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

4 banl, statement is usually brhinlhard. and
Tie statement Of Saturday was not much affected
hv the large purchases of bonds on Thursday and
Friday. which amounted with premiums +"
S3.320.i,7 for is alone. besides S5777sS for
/ IL per cents purchased during tnc wccl, end
ing Friday Pdrt Of The money has not Vet come
out of the Treasury. which held on Saturday more
cash by 50 600. 600 than a week ago, while the
cash held by Ncw-York banks decreased
SiIOOOOO. indicating loss 20 the interior ~
more than million. TIE returns given by The
Financial Chronicle Of receipts and shipments
Is, banks show a net onfgo Of : .554 900. The
bond purchases are not exclusively from New
York holders bv any means. and there are de
..ands for money I'm this large country hcsdcs
those in Wall Street Tho net result is that AT
Tie close Of tie first week in March The bank
surplus has substantially gone. uotwiihsandIn.
q contraction in loans of s. 800 600 within The
last fortnight, aud there are yc; nearly four
weeks 70 clsp.r before the usual return aftcr
April settlements have been .adc. TIE liberal
Offering Of bonds 10 the Treasury gives hope
that disbursements thus made may balance the
excess Of Treasury receipts over other p1ymcuis
FOR this month"; but the rate Of interest here j,
not such as 10 attract much money from other
points
nor does the condition Of speculation invite
outside capital. Apart from the prospect that
the money market will hardly favor any advance
in stocks. the slow and stubborn yielding IN prices
dnrinq February has shown that securities are
mostly held 10y cliqucs and combinations, Which
are still waiting for outside buyers. If men in
control could unload, with the season Of naviga-
ton not far distant il might be expected from
pas experience that railroad quarrcllncs. already
80 numerous would became railroad wars II
| the side public has not been greatly attracted
! for some time past, the primary cause must be
| found i'm railway management and Wall Street
manipulation With really surprising earnings by
the railroads. stocks declined in February, but
last week there was little recovery, the average
price al Saturdays close being 1903 II, against
500 IS al the end of the previous week. In Feb
rllary prices fell every week. bat the reported
earnings for eighty-siX roads the first, eighty four
the second and third and dity-four the fourth
week AGGREGATED SCI AS or against So ,oG$ $40
! last year, a gain of l..j6 per cent. The Feb
ruary movement last year was also large, and
there has been a gain for that month for FIVE
consecutive years.
Evidence is not wanting that this increase has
been due 10 expansion in actual and legitimate
business Exchanges through all clearing houses
outside Ncw-Norll were S. per cent larger in
February than last year. and for the first week
Of March, which includes monthly settlements, the
gain was "A per cent AT Boston, Philadelphia and
Chicago. and Ia per cent at all other outside
places. The movement of cotton is lcss than IL
was "A year ago, it is true. by 600 bales in re-
ccpts. and 5000 in exports for the first week of
march, and by 81 900 bales in recei pts and : OO0
in exports for February. The quantity which
has in sight already, G.741.0GS bales, against
| 6,346, 5s3 last year IN date, is SO large that n
shrinkagc In the movement must be expected, I'M
| less the yield much exceeded official estimates.