New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-03
THE MONETARY SITUATION.

The general tendency of the money market
during the whole week was toward ease and lower
rates. till OH Thursday the common rate for call
loans, both for renewals and new transactions,
was per cent. Uptown banks were in the
street seeking to place money at the rate named.
The attempted robbery of the Sixth National
Bank, and the consequent closing of its doors till
IL could be ascertained 10 what extent if any, the
attempt had been successful, was without tho
slightest effect upon the money market, unless
IL may have checked a tendency toward rates
lower than have been named. On Friday, how
ever, there was a complication of circumstances
which withdrew for the moment a considerable
amount of funds from the local market. 1t not
only was the last day in the week at the Stock
Exchange for money loans and the last day OF the
month, but also there was the necessity of with
holding funds TO meet the maturity of 5000, 900
Central New-JerSey first mortgages and of those
of some other companies, aggregating a total of
S7o00,000 or $9,O0O,000. On that day
being in full supply at 4 per cent in the early
hours IL closed however, with an abundant
supply at per cent, for which there was no
final demand. The monthly Treasury statements
show that the net available balance WAS in
creased during January, that there is no rca-
son why the Secretary of the Treasury
when his judgment approves; should noo
continue the purchase of the per cent bonds
One thing has been developed by cessation from
the purchase of the per cents that there is
no other market for them, and that when he
chooses 10 renew the purchase he will be able
10 obtain all that his ability Will permit him to
purchase at per cent lower than the rates he
paying one month ago. lie now offers to
take the per cents from depository banks at "a
while they sell in the open market at 1913 j-S
The monetary situation for the next few months
seems TO be clear that comment upon il is
unnecessary.
The fluctuations in the foreign exchange market
are not indications of foreign movements of gold
And therefore note, with feelings Of com
miseration that the trmneSs which has ruled
during the last week has thrown into spasms of
fear regarding the export of gold some writers
who, a few weeks ago, when exchange was
abnormally weak, simply because of the manipu-
lated stringency Of our local money market, went
frantic over the prospect Of immediate gold i'm
portations. The rate for money in London is still
ruling from . 10 per cent higher than the rate
in New-York. That accounts for the nrmncss
of exchange. which closed the week on a basis
Of 81 SO ga and Ss7 5-S respectively for long
and short sterling II a squint toward the stock
market were less seductive, we should witness
fewer predictions Of either exports or imports of
gold.
RAILROAD EARNINGS.
The railroad companies continue TO make hand
some returns OF their gross earnings. The Trib-
une's reports OF sixty-eight companies or systems
for the third week in January show aggregate
gain of S575,l47, or 11.9 per cent Out of the
total number reported, only nine companies have
returned losses. The fftv-nine companies show
ing gains average additions OF al per cont
The subjOned table divides the aggregates and
differences OF the companies, showing gains or
losses:
Sd week in jan 1889. 1890. Differences. p C.
80 companies. s4s44 s6l s51s7 5e4 Inc s043 2o3 4l