New-York tribune., 1889-11-04


and ths stocks sold the NewYork stock Exchange if
she week of three years compare as follows: 100
Exchange. SSy So So 81 S2{ 9 SSy 81
THE MONETARY SITUATION.
While yesterdays bank statement reported a
gain of $780, 600 to the weeks average cash,
against loss of $780, 900 reported for the preced
ing week. the money market at the Stock TX,
change, while the banks were gaining cash, ruled
higher than it did in the week i'll which the
banks were losing cash. The changes IN hel,ner ns
week were of importance, but those changes com
pared with the rates for money at the STOCK EN-
change for the two weeks present an inconsistency
which can be explained only on the assumption S ol
manipulation Long and labored theses may be
written by novices about the poverty OF the banks
and about the statement that two or three banks
in the Clearing House hold an amount OF surplus
reserve nearly equal TO the whole amount held
by the whole Clearing House, including the State
banks, which are subject TO no law excepting
commercial law requiring prudence ana con
seryatism in the conduct OF their business
He will be a bold writer who dares 70 assert
that the State banks of the city of New-l ork
are not conducted upon business principles ana
are not as entirely safe and SOUND as any OF th9
National banks in the Clearing House Untll
some one dares to do this the folly of continually
harping upon the National law Of 20 per cent
reserve Is apparent to all intelligent persons.
Ii is good bugboar used in the hands of ignorance
for the benefit of a small clique who take ad-
vantage of created sentiment to eXtort hlgh rates
for day or two at time on their daily balances
The return of the first of the month and the
knowledge that the disbursing banks OF the CITY city
had to prepare for tho payment OF So'ooo;0o9
ef CITY revenue bonds on November l enaDleu
certain class of lenders again to appeal 10 me me
fears of borrowers so that after Monday rates
generally ruled, in the Stock Exchange only at
per cent until near the close Oh ous,nesS -,
But on every day before the close there was al,
abundant supply at legal rates or under ana
there were considerable amounts carried over lot
the want Of inquiry at any rate. III MaS ra,n
surprising that with the temporary withdrawal,
of city money for the payment OF interest anu %
dividends by corporations when there were no us us
bursements by the Treasury for interest ana Inc
bond nurchase of the week amounting only u
obont 81 200 600 that money under manipulating
shonld have ruled as easy as 1t dld during al
Of last week. The New-York banks held yester
day sa597Ooo less cash than tn theE er Oh opors
lions have added SOL 90, 900 to the legal clrcuuoi
| Of the country. OF the New-iork banK iosIs'
e. 200 600 was by an extraordinary export OF gold
Hence this tremendous movement 70 ihe ihooT,o Tno
| NJ which we have heard so much during the ~ ~,
| five weeks amounts TO Sll, 1OO0OO, oi 3 Will Ia ~,
New-York banks contributed s2,oVV'Ooo o,"od %n +Sa
tbe tide of money has turned toward New-l OrK % -
that the talk about 20 per cent resgrse VIII W
| less alarming during the next few weeks. 81.
| Tho foreign exchanges ruled weak duIlhS eh'
| whole week and rates generally were about IL
cent lower for sterling than they were w Wcek ago @
closing for business on the basis OF "a So % lii aS
| The rates are about l-2 cents hlgher than CnoS'
which will permit the importation OF go"'
RAILROAD EARNINGS.
The Tribune has printed the gross earnings T.. .
| sixtv.sevcn companies or systems for the thir'
weeI, in October, showing net gains aggre@tlInG5 !
S77635s, or 1928 per cent on the week OF f, iofS
| Of the number ffty-six companies report gaill
oiorao;ng ~" I3.37 per cent, while only eleven re
tnrn losses averaging 7.04 per cent.
The suboined table divides the aggregates an'
| differences of the companies showing gains ant
| losses - r
a week IN October 1888 1889: Differences Ss T; p
"a complnics $685. 19l sG7s4 o94 Inc. $500 lo3 70
II companies.-. 331,226 ol7'4ol Deo' ,D -D,Il -