gain of 2 GO per cent on the week
of 1887; OF the number. sixteen of the companies
have shown gains and two losses.
Exclusive of Burlington and Quincy and Atchi
son, Topeka and Santa Fe seventy-three companies
systems have reported their net earnings for the
month Of June. showing average gain of ]. ~
per cent on the month of 1887. Nine companies
or systems have reported their net earnings for
the month Of july showing an average gain Of
2.3S per cent on July, 1ss7. These include such
important companies the Pennsylvania and
Philadelphia and Reading, whose statements are
printed below. The following tables give sepa-
ratcly the aggregates and differences of the COM
panies, showing gains and losses:
GROSS EARNINGS.
s35ss Bs;
Total SO cos s4114,19o s429a 284 Inc. sl7s114- 4ss
e e.: as5sss ss be- be- 'ass sss7s
Total. 10 co.'s s1.74s577 so7ss9o 1923 52o-12e 60
NET EARNINGS.
= o 53sgs 5ssss Bs:
Total 70 eos slOoo5,l7s slOsaoa55 Inc. si84i7a- ,7a
g. sS5;S saIs5 ss bss bss ss5s- ass
Total co.'s ss1865O1 So 2o9 COZ Inc s78 1o1- 28s
The June statement above includes that of the |
Oregon Short Line, which also is printed below. |
For the six months ending June 80 the statement |
shows an increase in net earnings Of nearly 100 |
per cent-net earnings Of the last six months |
s506,570, toward the payment of whole years |
first charges Of sS95.S60. In the last six months |
of SS7 the company's net earnings were S5l g. 900.
1t is anticipated that the gain in net earnings of
not equal to the percentage of gains for the first
six months.
STOCK SPECULATIONS DULL
II was dull week at the Stock Exchange the
transactions in listed stocks aggregatlng only
$685. 920, or 1000 shares less than the
transactions of the preceding weeks. The
dulness, however, only served to emphasize re-
marSable strength. On several occasions during the
week efforts made to make lower values by
but they resulted only in tuctua-
tions so small that in active market they would
scarcely be noticed. One could almost say that
has departed from the Stock Exchange.
A good deal is said and written about bull"
cliQues manipulating the market, and that it is
nothing but professional traders who are lifting
prices The small amounts of transactions
corded are sufficient TO both suggestions.
There is no such thing bulp clique in Wall
Street to-day, and a majority of the professional
raiders are disnnsed at all times after such rise