New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-12

Rcctng total stagnation in business, throughout
the United State, was SbO.011uvO. Although
during the four years the expansion OF Legal money
$3.50, 900. 900, the Ncw-lo banks now hold IN
cash Si5, 100000 less than On August -, $50
I he wide distribution throughout the Wholc OF
the country and the equally wide extension OF
banking facilities have changed all the methods
of translctng business, so that New orK mas
ceased 10 be the one and only reservoir from WllGh
money every autumn was drawn 10 move inc
crops.
The general tendency OF the local money market
last week was toward more remunemtYc rates;
And yet the average OF the daily movement III call
loans will arlly exceed per cent. Excepting
on Friday the extreme rates were and =
per cent, and both banks and trust companies
were liberal lenders and did not succeed IN OBJ
tanning higher rates as their minimum. The higher
rates of Friday, as the week before; were en-
tircly due to the rule which the
Stock Exchange for some incXplicable reason
refuses to change. making all loans made within
its walls on Friday standing loans TIL Monday.
Yesterday banks and bankers, who on Friday re.
fused TO loan because they could not know until
the opening Of Saturdays mail what the demands
upon them might be, would have been glad to
place call loans at l-2 or even per cent. There
is more tirmnesS in the time loan market, as there
naturally should be. because il is reasonable to
expect between now and the end OF the year
healthy Ja6 per cent money market; Dut the
business doing that way is very small, large en-
gagements having been made for the remainder
Of the year earlier in the season. IL IS wise ana
prudent, not only to make comparisons with pre-
ccdiEg wears, but also to note the magnificent cN-
pans!Ons of our monetary system and the changes
in methods wrought by an extension Of facilities
rs well more nonscnsical money scare than
that which occurred during the autumn OF 1883
never was witnessed in this or any other country.
The results show that at no time was there the
slightest reason for anticipation of trouble And
the scare could not possibly have come had il not
been ENCOURAGED by writings more brilliant for
their plausibllity and wordineSs than for wisdom.
The foreign exchanges were dull the week
through. HE first eject Of the advance OF Il
per cent in the Bank &. England rate for dis
count was TO reduce tF rate for GO-day bllls,
the effect upon sight bills having been anticipated
by an earlier advance. Later the tone Of the
whole market was weak ard indicative OF lower
rates during Tie next week. Tho Bank Of Eng
land last week lost G3l 600 pounds bullion but
Of this sum only 10000 pounds vas for export.
The remainder going to the interior If England.
Since Wednesday the Rank OF England has been
gamer Of gold by receipts from the Continent
The situation. both in ENGLAND and France seems
10 have reached "A point where no further eNtraor-
binary efforts for the accumulation OF gold will
be necessary. The Hank OF England holds 900,-
600 pounds sterling more gold than year ago,
and the Bank Of France holds 1900, 600 pound,
sterling more gold than year ago. The Imperial
l'anl Of Germany falls >, 100000 pounds sterling
below year ago, and the aggregate OF the Other
Continental Government banks also shows a small
decline.
RAILROAD EARNINGS.
Tho Chronicles comparative tables Of rail.
way gross cnrnin~, for the month Of July show
for - roads. with am increase of ! 30 Per cent
i'm mileage, = gain ian earnings of S2.f59,19T or
S34 per cent rs compared with July 1888
Only twenty roads out Of the whole number
reported losscs. The report OF - roads for the
seven months ended July 81 gives the net ean
on 03 roads OF ~ O833. and loss on twenty
one roads of ~, GALL. OF the loss 81. Paul
and Manitoba contributed SS1S.sgA.
The net gain of the Whole number is Sl5,2S7122.
Or II Fer cent.
The Tribune has printed the gross earnings for
The fourth week in July Of siXty.thrce companies
or systems. showing grin on the week of 1888
of S1i0,l@o, or HI per cont. or the total
number hitY-thrcr comDarics give aggregate gains
Of 81? per cent and ten companies n loss Of
S9G53l, or 134S per cent. Thus the percentage
Df gain for the last week is greater than the per-
,cntage OF The same companies for the whole
month. The first returns for the first week i'm
AnW>t-nnc companies having rcported-arc
narred by loss of $4,000 by the Chicago. Mil
Waukoc and ST. Paul. The seven companies show.
ng gains give an aggregate gain Of Sl9.j4j. or
- IL pcT cent; the Nyo companies showing
loses. an aggregate loss Of SlG.1y2. or - per
cent which reduces tho percentage Of gain for
hr whole 10 20 per cent. The suhioinoI tables
give the aggregates and differences of the com
ani"S. showing gains and loses:
ith wcci, ia July 1883 1889 Difference Per ci
33S 99f 30 Inc sO7 IGl - 10
10 companies. 7215G0 62',229 Dec. %, 1871 1913
Total 60 coss0 ooo4s4 sG.77oGI4 Inc. $40 1870 117l
: ccmpauir,' $3.50 500 eli Si5 Tnc' eia5i5 10 81 |
= companics...... 5l2926 f9G.l3i Dee. 1922 327 |
Total, cos. ss79736 sol247o Inc. s32753 4.29
4 BRIGHT BUSINESS OUTLOOK