New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-23
AuFELESS STOCK MARKET.
rOURSE OF PRICES SLUGGISH.
,r.nrvc SHARES DISPLAY A DOWNWARD
TENDENCY, But THE VARIATIONS
INSIGNIFICANT.
Sunday, March 22-p. m.

INSIGNIFICANT
Sunday, March 22-p. m.
Tho United States Treasurer last week received
~, custons s. .954,GG4 from internal revenue
CO qoo 19l. and from miscellaneous sources S3G"'-
90. total from all So, 500, against S',9H6,-
mi for the preceding week. The weekly STATE
mont shows q decrease of S5,421 500 in TIE net
GOSH in vaults and an increase Of 1891 ,O12 Ill the
dcoosits in National banks. And accordingly
H., the statement the net decrease IN cash in
vaults and banks was 81 ,j5G,jl4. The reduction
is supposed to he chiefly on account OF pension
nayments, although disbursements are now beng
made under some of the appropriation DIS passed.
bv the last Congress. The principal ciiah%eS III
the vault balances were made up as loi!o"S' y
loss in the gold balance Of $5G,,l9S by a loss oil
s1.S24,12S in coin and bullion. less a reonc'loh
of S757.530 in outstanding certificates; a I'SS 10
tbc silver balance of 81 .051, 1853 by an ISSUE ol
e. Aos $40 certificates, less an accumulation of
81 AL .066 coin and bullion and a loss OF S@''J"'-
156: in the legaltender balance by a decrease
Go COS 156 in notes, less a reduction Of $4,000
in outstanding certificates. The Trcasufy'S la
hiIitr for the redemption of National bank notes
was further reduced by ISOLATE, leaving the
omount of deposits of legal money for That pur-
pose at $4j,174,'ls.
Subjoined is yesterdays statement. compared
with that of March ID:
Marchl4. March 81. Differences.
Gold coin AID bull,
les certificates eoS
Geo O. rs .arCVO s51 $50 go s5O,Gls. 752 De-. so7.1oS
L. :. notes, !ess = o,o noo o ,99 t5G
xs s%sr' nsas note: &%f.. Gl5 5% 5%.sgeSSG5s Bee. 2 soS. iS 8
Sc. dolars ana
tiacates .-.. 2~1551,1io 10 5o3,8o} Dec. 1,a57,753
Cab in Treasury. ss20y92!o s77,54I,0il Dee. s5,i27'59C
DtIonal bins. os,ssl,l 2o272 500 In. sol o52
Total b,a,ce. Sill. $50 703 / oIsi4.16 Dc. el.5SG,5A
BANK CONDITIONS COMPARED.
BY the operations of the Ncw-YOrk Sub-Treasury
in the week ended Friday night, which included
the payment Of S37.34s for purchased bonds and
the receipt of 81, OPS. 9SS for payment at other SUD-
Treasures, the associated banks gained $3.50
500. The weekly bank statement published ycster-
day showed a gain of only S1J3,?OO. The eX-
pansion in loans of 5000 200 wa due undoubt-
edly to early preparations for the April settle
ments, but the increase in deposits was over
5000, 900 leY. than the other changes required.
The statement is explained partly by the payment
Friday Of S?,213.330 in refunding the direct
tax. BY the system of averages the payment
virtually offset the exports of gold. The gain of
this money is apparent, rather than real, how
ever, and the banks are presumably poorer by
several millions than the statement showed. The
changes resulted in a loss of 1898, 200 in the sur
plus reserve, which is now $9,0jj,375, against
S3,416,425 at the same time q year ago and
$685. 25 in the preceding year.
The changes in the corresponding weeks OF pre-
ceeding years We're as follows lS90-loans de-
crease 81 | $4,000, cash increase $3.50, 800, de-
posts increase 1881 100, and surplus reserve i'll
crease S2,363,625; 1e80-lOans increase $J0J,40O,
cash decrease 81, SO 800. deposits decrease
81, 81, 200, and surplus reserve decrease S1,171.-
$50: lSSS-lOans decrease S317 500. cash decrease
Sl,244,o0O, deposits decrease S2,579,9OO, and sur
plus reserve decrease 1906. 025.
S~ubloined is yesterdays statement. compared
with the corresponding dates Of 1890 and 1883:
Loan, Y Yigi. e 80 80 M AlSs. g 800 Nos Il IL 800
f bsss TENDERS it5i.: i. 4 SIS. 4$S Il ffi: 81. $ f$$ i. sf s: .s g
Circulation 49," 4,$77,2Oo ]S,cS7,50o $%'i83,i0o
The following shows the relation between the total re-
serve and the total deposits at the respective dates:
Sperie ........ sS2, 2l9, 700 s8l .4sO, 300 s77,7 100
Legaftenders '-..... S~4,s1o'9Oo 2~4,79i,9OO ~3lS7s,lOO
Reserve .":.;-.:s Sly, O74. 600 slO6, ga, 200 elI2, Cos. 500
deposits ~".~... Tic, 1855 1o2 1857 1os.554.125
ps sq' qs5s' 0, dc;:;l;; 5000 81 sa''lotss so'o' sf sjs
The bank exchanges at the New. York Clearing House
and the stocks sold at the New York Stock Exchange last
week and for the week of the preceding two years compare
as follows:
E-ssnsnss. 9 SsS: g g -: 49, Ha1: :5s5 q: s5S. 3 3 81 g:
THE MONETARY SITUATION.
The money market was not disturbed by the
exports of gold TO Europe or the shipments of
money to the interior. Both movements were
seasonanle, the first by the customary falling off
in the exports of merchandise, and in the last
named case by the usual demand for currency i'll
anticipation Of the April settlements. The OutGO
10 the interior was somewhat larger than usual
and the shipments of gold began rather earlier
than usual. Money was III plentiful supply, how
ever, owing To the strong condition OF the city
hanks, and, as shown by the statement printed
above, the lUSS of money was nearly offset. AT
the Stock Exchange call loans were easily access
ible at 3 per cent, and the average rate for the
week was probably not over . IL per cent. On
Friday, when, according TO the rules of the En-
was in fact the highest rate. The rates for time
money also were easy at 4 1-2al "a percent for
from thirty days TO four months. The demand
was very light. partly on account OF the stagna-
ton, but also by the dulneSS in the mercantile
business. The foreign exchanges were Affected
materially by the action of the Treasury Depart
ment: first, in imposing a charge on the exchange
Of gold bars, and afterward by the refusal 10 sen
bars at any price. Rates were adjusted immcdl-
ately TO the new conditions, while shipments OIL
gold were not prevented. The market closed
strong at $4 SO Ia and 81 SO "a for long ana
short sterling bills respectively. While n part Oh
the advance in rates was due Of course 10 the
estimated loss by abrasion in shipping coin instead
Of bullion. the extent Of this loss cannot be known
II it should be larger than 1T has been cS'lhiateu,
a further advance in rates, other things Doing
equal, must inevitably follow.
RAILROAD EARNINGS.
The returns Of railroad earnings made IN the
week continued to be fairly satisfactory, ana gaze
evidence that, although the volume OF lTannc
was smaller, better and more prohtabie ralcS
were obtained. 4 comparison OF lne It'uim
shows. however. that the companies making heavy
,otno 80 --.,.,. /, ,no1inr thnir IqnGTiE. while