New-York tribune., 1891-05-25


Of the preceding two compare
follows: . 100 - - . =, =,
Exchange. Ns 81 ssS scs &c go S:s sSs e. o
No. shares sold. 2,E5i1s7 x,0o6 o24 1,o44,s7S
THE MONETARY SITUATION.
In spite of further heavy shipments of gold the
local money markets were distinguished by great
ease There scarcity OF loanable funds
and rates for call loans were lower than they were
in. the previous week. Undoubtedly one cause
OF this remarkable ease was the reluctance Of
lenders TO make time engagements. The receipts
of currency from the interior were nearly large
enough TO counteract exports Of S7 1851 specie
and the demand for money from mercantile busl-
ness was not large The consequence was com
paratve plethora of call money. At the Stock
Exchange the highest rate for the week was per
cent, and although the banks maintained a mini
mum rate of per cent, brokers had difficulty
In securing all the funds they wanted at per
cent, and at times at a still lower rate The
weekly bank statement was more favorable than
had been generally expected chiefly because the
receipts from the interior counted for the whole
week, while the exports OF specie counted for not
more than half the total amount If the banks
are little poorer than the statement of averages
indicates, the further movement OF currency from
Chicago and other large interior points will pre-
vent anything like stringency.
IL is the prevalent opinion, moreover, that the
shipments of gold have practically reached an end
and foreign bankers who control large amounts Of
ready money were little more willing toward the
close of the week to place it on time. There was
a relaxation in the rates for money abroad, al
though the Bank Of England did not reduce its
NlStOuut duu cOuSutFeu IT. neccSStrN yesterday
TO urge the joint stock banks to aid it in sustain
ing the open market rate for money, which had
fallen to per cent for discounts and arr 1-2
per cent for bankers balances. Ii is evident that
the assistance which the gold shipments have given
to Europe has Gained the money markets Of Lon
don and the Continent. Foreign exchanges were
rather heavy, as il more difficult TO negotiate
bills drawn against shipments of specie The lower
rates demonstrated that the urgency of the for
eign demand had been relieved, and that on future
shipments the Bank of England would probably
pay a lower premium. Any reduction in its
premium on American gold would tend TO
there was naturally nothing doing Yesterday, the
market closed firm at 81 SO "a and 81 81 IA re-
spectlvely for long and short sterling bills.
RAILROAD EARNINGS.
The Financial Chronicle" prints the net earn
ings OF 40 railroads in March, and although the
increase over the month last year is less than
had been expected that there would be an absolute
loss For the first quarter of the calendar year
the statement shows gain Of 4.27 per cent in net
earnings. The Tribune has printed the gross earn
ings Of hftysiX railroad companies or systems for
the second week in May. OF the number thirty
nve companies return gains of S333 ,567 90 per
cent and twenty-One companies return losses aver
aging 7.3 per cent. The whole number gives q
gttin over the corresponding week of last year Of
Sl63,6ss, or 2.7 per cent. This shows a slight
Improvement over the returns q week ago for the
first week in May, which for ffty-nine companies
averaged gain of 2.1 per cent.
The following table divides the Aggregates and differ.
ences Of the companies, showing gains and losses:
ID week in May 1890. 1891 Differences D. c
IS companies. SO 567 pS4 SO 9O1 55 Inc s393 5s7 90
Il eompanies 2So6'9o2 2,l36,O2S Dec. 16s,s79 rs