New-York tribune., 1890-08-04


and for the week Of the preceding compare
as follows:
Exchanges Hs Il SIS IS As az GS ,s.a5 3sE 81
No. shares sold. l.oS9Sl9 sI8lol 7G5,s57
TIE MONETARY SITUATION.
During the week Monday and Saturday in
elusive, the Treasury purchased S2,123, 200 bonds
OF which S2,43gSOO were / per cents al l2i ana
S2s3, 500 were u per cents at lO3 3-4. The
money market OF last week was influenced by the
large payments for purchased bonds made al the
close of the preceding week. and adversely hy
the unusual expectation of S6,jOO,00O gold. Bat
yet the market was easy, and 4a4 II pr cent
were the general rates for call loans. he goid
movement Of the week was due u special causes
The recent heavy mpOrtatOnS Of foreign IncI-
cbandise which had been made at an earlier
period than usual 10 foresall an anticipated
change in our tariA laws would he almost sum
cient 10 explain the extraordinary movement,
but vet il probably would not have been made
except for the unexpected advance in the Ban
Of England rate 10 ) per cent on thursday. Inc
exceptional importation furnished an opportunity
for calling upon America for Gold 70 strengthen u
the European reserves in the face OF the financial
disturbances of South America, ia which England
is heavily Interested Yet it should lie rcmem-
bcred that the Bank of England's bullion ON last
Thursday was only fG00,000 less than II
was,a year ago, and itS ratio Of reserve 10 Ia
bilities WAS per cent higher than 1t was Neor
ago, when it's rate Of discount WAS only - per
cent. These facts lead 10 the inevitable conclu-
sion that an exceptional cauSc was thErh ad-
vantage of 10 strengthen the foreign lns'ltuuonS
more LOT lIc puTpOSe OIL PIfNfHAlhL "HN P'oot'''
disturbance than bcansc Of a serious anncipa-
ton of such home disturbances. We iearn tAit
one OF the shippers Of - 900, 900 10y Yesterday ;
steamer would have Withdrawn II AT III" hS'
moment if it had been possible 10 do so.
The foreign exchanges ruled finn all the week
and for Saturdays mail closed on basis OF - -
and 81 20 respectively for long and short sterling.
bUt Yesterday the Indications were Of an ca>l'r
market for the rcNt mal, and il Is beyond pnrN-
tiOn that in the near future thp exchange mnfN"t
will be ovcrbnrdcncd with a supply ot cotton.
grain and produce bills. for which articles the
European demand must be unusually large durlne
the coming season.
1t is only ten days OF when the Treasury will
begin TO issue egal-tcudcr notes for tie purchase
each month Of 4jOO,U0O ounces Of silver, pr0-
Vidcd the speculation does not make au art liclaI
price at which the Secretary will be usiiied-os
in his circular he reserves the riQht 10 doin re
fusing all offers These notes viii not be- any
part Of the present fund in the Treasury but new
money created for the special purpose Of the puf-
chase of silver bullion. and the higher the prirc
n which the silver is purchased thr greater wil
bc the amount Of monthly expansion OF legal
money. -
RAILROAD EARNINGS
The railroad reports Of gross earnings FOR The
third week i'm July. with a small increase in the
sum Of mileage. are compared with the same wcr@
Of 1889, which returned saln ON Tie week OF
seS OF nearly : per cent. The Tribune has re-
ported the returns of seventy companies "i sNs
lens. which give an aggregate increase on the
year OF l5|D Of $j0l ,f9S. or l01 per cent or
tLe total number reported hity-Scvcn cOmpanie,
showing gains give an average gain Of 1872 per
< Der cent The following table divides the
aggregates and differences of the companies show
ing gains and losses:
% %sr in JD sqa 'ss fSa a. s9 eo Inc Dcicae p m
Il comIr,iics . Go09G0g $50 80 Dec. 1890 -