New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-17


cate that any money was returned 10 1ne ans
during last week from the lock-ups. the loans
of the banks Of New-York now, notwiths,anuins
the immense expanson in the general business OF
the country are So coo, 900 less than a year ago.
and only 100000 greater than they were Two
years ago. And, Notwithstanding that Dy tne re
duction i'm the Treasury balance and by the Gre
alton of new silver money, less gold exports. tle
amount of legal money in circulation now Is
$40. 600, 900 greater than it was two years ago;
the New-York banks hold $l9,40O,o00 less OF
legal money than they did two years ago. III THESE
figures possess any value at all they go TO estaD-
lsh satisfactory condition OF soundness IA .ne
commercial and financial situation OF the Unlteu
States whatever may be the conditions in all other
countries. In preparation Tor the Crisis "nlcn
paralyzed London on Friday afternoon-.ne Iace
& Co. appealing to the Bank Of England for ex-
fraordipary accommodation-the bank applied to
the Bank of France for loan, varousy stateai OIL
by any methods to draw gold from the gold-pro-
ducing country Of the United States. II seems
that France was invited to lend money on in
terest instead Of attempting to draw the necessary
supplies from this country
The preliminary reports of the Bureau of Stats
tics for the month of October show that the eX-
ports of the United States Of breadstufYs, pro-
visions. live stock, cotton and petroleum aggre-
3e4,225 for October, 1889. and $55,s10,612 for
October, 1888. For the ten months ended Octo-
Der 81 the exports of the articles named aggre-
gated for 500 S462,627.374 for 1889, S43s,-
636, 1884, and for 1888, $500 23ls7: showing
gain for this year on 1889 Of $24, 100000 and
on 1885 of .S1o2,5Oo,Ooo. These figures explain,
why it would have been useless for the Bank OF
England to attempt to draw its supply. OF
gold from this country, and further estab,,
lsh the soundness of Legitimate business and
the financial situation Of the country.
The foreign exchanges were much unsettled
and very irregular during the whole week. The
threatened financial troubles abroad made com
mercia bills almost unstable at reasonable rates.
but they stiflened the quotations for bankers ca
bles and short sight simply because there were few
houses that were willing to draw bills OF that
kind. The quotable rate for bankers bills at
spectively for long and short sterling
RAILROAD EARNINGS.
THE Chronicles" compilation of gross railroad
earnings for the month of October includes the
gate Of SOL ,305, O5, against October, 1889. S49-
$4,000, an increase of $1,9l2,20O. OF 3s per
cent. OF the total number liz companies nave
reported gains averaging 1872 per cent. The other
forty-four companies returned losses averaging
S5 per cent. To comprehend the significance
of this seeming small gain on the year of 1889
q gain on October, 1888, of nearly II per cent emit
The subjoned table divides the aggregates and
differences of the companies showing gains ana
losses . . .
Month Of Oct 1889. 1890 DILIGENCE n rem p p. c. .
1l2 compane 1928 5s 922 s2l ss5 Inc g
Total15o CO. ss49s2 9o2 s5i 5ic5 Inc Fl 81: 2o8 3S
The returns of seventy-sX companies or systems
reporting for the fourth week of October give an
aggregate gain on October, 1889, of S556,lOS. or
SO per cent. OF the total number iifty-nine re-
turn gains averaging 0.6 per cent and seventeen
return losses averaging per cent o
The Tribune has printed the returns Oh nlty-
seven companies systems for the nrst week
in November, showing an aggregate gain on the
week of $50 of S429,477 or 6.S per cent, which
is on top of 1895 gain on 1883 oil over IA per
cent. Only eight out of the ffty-seven companies
reported have returned losses averaging 80 per
The subjoined table divides the aggregates and
differences of companies showing gains and losses
rr wsS in Noy sci 1899 ss Inc SO
s companies. 17o1,329 I6iO,l3O Dec. oo99o %
Total. 81 Sc 232 $50 se.eo2, 1886 Inc si29,4~ os
THE WEEK AT THE STOCK ENCHANGE'
At the Stock Exchange last week there was
series of small panics, nterspersed WIN snall re-
coyeries beginning with the opening operations
of Monday morning and eliminating yesterday
morning with an announcement that should nave
aayed all fears, instead o. adang TO ,1e ,ye1e
which had been heavy weight during the whoe
week Tie final declines in prices ior the week
although relieved by partial reaction in yester,
days last half-hour of business, were large ana
Important: but the declines for the week are in
significant when compared with those from the
corresponding date Of 1882 which are printed III
our Weekly Range. And right here it seems op,
portune to say that the gross earnings OF 40
ro ilroads for the ten months OF this wear were
S351730 2H greater than for the ten months oil
1899.
The market opened the week, depressed by re-,
newed fears of money manipulation engendefed
by the bank statement of Saturday, November 8
The sellers for both long and short ACCOUNT iar
outnulnbered the buyers, and prices decnnea
sharply Money was almost unobtainable except
upon the best class of securities Decker, toWeli
& Co., who have been large borrowers ana had
| failed to supply their requirements tor making
| time loans and dependent upon the call
| loan market. were that day unable 10 secure
| renewals or new l0ars, ard, Therefore, al the
close of business were overdrawn with the bank
| of North America over 5000, 900. The firm took
| its securities to the bank to secure the over
| certifcation, hut those securities could not DE
| turned into cash IN time for the bank 10 meeo
| its debit balance at the Clearing House.
The securities however. were sold on Tuesday
morning AS hest they could for cash. in the regu-
lar way. The sale of these securities preclpitaed
| the panic which occurred on Tuesday. Inc
question of the solvency Of the Bank OF NorIh
| America was not at all involved. II was simply
caught momentary by certifcations in the mis-
fortunes of firm ard was short OF cash. put not
of securities The Clearing House promptly me,
1 the situation by assuming the guarantee OF al
solvent members II voted to issue TO any nanfs
asking for them Clearing House certlicates a., a.
\ - peT cent upon the market value of acceptNbe
collateral The effect of this on "Wednesday was
| shown in an easier money market ana sharp re-
| coveres in prices for all stocks. But on Ihnrs-
day the reports Of dangerous London compnca-
| lions became more emphatic than they had peen.
| This first checked the improvement IN values
next created doubts sufficient TO check puyihs
and renewed foundations and selling for the short
| account. An enormous amount OF guessing was
| INDUCED in rs to what the trouble in London
|
| the heavy losses which had been suffered in
South American securities, no one ventnTcd u
mention the old and respected firm OF Barne
| Brothers d Co. Without any more definite In
| formation the uneasiness on Friday became more
| depressing and the tape showed steady and con
| tinuous. but moderate, further decline in values
| With Saturday morning came the official an
nounce-ment that il was PAIRING Brothers ~ Co
| TO whom all these former rumors had pointed
| Rnt with that information. also came the <nOwl-
edge that the anticipated trouble had been
| averted that the Bank of England, the Roths-
| childs and other banks and bankers had made
up guarantee fund 10 the extent of Ct ,00G, 900
and that the firms surplus at the, present
| market value of its assets exceeded Ca
\ 100000 This is something analogous to
the time in 1857 when the firm Of George Pea
body & Co. practically carried It's ledgers
| 10 the Bank of England. and borrowed upon them
sum sufficient to carry them through the crisis.
George Peabody & Co. were the predecessors
of the present firm of J. S. Morgan & Co., London.
II has also been announced that the British Gov
ernment has authorized the Bank of England
to issue $4,000, 600 legal-tender bank notes in
| 60 in NJ necessity H. wnuld