New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-09


heretofore has held all its in the Eastern
cities and withdrawn them periodically Tor the
movements of CroIs, etc. 1t is reasonable TO
suppose that with this extra amount OF money
distributed through those sections, neither
necessity or credit for the usual amount oil drafts
upon the East exists. This IS TACT ana an
important one in calculating the chances Of the
local money market during the next four months
that is most peIsiscntly ignored by writer's upon
the subject. -,
For the moment. in connection with the i'm
mediate future OF monetary movements, IT is idle
to discuss the question whether or not system
which withdraws money from the channels OF
trade and accumulates il and Indefinitely locks 1t
up in the Treasury vaults is wise system OF
finance. The proposition furnishes ITS own an
s,yer II is sufficient that n system does exist
which takes money into the Treasury faster than
il can be disburScd in ordinary payments ana
that that system must continue to exist until after
the meeting of Congress, next December. Inc
important question: therefore, TO consider at this
time is not a change in the system but whether
conditions do not exist which VIII so lar auapJ
themselves TO the existing system as not only TO
prevent further accumulations, but to relieve the
Treasury OF part of its remaining surplus II business
requirements make il necessary. II will be re-
membered that all during the summer months
we maintained, almost alone that the prices az
which the Treasury was willing 10 purchase bonds
and the manner in which Government bonds we're
held created an automatic financial machine which
would quickly respond 10 n Ja6 per cent can
money market The occurrences OF the last TWO
in our estimate of the situation. force Hurry
in the money market quickly brought to the Treas
urv 81 600 of bonds at its own prices. we
hold TO the opinion still that the condition Is such
that any demand for money which approaches n
& per cent rate again will be met by free offerings
of bonds at Treasury figures. Even last week,
and the rate for money was ruling
at 3 10 per cent over S3,OoO,OOO
was presented 10 and purchased by the Treasury.
The prices Of the bonds are ridlcuionsF
bi0b and the stubbornneSs with which the Secre
tary resisted the extraordinary pressure upon INN
10 advance his figures has satisfied both specuiatye
and investment holders that nothing is 10 D.
gained hereafter in attempting TO BULLDOG IN. tle
Secretary into the payment Of prices higher thaH
those hr is now paving. .,
ton outside of the Eastern cities and the readiness
Of the Secretary TO dsburse large part OF ms
surplus in the purchase OF bondS AT funng prices
seem TO us to present q situation forbidding the
entertaining Of any fears about the monetary SIT
uation till after Congress has bad an opportunity
10 legislae upon the subject. It seems 10 US the
situation will take care Of Itself until late next
On@thc first day of the week, and late in the
day. there was a speculative effort TO establish
advance rat * for call loans, and for a moment Z
per cent was old for Il small amount But the
effort WAS so quickly squelched by the incoming
of n food Of funds to meet the supposed demand
that It was not again repeated during the week
and the market ruled quiet and easy at 3a4 PER
cent. The Treasury statement shows that me
bond purchases were paid for IN gold the net loss
i'm gold without last weeks purchases being IN
clnded having been s1O,OOO,O0O for the week,
while the issue of silver certificates for the SINE
period was only S2400.000 and of silver dollars
about 81 5000 These silver issues were sent
West and South in exchange for gold certificates
deposited with the New-NOrk Sub-lreasuIy 30
the New-York banks are about Slo,0oo,Ooo
stronger in gold than they were two weeks ago
notwithstanding the opinions of The Financial
Chronicle" to the contrary.
The foreign exchanges during the week ruled
firm at advanced rates. 1t was perfectly natural
that they should do so, in view of the higher rates
for money in London and the easier rates here
upon a return from the Treasury OF portion OF
H., money which had been withdrawn from com
mercial circles The rates had declined during the
preceding week simply and only because OF the
advanced rates for money here. The movements
in both cases were natural. Neither were or are
indications Of immediate imports exports Of
gold
RAILROAD EARNINGS
The reported railroad earnings for the fourth
week of August are almost phenomenal. The
Tribune has printed the gross earnings of forty
three companies or systems, giving an aggregate
increase on the same week OF oSs OF SbV14S3. or
| 1900 per cent. OF the total number thrty-seven
| companies give an increase Of Sl52O32, or Gas
per cent, and six companies show losses OF S96,1i9
| or 80 per cent. The subioincd tables divide
! the aggregates and differences OF the companies
| showing gains and losses:
IN weS in Aurt 5 sss Is 81 $50 Inc sfs25ss
7G 1850 20 SS 70? ~ Dec $3.50 55
Total 4s 81 col 80 COZ Os4 Inc $685. 4s3 1900
TIE WEEK AT THE STOCK EXCHANGE.
The railway bond market which during the
early part of the week was dull and only steady
| in prices later developed activity with advances
for nearly all the issues of speculative character
OF course, in the gilt edge bonds, which are held
AT high figures, there was little business done
| and no material changes in prices
In the stock market business aggregatlng
| l,5SG3O9 shares for five days, against ,41291I
shares for the full preceding week denotes 4
wider speculation and broader interest in the
market The stocks which had led the advance
and had even advanced - or 20 per cent before
! tbe general market movcd-the new Vanderbilt
stocks made little further advance, and III some