New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-21

Esxchskes 49,. WV aldW6 oov S.s coz
THE MONETARY SITUATION.
In the local money market rates were easier and
all fear Of stringency in the immediate future was
allayed Although the movement TO the Interior
continued TO be heavy, there were not lacking III
doations that it had nearly eliminated, and That
the demand from the West from this time on would
diminish. The disbursements by the treasury
and larger receipts OF gold from Europe were the
basis OF the confidence in continued ease, As
there remain outstanding only Sll ,O0OVoo OF
l-2 per cent bonds, IL is not likely thaJ te
Treasury payments will be so liberal as IN the Est
two weeks But any falling OF III this quarter
will be amply compensated by freer lnnoW OF
gold. The Imports OF specie In the week amy ~
ed TO ST. ,585,4 43 and adviees from abroad IN
dicate that at least 100000 more is on The
way.
The Bank of England did not raise its discount
rate on Thursday, but its restrictions in regard
TO gold bars and American coin proved 70 be Ill
adequate to prevent Withdrawals for this country
AS was naturally TO be expected, the price winch
it imposed American coin merely caused cor
responding reduction in the rates OF foreign ex-
change here so that shipments of English com
could be mace without loss. Yesterday the bank
yielded TO the inevitable, and lowered It's pre-
MUM on American coin, preferring TO part with
it rather than with English sovereigns.
The only way the bank will be able TO check
the return flow of gold will be to advance materi-
ally its minimum rate of discount. Money in the
open market in London was slightly higher, but
in the face of the large accumuiatons Of capital
there it is prOblematical whether the bank can
raise it's rate sufficiently to achieve the desired
purpose. In the present conditions Of trade be
tween the two countries, with the European de-
mand for American railway securities, which APP
pears to be Unsuitable, there probably is no power
able to prevent the free and natural movement
of gold in this direction The Government re-
port of the exports in August Of the principal
products shows a gain over the same month last
year of about S14,750, 000 and the full state
ment for the month will probably show a like
improSement.
In the present month the export movement has
been stimulated by decline In the price of
products and il shows at present no signs of
abatement. The foreign exchanges naturally
commercial and security bills, and at the close OF
the week rates were ga go 12 and 81 SO IA for
long and short sterling drafts respectively.
RAILROAD EARNINGS
1.-THE Financial Chronicle" reports the net
earnings in July of las railroads, which show "a
gain over the same month last year Of 9.67 per
cent. For seven months the net earnings of 1875
railroads show an increase Of about Go per cent
The reports for August will probably be still more
favorable for the railroads then were beginning
to feel the influence Of the large crops The
gross earnings of the last two weeks have been
steadily increasing, and the movement Of the
crops is under full Roadway. As an exceptional
example Of the Improvement in traffic the state
ment Of the Toledo, St. Louis and Kansas City
July l show an increase over the same period
last year OF S146,494. or over 44.5 per cent
The Tribune has printed the gross earnings Of
thirty railroad companies or systems for the second
week in September. OF this number twenty-six
companies return gains of 1928, 464 or 1876 per
cent, and four companies return losses averaging
per cent. The whole number gives gain over
the corresponding week of last year of S497, l64.
or 1913 per cent. 1t has printed also the gross
earnings of sixty-one companies for the first week
in September, and the whole number gives gain
Of $544,694, or s per cent.
The following tables divide The aggregates and differ
enOes Of the companies, showing gains and losses:
"a week In Sept 1850. 1891. Differences p. C.
26 companies 80 524 s8,7SQeSs Inc. S5234e4 100
4 eon1panies.... 724040 6e7,74O Dec. 5000 so
fetal 80 soss3 ssl6S4 e. 4es 72s s4s7 1e4 1873
Lac week Of Sept 1890. 1891. Differences. p. G.
a companies 500 719 5297 1913 Inc. $62S O74 -
II cofaDanes.-. 2116,32o 2,032 $40 Dec $3.50 80