New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-22

rate of So 900, 900. All essays upon the financial
situation that make comparisons upon the Treas
ury's past and present conditions with view 10
ascertaining the increase or decrease OF money IN
general circulation which fail to add after such
deductions o sum at the rate OF S2,6Oo,ooo a
month is deceptive In its character III the
weekly or monthly coinage has not swollen the
Treasiiry's silver balance it has gone into general
circulation The silver balance of the Treasury
ON July /, ss5, WAS s67,92l. 052 on July /,
1880 il had been reduced to 532, 5S5, 93O diff
ference Of $50, 900, 900. But in the meantime the
Treasury had coined 1872, 900, 900 standard silver
dollars, so that the general circulation of silver
dollars. or their representative certificates, had
been increased 81 1000, 900. The point is that
this expansion of silver and some $50, OOOOOO OF
the oountrys product and net imports OF gold,
during the last four years, is dlstrlputd so gen
orally through the country outside OF the Eastern
financial centres that it is only reasonable to ex-
pect that the Western and Southern demands
upon the East for the movement OF crops ms
year will he smaller than ever before, and that
therefore the humbug in all the talk about the
dangerously low surplus reserve Of the New iori<
banks is only equaled by the folly OF supposng
that reserve Of % per cent to deposits Is IIe
ity of the latter idea is shown by the soundness
Of the State banks Of the city Of New-fork, whose
business is conducted without reference to law,
making and arbitrary ratio appllcable 10 all
banks under the National system. furthermore,
we have shown that the changes in YESTERDAY $
bank statement were favorable when compared
with the changes of the corresponding week OF the
preceding four years.
II is noteworthy that on Friday, after the
81 900, 600 had been withdrawn from bank Tor
export the money market, both for call ana tme
loans continued to rule as cay as 1t had hereto
fore Banks and other fina ncinl institutions are
seeking TO establish higher rrteS for their time
leans on stock cOllaterals and, therefore. as the
requirements are unusually small, little business
is accomplished. The quotations are 4a5 per
cent according to maturity Of loan, character OF
collaterals and credit Of borrower The tendency
Of the foreign exchanges during the week were
toward lower rates for sterling while French
francs remained firm. BIT yesterdays exports OF
gold could hardly have been made at less than
cost of IL 6 per cent to some one.
RAILROAD EARNINGS
THE Chronicles compilation of net earnings
in the month of May Of ninety-scven railroads
gives an aggregate of Sl4, 735,427, against
81 1884 APO for May, 1888, gain Of Sls5l ,O07.
or nearly u per cent The aggregate net earn
inss of nnety-five roads for the five months
ended May 81 was $50, 60 204, against S53, 625,-
573 for the same period of 1888, gain OF
IS 1874, 7?1, or nearly 6 per cent.
The gross earnings Of cighty-three companies
for the first week in July show gain on the
same week Of 8ss Of 7.i5 per cent For the
second week in July The Tribune has printed
the gross earnings OF thirty-nine companies show,
thirtv-four companies have shown gains averaging
lO1i per cent. and only five have shown losses
acrrrgating g. 635. or 43S per cent, The sub
Joined table divides the aggregates and dinerences
OF the companies, showing goins AMI losses
81 Cos " s73 g5a So 16i SIS Inc. $3.50 sGt 1o.ll
5 Co.'S NM. 1901 166,456 Dec. 1880 4.So