New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-19

cent and in the last half of the week they ruled
at II ard ID per cent 1t would be difficult TO-
was not below & per cent. On Friday the ru-
ing rate was Is per cent, but considerable bust
ness was done at -. A few mnnies before the
close there were large offerings at the legal rate,
hut only in $4,000 parcels, and at the same tnie
small loans could not be negotiated below ID
pei. cent, The market for time money was In.
active There a good demand without an
adequate supply. The rate for all PERIODS was
6 per cent but the security was obliged to he
first class, and even then . commission was eS.
acted Tho condition of the city banks maao
these rates possible. For tho first time since t,e
Barring panic their loans exceed their total de-
posts. This is not a cause for alarm. besau
the capital and surplus Of the banks are meant
for use: but il Is not a healthy condlt1on anu
until it has becn modified the strinsency ~ 10
niorey rates is like IS TO- he prolonged. / ne
action of the Clearing House Association IN
authorizing the is,ue of loan certificates Is an
indication that some Of the banks are moro or
less distressed. and the suppression of the de.
tailed statement yesterday proves, at least, tnit
applications for relief have been made.
The financial situation in Europe was not mare
rally chan2e1. In London money was eXcesslv'ly
cssA principally in consequence of receipts OF
cod from the United States. and the Pank Of Eng
land further reduced its official rate of discount
from 3 to = - per cent. while in the open mar.
kct rates FEY | IL per cent for discounts ana 81
rer mt for bankers balances. The Street rate Tor
money in Paris remained at IA per cent, and at
Ierlin it was only shade higher. presumably on
acc cunt of the general election in Germany.
The foreign exchanges again were demoralized
nv the low rates for money in Europe and the
high rates in this city, Rates for sterling en-.
change were most affected and at times they were
practically nominal. There was no increased sup
ply of commercial bills. and III" pressure came
wholly from liberal offerings OF BANK r. drafts
These were far in excess Of thu light demand ior
remittance, and consequently rates fe9 steadily
TO within about - per cent of the gold import
ing point The market closed heavy at ~ 80 LA
81 az IL, and AT about 81 81 "a for long ana
short sterling bills respectively. Cable transfers
were sold at ~ 80.
RAILROAD EARNINGS.
"The Financial Chronicle" estimates the net
earnings in April of l3l railroads at Sl6,3S',S05,
an increase Of S340.2sl, or I'll per cent In"
increase in gross earnings amounted TO nearly
- per cent, but il nearly offset ny larger
orrratinc expenses II should be observed that
the month contained one less working DAY 'hin
tho same month last year.
The Tribune has printed the gross earnings NJ
seven railroad companies or systems Tor me secon"
week in June OF the number five companies re-
turn gains of SsO,j49 over the same week last
year. and two companies losses Of ,,9oU Inc
Who'll, number gives an increase OF S'4,oi9, or
o. per cent II has printed also tne gross earn,
June. The whole number shows an increase Or
S452,449, or GA per cent.
q toH Tssf in June iS ss3 "fss2s
Total companies s76347s sss7 81 Inc. s74Oso OF
Il companies . sjs.77 i2'5 $40 pee s7s's 81
Total os 81 o74 oCs 81 527 Az Inc. sa5e4io Ga
THE WEEK IN WALL. STREET
Speculation at the Stock Exchange was dull
to the point of stagnaton. Tn" most important
inc House in authorizing the issu" of loan cerin,
Gates II was nearly complete shrpfls', an
for that reason II argued az once tlat TAO
financial situation in this city wa, much worse
than il had been popularity supposed. By traders
at the Stock Exchange II was assumed, also erro.
rronsy, that the action would he followed ny
an mmHda.e adyanes IN ,o pric ,S,t inc pleSens
emergencies, because II was INTENDED 70 proven.
rather than to remedy disaster No Issue OF
loan certificates was made in 100 Intli II was
made necessary by the failure OF The Birlngs.
There was none issued in 1854 until after the
failure Of the Metropolitan Bank, ana me ,ahs
rule was followed after the panic OF 1919. IL ~
net understood that the ASSOCIATION perceNcu
an important weakness in any OF the city pahks'
hut the serious drafts on their resources 10 Slp-
pLy the eNtlaordnary demand from the VS.
aud south forced them 10 unite for %ll-pro'e'-
The suppression of the detailed bank statement
dent and while great secrecy was maintained, IL
was not difficult 10 learn that there was no great
clange in the percentage Gi "S,s's body. the
percentage fell a little more than Per cen,.
The banks still hold fair amount ABOVE ne
reserve required by law lhe acton on o. ,.i, nS
Of any solvent member of II, and - maj eA.eho
il was prudent and judcious measure me lssiv
of loan certificates, which piactcaE H; ia, hs.
beIun. will tend TO relieve mercantile distress o
caIse thc funds which otherwise would be useu III
settling exchanges. may be- employed III assisting
customers. Ii is hardly reasonable 10 n.y.
ea si,r rates for money because the statement OF
averages published yesterday showed that inc
associated banks had loaned several millions W,
yond their net deposits 'Pa.inueu s 81 ",,ch y
might carry rates of foreign exchange 10 sun q
point that an equiliirium between money rates
IN Europe and the United States might DE 80
tablished. Ii is certain that money cannot long
IN D
and 20 Der cent in New-loDk without natural
correction of the difference. The fall III tle rates
If foreign oXclang" was IN fact 50 sr.a. arhr
,incnine people were led to believe in the early
importation Of gold The exchange Market
closed irregular. hut rather weak, ana me price
of sterling not much more IMAM - per c.no
above the gold importing polni: nut 10 prlns
ahout a return flow of gold there must no a
material Improvement in the outward moVenlehe
Of merchandise or an increased foreign demand
fer American securities -
WIS encouraging. but although IN" nhiaV"ranle
nIancc was reduced by suhs INITIAL amount, I'M.
ports of merchandise still exc ,'n eApor.s ~ 1sty
81 o. 900 600. and for the eleven months OF thS
fscal wear there is an aiVer-" m"rch IN, lis" nal
ancn Of over SSl 100000. against a tavprane
balance last year of over s2lo.oo" oo"' In "te
nrnScnt month shipments of mnrchandis" have
,hown 4 moderate increase whll' imports nave
h,cn falling of, but unless European conn mrs
should No restored and the demand Tor a5.', -
can .rcnritie, hccome active, u w"nlh sem 10
10 unwi.e II oNr'rt "A return or gold before AL
Thar, i no doubt that confidence would he ereativ
.trcnethcned by the rop"a of the sherman Sliver
HI Lnt there i no real foundation, so tar AZ
n.,' ~, learned for belief that an
can session. Of congress will he held
rcore the time appointed by Ssor the na f fCrsS
W. -. 7n,;nca rho puhi, that the sentiment or
"ouSr"s. ha, changed. and that large majority
of 10th houses is in favor o, thr Tep@ai o ,'
cnncusion were correct tho Administrator "o.,iI
,,,n ''rcat ,o.ron,ihilitv in postroning me
"sm,. 50. ION untu September. II is suspected,
thcreorc that the Admn.,raons = NOV ss' sure
via ,o"other before that time II ~ any means
oiI sbonlj he imported within The next TWO
week, the fact might have dlstlnct inl,ncncs VII
,ho votes Of congressman on financial measures.
w ,on, roarket was not only dun hut lrregu-
III" - rui. tn,l yaratons were declinee