New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-01

tai Of Sl2,5l2,7OO. out OF the total Of $GO.Sl?,-
700, and with a surplus OF $io,osl 900. out of a
the amount of their reserve, excepting TINT sug-
gcsted by IL judicous management. No one will
dispute that tie State banks OF the city Of New:
York are as colscrvativcly managed as hre any Of
the National banks in the Clearing House. If
it is the intention to discrcdit National hanks
because of Il lack of a - per cent limit under
n table showing the actual reserve held by each
one of the National banks and not by statement
which by inference charges that all except four
not only violating dcad statute, but are
apGoXinating extremists.
We have made the quotations above. not hc-
cause ,hry are a complete vlndicaton OF what so
frcoucntly has been repeated in this column. but
with a hope that By increasing their crcuat, IN
the teachings of them may he beneficial in the
future. 1t has been n" , unusual thing in past
well e;nrloycI for the whole Clearing House
including both the National and State banks, to
issue statements showing a surplus which in the
aggregate averaged less than % per cent which
by statute is prescribed ~, the limit for National
banks only Tn" Late stringcncy unqucstionahy
gard 10 the enormous surplus held by the
Ircasury The law Of Congress covering into the
1r.,sury'S general fnnd the $Jj,OO0.00 Of cash
already held for the purpose of retiring bank
note cirru!a on, without adding one dollar Ia
the cash there was in the Treasury or taking orc
dollar from the public. by a mrre matter Of
okkccpirr added much 10 the surplus And
then. in addition 10 that by change in the
| Ircnsuly's mcthod of making it's inon,hly state
| men;, S??.jOo."o0 Of fractional silver and minor
coins which unavailable for the payment of
debts in amounts exceeding 81. also added
to the surplus. whereby the statement of July 3
returned a surplus of 1927 .0OOOO0. against o
surplus of June ~ lWh!ch was actual OF only
$53.OOo00O.
While these changes were Icing made Ivy q
mere process of bookkeeping. the Treasury during
the month Of July artu; lily added to the legal
money in general circulation the sum Of 81 $780,
600. ljut the cry WAS raised. md it was persisted
| in. that the country was being ruined by the
Treasurys large accumulation OF money! "One
hundred and twenty seven millions Treasury sur
plus" Just rs if il had all been ACCUMULATE
from the public III single night instead Of be-
ing only q change in the method of bookkeeping.
Ii helped to do tho work toward creating u
sentiment. Tia, is past. Now. TN" future
The Washington diSpatc!ts Of last evening
announce that the total redemption of l.: per
cent bonds under TIE Treasury circular of August
~ amounted 10 ?O.030.oo0. or that SIM about
S?.50O. 400 bonds held by the Treasury tn
secure banK-nole circulation, and about Sj00.0o0
held for TIC security VI Treasury deposits: that
for about So, 100000 of the redemption no money
came out of III" Treasury. OF the remaining
81 900. 900 only about So, SOC, 900 has been paid
for at Newlork. and $40. $50 Yesterdays rc,,cmp
ton Vet Ia be paid for. Tie remaining SlO,0Oo.-
600 has been. or will I've. paid for elsewhere than
al the Ncw,Ork sub Treasury. The effect of
statements %! all the financial centres. Une
years interest upon the rccmptlons already
made is yet To be disoar%'d by the Treasury,
which Will CONE out Immediately. Yesterday
evening Tie Secretary of thu Treasury issued
another call for S.n.U00."o0 l. per cents. re-
dPPmablc at par and interest 10 date Of maturity
that is. ut l0i -, the option 10 expire September
2O-three weeks hence There is reason Ia
question that the option will Ike accepted almost
Immediately. If The banks hodn, the 36.G0o.-
coo IL per cents whicn are d,i"strl for cir
cua,lon were nniamlrcd by speculative
inanipulati ion Of the n.arh" for Der cents. here
is 10 doubt the conversion would be extremely
rapid We q" not mean by surrender Of the
circulation. but hy Il substitution Of the prr
cents for Tie I l-:s which would bring The money
81 4 .lt,,.r
in the market abnOrmaly high. probably under
The idea that the Sccrciarys neat movement will
l,' TO invite proposals for ~" sales Of either or
chat expectation But in any casc ther" is
little doub, that Yesterdays offer Will take At
least 81 100000 additional out of the Treasury
within the next fourteen days.
leaving ont tie fractional silver and mirror
coins. the surplus in the Treasury now, after
deductions for bonds al reaiy purchased and E'ld
Tor by Sub-IrcaSnricS. 10 probably abont S-ooo0,
coo. The pension payments during the month Of
September Will amount to nearly $:O.O0oOOO.
The appropriations for the current year, beginning
reduce the surplus and probably that. with bond
purchas.s during tine coming winter and sprim:.
will place the public finances in snriI il position
that we Shall hear nothing more about the Tre's-
ury surplus. With an expenditure for any rnr-
during tie ne\t six or seven months. and con-
tinuons expansion N the rate Of S1,ooo,OOO or
81, UO0.0oO ~ month Of nrw lcsal-trndcr> in the
purchase Of silver bullion the monetary situation
should bc clear to the most casual observer. The
silver expansion Is a s:aiuf" fact, hardly less as
surcd than that Treasury disbursements for ofdi-
nary purposes Will for some time exceed the re-
ceipts We are not writing OF this week or Of
nr\t months noncv market. bnt as sentiment
ana fear have 80 much Ia do with The immediate
situation, II IL worth while that something should
Ike said of the future, which, by creating an OPP
pOSi'e sentiment, may dis,im fear.
The fair arrra;" rate for call loans at tlc Stock
Exchange last week was :, per cent. and many
bankers and institutions marked their call loans
doNn to that faur". The cl,reln"s were and
Of the loans for The dnl was made II from 10
- per cent The banks are N'GinE liberal en-
p"y ncnt for their fund 'moii. i..crc han,s, but
the supply OF h'!i, III Tie open ln"r"r' IS '\-
ccssivcly meagrr.
The inonc,s ry situation abroad. while showing
no marked change in the rates for money. ""s
holds 81. 1O6.00U gold more than ~ lat" "l I--",
81 900. 900 more than al date Of ls-N. and s.
"oo.ooo more Than at da'r 81 -, and ~ pr
i?.iD in Ie-7. Tie FOREIGN exchange market
carly in IN" week upon easier rates for money
here. maze sharp advances upon the extremely
lows rate, of he prccp'ling week. Bat from ihr
recovery there a@an was gradual decline, ~ that
tllc market for the las, mail closed heavy on -
hnsi, Of s. :. and 81 81 respectively for long
and short sterling.
RAILROAD EARNINGS
The current railroad earnings now COM
parcd with the period Of l-s3 when they were
almost the largest III history. hut yet they con-
time 10 show fair s"i's til" r"'nrns 81 gross
or systems for the sr"Onl week in Au.ilsf EIv"
an aggregate Of -. .sl0-a gain OF 6"6.73o or
{. per cent; OF the total number only 10 tystrr,s
have returned losses averaging IS per cent. We
also have printed the er"s~ eornin@s Of - com
paujos or syS,rlns for ia" third week IN August.
giving an aggregate of S..J"!""'-" Gam on the
week Of 1859 Of S323,"1S, or 81 per cent. Oh
tbc total number |? hav" returned lr.S'S algr"-
eating S147e,, or - per cent. In tic week Of
1889 practically the sem" companies rr'nrnei an