New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-19

|
| regarding n stated amount Of reserve has been
| largely dsre garded by both the National author
| titles and the banks. 1t Is fact that from che
| resumption OF specie payments through all the
| years till 1885 the First National Bank OF New
| York made few returns which showed reserve
equal 10 20 per cent snteen nu" HScr % ,be
hanks perforce carried reserves Ringing from
| 80 10 40 per cent. Another important motor
as affecting the money market Is tlat the country
neither specuatively nor commerclaIy, cHPlhu'H
| We may be entering upon such Prlod put IL
we are it has scarcely begun instead OF Delny
near it's elimination. Probably the banks ana
financial institutions of this city never were
landing n sn"ler percentage OF their money
70 snccnlativ 'crprisrS in or ont Of Wall Street
II is a pcriou Of growing confidence ana con
fdcnce or the lack OF IT., is more Impotlaht
factor in the monetary question Than castlron
laws made to suit the conditions oil twenty years
ago. ,, ~ ;11,e,ro,i,.o
NJ the views which have been presented Inc
INSTITUTIONS from which money was drawn dur
inc last week did not have 10 wait unlll natur-
day noon TO know their respective cohhl'ohS'
And vet il can hardly he said that the money
market Of last week was any harder than IN the
preceding week. Some inStltlt ms inal are pro
verbal for libcrality in not disturbing rataS DC
cause of the daily changes at the Stock tNchange
succeeded i'm securing 4 per cent Tor thelr cail
loans last week: but such loans nave al thc
features of time loan, and It Is UNDERSTOOD Gy
both narties that the rate will stand I'LL there Is
thoroughly established in the open market elthrr
y higher or a lower rate than the rate named ~
the Stock Exchange the demand was SO snll
that I'll efforts TO establish an advance III the ric
failed the extreme rates made there were : ana
; per cent, the latter rate having been forced Tor
two small loans of $4,000 each. IaNlhS unc
avc,age of the money loared during the week and
n will hardly exceed per cent In Tine loans
there IS very little business doing ana only n
small demand. while the offerings upon = l-2ao
ncr cent basis are liberal. The foreign exchanges
during the week were dull, and steadily graNltated
toward lower rates. OF course, short DIS were
irmcr because Of the hrmnesS Oh ,hg o noh ~,
basis of 81 "a 3-S and 81 81 IA respectively Tor
long and short sterling.
RAILROAD EARNINGS.
The Tribune has printed the gross earnings Tor
the first week in August OF slXty-one railway com
Ianics Systems giving an 1"gregatc OF so'l 30
i1O-a gain of S414012, or 500 per cent OF
the total number, fortyeight give gains averaging
Ils0 per cent, and only thirteen give losses
averaging co. per cent for me setom an 49,
in August only nine companies nave YET rePorltu'
seven of them have returned gains averaging ':oO
rcr cent and two have returned losses averaging
1888 per cent. One Of the two showing losses
* Denver and Rio Grandc viii h, because OF me
interruption to business by washoulS, gives loss
of 81 300 or over II per cent when reduce
the average gain for the whole number 10 80
ucr cent Tie subjoincd table divides aggregates /
and differences of the companies showing gains /
and losses:
1st week in Aug 1888 1850 DIE encc g., PeFc
- eSma sii 639 797os7 De 1870 oo7
Total 81 5o s51s55 40 6e S42lip Pee 20
c SnG sG723al s122 sos Inc. 5000 5599
} companics...... 2oo,oi9 7s372 Dee 2L677 1883
Total. co.'s. s72.4sO s0OI 2s7 Inc s2s,757 s.eo
Tie dc 1clopmcnts Of last week only added
cumulative evidence Of the SOundncss oil the gen.
cral commercial, mercantile, manufacturing ana !
Agricultural situation. and did much To inspire /
confidence in general prosperous business FOR me
next twelve months. Nothing but favorable and
encouraging reports were received from any quar- /
Ter il we except the coal trade, which IS not |
vet a. active as il ought 10 bc at tins season |
of the year. But aS the consumption OF coal Doth |
for manufacturing and domestic purposes is stead |
ily on the increase, there is little question that
between and the close OF navigation the |
irade will enjoy boom which viii more than |
repay for the present dulnesS At the Stock fN- /
change these conditions were partially reflected IN
an exhibition OF growing confidence IN values. !
The markets, both Tor bonds and stocks, were |
dull and the local speculative element believed !
in and worked for reaction. There was ~ re- !
action extending in some cases TO as much as |
. per cent. Bat the sequel proved that 1t was !
like pressing an inflated ball under the wafer the
moment the hand was lifted from il the ball re-
bounded above the surface. SO, although In an |
extremely dull market prices were easily pressed
down. At the least indication or sInay buying /
they rapidly recovered and advanced. The facts |
including railway earnings were all favorable 10 |
a wider market and higher prices. But the rnmorS
and talk which find circulation only duIlng Dusi- |
ness Lours were as usual, all opposed to the facts,
and tended to delay operations, If not to depress |
values. That under such conditions ana IN "a /
market that records only S75,23O shares Tor the |
week. business in listed stocks then should be /
established material advance in prices for nearly
all Of the active stocks furnishes It's own EVIL
dence of the stable character of the market. One
of the special features of the week was drive /
made at Atchison Topeka and Santa Fe, whereby |
its price was driven down to 80. recovery 10
80 ia leaves 1t IL per cent lower than IT was |
q week ago. Philadelphia and Reading suffered /
from a similar attack, but yet it closed only Is
per cent lower than last week, but IS 3-5 per |
cent lower than a year ago. while all the other |
anthracite coal stocks are from 10 80 per cent |
higher than year ago The " Big Four common !
took its place as third IN amount OF the week
ransa ons and after q temporary decline OF l 10
per cent TO % rose to n LAIR. while the pre- |
ferred a sure per cent stock, was duh with !
fluctuations of "a per cent and closed practically
the same as week ago. The reason for this IS |
that the insiders regarding the common stock |
as certain per cent stock, with all the chances |
Of growth in the business with immediate diyi- |
bends, steadily buying ii in preference to the |
preferred stock. The Chesapeake and Ohios |
neglected in the early part of the week, and
their prices yielded from IL TO IL per cent. |
more active and made good records under renewed |
buying. but did not reach the highest figures !
of the preceding week Among the grangcrs North |
western was freely sold to "A dull market down to |
100 j-s; it closed AT Ill 1-2. or l per cent |
higher than the preceding week. All the grangers
show final gains upon prices of week ago. In |
the trunk lines, at higher figures, the business |
was small excepting in Erie. which |
marks final gain OF / is per cent. Chicago |
and Eastern Illinois, and Lake Erie, among the |
central stocks, were conspicuous for their strength
during the whole week. Norfolk and Western. |
preferred established final advance Of per |
cent The Northern Pacics, both of them. |
closed the same as week ago. while Union Pa |
cihc shows gain OF rs per cent Ii should be |
understood that these final prices show advances on
the lowest prices of the week greater than the |
advances on prices Of week ago. Among the |
miscellaneous securities Chicago Gas WAS par |
ticularly active and recovered to about its high
est figure of two months ago This is understood /
20 be upon the certainty Of its being a regular
4 per cent stock regardless OF the results of |
supplying Chicago with natural gas.
In Trust stocks there was light business |
and irrcgularity in the movement of prices !