New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-29
TIE MONETARY SITUATION.

The local money market and the general mar
lzets of the country continued during last week
TO rule easy at previous or lower rates. In the
local market it is not true thiH banks or trust
companies generally have marked up their mini
mum rate tor call loans to per cent. The gen
era maximum for such loans in all institutions IN
this city is per cent, and the trust company when
daily loans more money at the Stock Exchange
than any other one institution during the whole
of last week pressing money at 3a2 IL per
cent. Probably Il fair average Tor the business
Of the week was 81 per cent. In the middle
of the week in our comments upon the day money
market we said that IL indicated voluntary pay
ment of a considerable amount OF loans upon coli
laterals which had released brokers ana bankers
margins \ contraction Of loans reported IN yes
terdays statement of bank averages, amounting TO
So 49, 90 seems TO confirm the idea obtained from
the character of that days loan market. The
gold exports of last week, all gold coin, amounted
TO Sl3,50O,000, while the imports OF foreign ana
American gold coin and bullion amounted 10
$500 600 for the week The whole tendency lor
the week was toward lower rates for both call and
time loans, but this IS not because OF stagnatloh
in legitimate business nor IN speculation, but be-
cause Of the enormous expansion of legal money
scattered throughout the country and the continued
expansion going on by the permanent government
appropriation Of 100000 per month Tor the
purchase of silver bullion, which, when pur-
chased becomes in the hands of the
Government and the people, when pdIlu
ont g. 500. 900. We have shown the
net gold imports during the last five years
amounted TO over s. 1000, 600. In that time the
gold products Of the country have amounted 10
$3.50, 600 600 Allowing the excessive estimate
| of Sl5,000000 per annum for the consumption
| by the arts, there is net gain to inc gold
money of the country Of $4,000, 1000. The silver
! coinage in the same period has amounted 10
| 81 20. 900 600 The aggregate an expansion to
the legal money Of the country of s255,OOO'OOO
| in the last five years.
The foreign exchanges during the week ruled
dull with a tendency toward lower rates ana
the market closed weak for yesterdays mail on
the basis Of 81 s. 3-S end 81 81 Is respectively
for long and short sterling -,
The reports Of railway earnings for the tara
week in July make rs favorable comparisons
with the week of preceding years as have done
earlier reports. The Tribune has printed the
gross earnings of forty-one companies or systems,
Of which only nine companies have failed TO
return gains on the week of 1888. Thirty- -1%
companies giving aggregate earnings of 81. 49,
| 1871. have returned gains of s343, 6S4, or 1444
pcr cent. Nine companies, giving an aggregate
of 1851 I2i, have returned losses Of S75,636, or
| s.O7 per cent The whole number return q gain
| Of s2Gs.04s, or 8.07 per cent The following
| table divides the aggregates and differences OF
the companies, showing gains and losses;
T9iTa week IN az S5s 3d. rnc ss5s 4 14l
| 8 Co.'S 936,7G0 SGi,l24 Dec. to,O36 SOY