New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-25

T the ps socks cha &c s ne Stock EHRsnr6
the week Of three years compare as follows:
Exchanges 800 e ~ N o. ES 81 S2
THE MONETARY SITUATION.
renewal of money manipu ation at the very
beginning OF last week again brings face TO face
with the actual condition and the opportunities
afforded through Ignorance and misrepre sen tatlons
| for Spectators the Stock Exchange and Shy
locks among money lenders 10 establish high rates
| for balances at the Stock Exchange, which bal
ances reject so small portion OF even the now
comparatively small amounts borrowed by brol GERS
! that they are really unworthy Of consideration.
Yet, while il is true that the average interest now
paid by the large borrowers of the Street will not
average . IL per cent the rates daily made at the
| Stock Exchange are sent all over the country as
| the rate at which money is ruling in Wall Street.
| probable question: incidentally asked, If an eff
| fort to reduce Government deposits in National
| banks down to the amount necessary for the con-
venience and economical working Of the Treasury
would not stimulate the offers OF bonds for sale
! to the Treasury, worked up into story that
| the Secretary contemplated the immediate with
drawal Of all deposits from the National banks.
The instigators of the absurd story well known
and they are not all of them to be found among
| known spectators at the Stock Exchange. We
promptly explained that the effect of any such ac-
ton by the Secretary would result in reducing the
amount of the deposits in depository banks and
| at the same time add TO the amount OF cash which
those banks hold Now we are met by the state
ment that the banks do not own the bonds de-
| posited for security of the deposits but, having
! borrowed them, could not sell them to the Gov
eminent in the deposits were called. The
| infercntal idea that the banks of the country
are borrowing over S54000,000 of bonds Is as false
as it is absurd. II may he true in isolated eases
| that banks have loaned money upon Government
bonds with the privilege of using them for security
of Government cash deposits but it is not prob
able that that method amounts to as much as
$1,000 0-One-half of the amount of Government
deposits held by NcwHOrk City banks
But whether the amount be large or small, 1t
follows Il matter OF course that the banks give
a consideration Tor the use Of the bonds III rate
of interest on their money loans less than the rates
| obtainabc elsewhere Surprising the aDsurdlty
that the Government should attempt to call Its de
pnsitS of Il necessity the bank or banks when hdu
used bonds upon which they had loaned money
would call those loans to meet the Government
demands. The supposed owner OF them would
either realize from the sale OF bonds TO meet MS
pavlnentS or borrow the money elsewhere. Inc
! high price al which the Government Is pul-
chasing its bonds is ample security lnat Inc
owner, be it National bank or an lndlViau9
who has borrowed money upon the pohIs' Wouiu
meet the damand in either case by SAFE 10 the
Government. All these crude ideas, when seem 10
have more lives than a cat emanate from tle
same sources, which, four months ago, were con-
tident that the Government could purchase no
bouds at the then current figures: and yet the
Treasury obtains each week at l per cent lower
nrice, than wcr ruling four months ago from
20 600 600 TO 81 5000 Neither the treasury
Statements nor the bank statements OF last week
indicate that there was any demand ny uhe lreah-
nry for the payment of deposits nor any Nolun'"is
surrender by the depository banks Ihc dtnounO
of bonds held in the Treasury yesterday lor Sc
curtv of Government cash deposits was exactly
the same as it was n week ago, VIZ, s44,oVo,oUU.
while the cash deposits by yesterdays stateneno
vrerc 81 Q5. 663 greater than week ago Nith
thc deposits called the bonds held as security
will possess 10 their owners, be they DanKS or
individuols no more value than did th' upwards
NJ SEQ O0O. 900 which have been sold To the
Treasury since it was asserted that there were no
bonds for sale. 49,, .,io.os .lot
the manipulation Of money III GonneCu on W,n
Nh unnecessary scarc about treasury ao"l1h
took the form Of locking up certified cheeks. 10
seems TO be the only method of explaining de-
cline in the deposits OF =; ooo'9Vo sl,",ra Tho
method the certfcations, withheld from deposits
in other banks made by banks nor 40 All ~, III
tcreSted in the movement toward hGn rates w
fnd that the Merchants Nationals deposits were
reduced 81 OOO, O0O the Bank of America
s3OO 600 the Commences SoOO,Ooo, thp r'uItu
Nationals $500 900 and the Centr'i N'uoheIS
5000 600 NOnn Of the banks named were con
nicrous in calling loans at any time du"lng the
week although their certiicalons 81 the amounts
named in excess of re-depoSltS oI he'rsS
made them that less able TO loan money c'u uf
Ills manipulation. the rangr for money Tor b1i-
anc, M the Stock Exchange ran from 20 per
cent 10 ! per cent: the ttuctuahonS Pacn g-E
ran@d from TO - per cent B' r r5tcs above "%
4 ner cent with final supply lett over Tor Whlch
thrlr WIS no demand .,,
Tho foreign EXCHANGES were not p'rurulaII
activc ot any time during the week, hut toward
;,s close thr tona WINS easy on the basis 81
ni sO1 and - ~ - respectively for lone ana
hot sterling. Touching the low condlHon Of
the Rank Of England it is useful to mote thlt us
,,Id ON list Thursday amounted 10 lNS@2fb 900
nounds AGAINST 1896 i73 pounds one NrPr ago
or / 400. 900 pound NOR, Wille rs pi PORTION
Of reserve - its liabilities lost thursday was
40 d pcr cent against 1898 per- cent ri date
last wear. the bank rate for money beng at both
dates per cont
RAILROAD EARNINGS.
The returns of gross earnings lrom ne RAILROADS.
oontinuo TO make phenomenal gains. The Tribune
Las nrintpd the gross earnings for the first week
In November If SeventN-tWo companies or Sy'-
toms giving an aggregate gun on tho week OF
tsSH of sri 1867, or l2.6 per cent. Oi the mum
hor only fourteen have returned losses ag0regeting
sEc 400 We have also printed tlln gross earnlng'
for tbe second week Of November OF hlty-elght
omnanics giving an aggregate gain on the week.
- 1873 of SG77136. or 10 per cent. or the
vrpbcr only eight returned losses, aggregating
$50. 2J2.
Tho suhIoincd tables divide the aggregates ana differ
c,s q, the companies showing gains and loss's:
-, rccI, I'm Nov lsss. 1850. Differences p. c.
~ 1913 100 s5a27 .7O7 Inc s7-i IS l5.2
- ccoonmnponics $50 23l iOl0l1 Dec. 5000 1l.9
Total - GOSSIP 7o1 05l sG.Aio0is Inc s7l79r7 1916
% week In Nov 49,. 49,, , no. .,o -. .,,- o. - u
. cvIn,anics.., 3OO.s29 325.577 Dec. 80 252 90
ro,ol 80 cost 657OOl s5,23i13 Inc s677lSO 100
,. ,,,,,r,t, ar TIE STOCK EXCH kNGE