New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-25

| The bank exchanges at the New-York Clearing House
and the stocks sold at NewYork Stock Exchange last
week and of the preceding two years
| as follows:
exchanges sSg q = sss 81 eff Il s
THE MONETARY SITUATION.
If the quoted rates at the New-Yorl Stock En-
| change for money were representative OF 'he
monetary situation those Of last week would have
reflected utter bankruptcy for oil the interests 01
the country. Fortunately such quotations are
representative of nothing but local situation;
| which was such as to give TO few National
banks and private individuals an opportunity 10
| manipulate the market SO that on a partial redgc-
ton OF loans eXorbitant rates were obtainable.
Even at Chicago, the quoted rate for money is
6a7 per cent but at the Newly ork Stock Exchange
! and we mean inside of its walls-there was
strngency for renewals of call loans and for new
| loans which was almost unparalleled IN its con
| tinuance for nearly a whole week. lie bank
statement of August only partially reflected the
| August 3. And yet on that day money closed
| at the Stock Exchange III free supply at D per
cent The bank statement OF August 10 proved
TO Ike O surprise 10 even the manlpulatOrs OIL
money, but on Monday the opportunity OF us
| figures rejecting part condition was promptly
| taken advantage OF 10 demand higher rates for
loans which were within call with The
| alternative of paying them OF promptly. Inc
false sentiments of borrowers regarding 'he sup
posed requirements of 20 per cent reserve 10 the
deposits of banks aided the movement; hence
during the whole week borrowers OF call money
were more or less at the mercy of Shy locks Inc
succeeding day, until on Thursday the rate Tor
money ruled between IA per cent l-2 per cent
and interest-the equivalent of 06 per cent. ana
! sc per cent per annum. This was at the Stock
Exchange and nowhere else. The great bulk OF
standing call loans remained undisturbed at per
cent per annum, but it was the day. quotation al
the Stock Exchange which furnished the quota
tion as the ruling rate for money IN New-lOTk, q
which was flashed by the wires all over the
country and all over Europe The stringency was
SO extreme and so unwarranted in a market where
speculation has been dead for 50 long period
that the lack of faith in It's, continuance faiIcn
10 draw money either from the interior or from
Europe. Yesterdays bank statement was reiec-
ton of the past and unquestionably al me closc
banks actually held Something like sl.5OO9OO
more money than the statement reports. lhht
actual condition further supplemented yes
money paid out for the purchase OF bonds n:ider
the circular OF july ~ ana by thS Issue e,c oi an
payment for silver bullion. The amount of the
Government bond purchases for the week, as re-
ported from Washington, is S4,09l,2 200; put whh'
MEASURES Of the country for bonds presented
under the circular of July 81 is included in this
statement is matter OF unccr'ein,y' Accordiing
under the last circular is only S3,574,s5O which
indicates that the statement is incomplete prob
ably II does not include Yesterdays offerings
AT the Sub-Treasurics The las, Treasury cir
cuar was only announced in the newspapers OF
Friday morning. so, allowing for yesterdays ha-
holiday there has been little time 10 test the
effect OF the new order The conccnsus of opinion.
however is that within few days the Treasury
viii have 3 to ts s Gl
by the seeming small response made In the day
and one-half. the prophecies Of renewing the
squeeze this week are boldly made. There are
indications thar certain holders Of The per cent
bonds arc not pleased with the new order ana
WILL far as is in their power, prevent the prs
nose of driving the Secretary 10 the necessity Of
paying them a higher price than l24 for their
holdings
Stock Exchange making loans stand over three
days, till Monday, should have been the DAY OF
highest rates the lowest rates for the week pre-
vailed. From renewals At a quarter per crn' nor
three DAYS and interest, the rate declined 30
that a large business was done AZ per cent per
annum, and finally as low as and per cent.
Owing TO the unusual and unseasonble eXporta-
tion Of god the market is in just that condition
where It may be easily manipulated both
b i4"es thee ' ssSeF nxc& SsSs''n The %
action Of the Treasury Department, should be
immediate In time. with the ordinary as,
bursements from the Treasury, the market VIII
regulate itself as it has always done before
Probably the circular Of August q. Offering 70
redeem The 1-2 per cents at their full value az
maturity will accomplish the object. But the
was that il was an entire failure, and hence their
threats Of renewing the pinch again this week
The foreign exchanges were completely de-
noralized by the conditions Of the money market
While the condition Of the foreign money markets
and general influences were 1aVofI'pc I'd uc-
cline in the rates for foreign exchange, II was
the money r:ar~ct w'.;h made "a 81 and
81 "a Ia the rates at which respectively long and
short sterling were negotiated. With the easier
condition Of money Friday afternoon, the
market assumed more normal tone an'c the
rates for Saturdays mail closed on II basis 81
ga 80 and "a - IL respectively for long anu
short sterling. and they probably will work
little higher for the next mail il there ~ no re-
newal Of disturbance IN the local money marKf''
RAILROAD EARNINGS.
finnn If fha np car
ings Of railroads for june includes l2o roads
and gives an aggregate gain on the month OF lss9
Of Az he same M roads was 2a per cent For
fhe six months 10 July /, $50 roads have re-
turned gains In their net earnings OF ~ ,0ol ool
or 76 per cent, while the gross earnings OF the
per cent. -, .,,,,,.oa +,o oross EARNINGS
FOR the first week OF August OF seventy-slX COM
NAMES or systems, giving an aggregate gain OF
g19I1045. or 70 per cent. OF the total number
ffty-eigllt have returned gains averaging il,2 per
cent and eighteen others nave eVuiheu '''oS
We also have printed for the second week OF
August the returns OF hityanVe c1mpaneS, s"Dm "r
inc an aggregate gain OF $b42 ,0ls, or ~. per
cent. OF the total number ior'ysh,ne coa,panIts
shaving gains give an average OF lo's per cent,
and six others showing losses gse sn d SEgIse the
ogrreSates and differences OF the companies show
ing gains and losses
1st week IN AUS 1872 sss.,7s s5Gcsol2
* es%ns9i.s i9s5 I2OisSO Dec 7o3'e 50
Total 70 CO.'S So $40 7e7 s6s07 s'2 Inc s''lon ~
1872 s ,, iSs ln Di s5Ss7s o
q co",ilaoes aGg0,i 2ji,o23 Dee. $500 ~
Tot, ~ COS sj3i7,o77 so's''''i Inc COX oi' ~
TIE WEEK AT THE STOCK EXCHANdE.
The immediate influences at work at the stock
Exchange last week were almost universally OF
pessmistlc character; A local tight money mar nar-
combined In give a dismal coloring 10 prospects |
that otherwise would have borne radiant hues.
The local tight money market was rcailty, no |
rnaffer 10 what extent IL was due 70 manlpull- |