New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-10

accept offers of a per cent bonds at 1923 ms MS
has been responded to in the three Gays ~
he close of February the Treasury's available
balance was 49,, 1856, 900. And thai paIancS ~,
cluded the deduction of accrued interest," ~ " .I
The Treasurys daily receipts are IN Excess ayaabe
ordinary disbursements, so that the a."iiaD,'
balance is an increasing one except as ~ - &c
duced by purchases of bonds. But there eHls's a
popular faacy that the Secre heInw 500 600 ooo
Why this should exist in the face OF tne iaco 'i"O
the daily receipts are in excess Oh oIuinei H.
penditures,it is difficult TO nra not stock
would not be advanced if there were not s'4 ;e,
market to be affected thereby. But tieie eAis's
a precedent for a lower surplus IMAM the ah,oInV
the avaiIable surplus was below $1s,0OO,0O0 and
at that time the net gold holdings OF the treas
urv were only Sl43,S 100000, against us holdihgs
now of $190,6O0OOo. @. ooo ooo mar
cents in the Union Pacific Company's sinking
fund for the first mortgage p9nos co OF
the company does not ,, at Como al Ont "a aH ,be
Treasury for purchased bonds. Because the
cash which the Treasury pays into the sinking
fund for the per cents, VII oe lmnediatedS re-
are to be purchased from the public. But IT VIII
a feet to the extent of S4.000,0OO the amount
of 4 per cents which the Treasury will be willing
TO purchase from the public. We have been thus
explicit in regard TO this proposed change DE-
cause we have noticed that some of our contempt
transaction ,
As was anticipated, the sudden decline in sterl,
ing exchange a week ago yesterday was Followed
bv violent reaction, and rates advanced above
the highest of the preceding week. This was
as unreasonable as the drop # cent ana a nail
on Saturday, March /, after the steamers mails
had closed There is little reason to doubt thai
the advance was stimulated by renewed purchases
of bills drawn payable 9ventytwo days aiter
date 1t NAV have been that a forcing on une
market of such bills drawn and purchased shy
Ao,- fhe rooS Of Sud0pn 0cmOrallZa-
ton which occurred one week ago yesterday, anu
the same thing may occur sixty days hence; When
last weeks purchases Of ns for
collection For yesterdays steamers the foreign
exchange market again weakened. and closed I'M
settled basis of 81 so and 81 80 L. respect
lively for long and short sterling.
The monetary situation abroad continued TO
grow easier The Bank of England reduced It's
minimum rate for discounts to J.? per cent. ana
in the open market the rate fell to Is per cent
The Bank of England now holds Il 5so,ooo more
gold than it held year ago, ana the proportion ION
of its reserve to its liabilities is now 1890 per
cent. against Az. per cent n year ago, when
its rate for discount was 3 per cent
THE WEEK AT TIE STOCK EXCHANGE.
As usual of late. the speculation at the Stock
Exchange last week, such as it was. was not re,
sponsive to outside conditions. The phenomenal
showing of the Pennsylvania Railroad. which Is
treated very fully here, the current reports OF
m au ce e houses
the whole country, are OF n character "iuch
should stimulate a speculation In the securities
of the transportation companies which profit by
large movements. But, unfortunately. there arc
few railroads in the country which enjoy the
superb management given to the Pennsylvnnia
Company. Unlike the management OF 1uany com
panics that of the Pennsylvania is not specializing
in Wall Street Just at this time N"w-lork Is
well filled with executive officers Of Western rail-
roads Is there one among the number than can
honestly say that he devotcs much time TO the
management Of his trustccshp as he does 70 the
quotations of the Stock Exchange? BE the infer
it is derived the principal power which the pro-
fessonal bear" spectators at the Stock En-
change are able 10 exert.
But even under these conditions the railroad
returns continue to make favorable comparisons
with the CORES ponding periods of last wear. FOR
the third week in February, scvcnty-one com
panes or systems which have reported return ag-
srceatc gains OF 80. and forty-eight COMPANIES
or systems which have reported for the fourth
week in February return gains Of s.3. The Toll
lowing tables compare the aggregates and difier-
cnccs Of the companies showing gains or losses:
Fourth week in Feb dsso a, ls9o DaGrr3S Ss c
Co.'s............. 5osos2 57e,s'i Dec. 1891 s.'
Total As Co.'s 81 ocs 454 a 1915 III Inc 1882 1923 SO
60 so IN 81 sls s0 g. 7ss Inc ss5 rs
ii Co.'s............. 2s9dio 27o.4cs Dec. lo2n GO
Total II Co.'s S. 2l9 seo5i Inc sss4sos 100
The speculation of last week was of mixed
character. One by one different stocks were at
tackled for the purpose OF enabling covering OF
sales previously made OF other stocks. Jnques-
tionaby a desperate drive was made at the stock
and bonds of Philadelphia and Reading, with
the hope of demorazins the whole market. As
Stunning this TO have been the purpose of mark
ing kcadin2 stock down per cent TO 81 IL, the
effort proved to be a pitiful failure-'he market
did not demoralize. for the simple reason that
good stocks are no longer held In speculative
sccounts. and Reading stock recovered 10 SO IL
and closed at 50 IA 1t is sufficient to say, in
addition to the information furnished by our
general list, that, despite probably one of the
greatest efforts to break prices that ever was
made, the market generally closed higher than
il did one week ago. with the short interest
side. perhaps Of Philadelphia and Reading, there
is not a bull clique to take advantage Of the
situation
Following is our usual table, giving the number
If shares sold of all stocks, the highest. lowest
and final prices of the week, together with The
final prices Of week ago. prefXed by the average
priccs Of March ., 1850
WEEKLY