New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-17

NEW
Exchange last week and for the week of the
preceding two years compare as follows.
Exchange. Ag & >s' 3 81 aSs 50
TIE MONETARY SITUATION.
The local money markets displayed no signs of
stringency. The highest rate for call loans al the
Stock Exchange was D per cent ana lltue Dusl-
ness was done az that figure. Throughout ti.c
week the tendency was to greater ease, but tins
may have been caused by a lack OF demand rather
than an increase in the supply, On several days
after the ordinary requirements of brokers had
been supplied balances were loaned at per cent.
Tie average price for the week was probably NOT
much above per cent, although renewals wcre
usually at 4 l-2a5 per cent The market Tor
time money was devoid Of new features. Tho
supply was good. but lenders were careful in re-
spect to the securities they accepted. and as a
rule they insisted upon the insertion Of goM
clause in the notes The easy rates Tor call
loans prevented any large business in time con
tracts The universal rate was 6 per cent, but
occasionally exceptions We're made in the case OF
thirty day looms In the European markets there
was no important change. The Bank Of England
left its official rate at l2 per cent. In the op'n
market discount, were a shade higher at 3-s per
cent and bankers balances ruled AT 1-4al II
per cent On the Continent the open market rate
was UNCHANGED at IA per cent at Paris; but the
traction higher at tn" same rate in Berlin.
The foreign exchanges were strong and at times
active In the latter part of the week the price
of sterling drafts advanced materially and on
continental points slightly. The exports of gold
were $500, 900 on Tuesday, and Sl,25OoOO by
Yesterdays steamers. There was an unusual
activity in the market yesterday, and a further
market closed firm at 4S6 3-4a4.ss IA far long
and short sterling bills. respectively. but these
prices were bid. and at them few good bills were
Obtanable. The rate for cable transfers was
ASS IL. -
RAILROAD EARNINGS.
"The Financial Chronicle" computes the gross
earnings in March of 80 railroads at ?i0'5o'.-
Go a gain over the corresponding month year
ago of 224s. 100. or AS per cent. The state.
mcnt covers l03 o. miles of road. an increase Of
nearly 1000 miles. which would be nearly per
cent.
The Tribune has printed the gross earnings of
sixty-two railroad yOmpanies for tn" first week in
Arril. OF this number ifty-onc companies return
of 81 GA, s32. The whole number gives an increase
of S350.222, or 562 per cent over the correspond
ing week last year.
+ %s AD' s;e D'f'; s
G, an.cs so 90 $50 50 575j7s IN, $3.50 % 5.Ge
THE WEEK AT THE STOCK EXCHANGE.
The first clear intimation of the financial policy
which the new Administration VIII pursue was
furnished Yesterday by the annonncem'nf mar tnc
Secretary Of the Treasury hal susp ndci IN" lSSu'
| of gold certificates. This action was not known
generally until long after the clcsr Of business
at the Stock EXCHANGE and its elect upon fpecnia
|
renewal IF talk about new issue OF Don n !.
by the Government, hut it must b" inferred that
! no snch issue is contemplate |. Inc notlc" gl'ein
| by the Treasury Department apparently cn,is AZ
| doubt on this point. If bonds wcr" TO he lSsurd
bids would have hcHn invited or private neEotlar
tons closed before a SUSPENSION under the Ia" OF
| tlp Issue of cold certificates. III" present y J.
! ministration evidently mas discovered that II l.
unable 10 cocrc, Congress IN respect 70 sIivri
LEGISLATION. II is entirely probable therefore, ,nu
this country is 10 have practical TASTE oil SILVER
| II is nof
metals will not be pre- scrv"d. The treasury VIII
continue to treat all forms of com ana cu,rrn l
as equal To do this. however. the l"9a 'rh"'
| ,osor1e of 81 90 600 600 must b. ticachel upon
ana tho action of tine Secretary Of In" lrc'nlrv
is a confession that hr anticipates an ln n,o "'r'
| cnoIoachmprt this fund HOW a 'efi"uSS 'Ii-
| croacbmnnt on II viii Ia received either ~ HON"
| or abroad is a matter If Great doubi. III" on'1
| flow of gold. which i Increasing IN VOLUME, a'i'.
| Inc .Erinka.c OF The legal f"rl + rrserv" ml' az
| become 80 GREAT rs to excite public alarm. IN
| .ha ordinary course of business IL" lriSnfN !,
receiving scarcely any ~. while the cNpci'1r E !"
! tLe metal are ma'ic directly from us wants
! National bank recently have shown NJ ihC!ind-
| ton 10 assist the Treasury alth1nTh IL mi2r. -.
unfair TO say that they are boarding goa ln'n
| !. a snrnr.ina nislpprclcnslon about n, ampun
~ cold n, the Treasury In the popular Gscis'ioli
in rcrard 20 the lccll-endrr reserve. the OPINION
has formed oven hy som" Intelligent persons, ,'i'
| this fund l. the extent of tn" treasury h1iuh.'
A. the close Of business yesterday, acroriing u
the weekly Treasury statement, II hrld ~ a,ua
coin and bullion l3.osG72l Agains, ., =, ,oIJ
,iaca,nH bn, Of his amount tie Treasury cll
for lcsue s;.@%iloo Ths EFT he goo s%a
onca Including the reserve fun1. at 80! '"0
Tho qctual supply OF cold i consequently amp
for all probable rc ,nircments. ana even ~ On o..
rescrve funl should be shrunf ny 9.',1 ?';,,
there is 10 possible" chanc" that the s'a"i'iH W
the currency will j." dituibci. - .,o.
There Is lite roason TO hope, however 'naI
the outflow of cold viii be checked 10y s1,iia
, months ! sides the natural ana s'F'"""aP2'
| tendency of the metal 70 20 abroad in srt'te,
mrnt Of trade balances. Europe wa"'s @1id' Az
| al palently has no o;ier spuic' on s,rP.N. ~
,i"noI Loan wa, so great that the Ro'hscllllds
! lave taken a second ins,allnrn'. In' %o'I VIZ
have 10 come from this country, altho9eh ,m'
| harkers may draw il gradually with inc p'if-
~".n Of ayol,ing monetary disturbance More.
! over the recent heavy failures III En2lard ihu
its colonies have practically tea mp lafg% al,
# immediately unayai!ab; a>NtS. INC mn '
losses which have lccn suffered IN business ~
we'll az speculation have mad" Europe ppor,
There is 10 reason why II shono mo' , "ri'a All
tc,t rountric, Tho condition Of ii" trair bal
ancc against hi, country i indicated bv elc re-
port Of the Burco" Of Stnt,s,r- o, th' eNPoris
| in March Of our principal products J.
| printed in another place.
speculation in stocks AM railway securities
was dull and irregular. with t'nd"ncy 'o"arn =
were the industrial slaics, AMI oi these >u1ii
Refining ana Distilline and Cattle Feeding, al
though closing above their lowest prices, s''.
| tanned losses of over , per cent These were nor
exceptional for many sound railroad Sto' * de-
clincd nearly as much The losses Suil"rr by
Lake Shore and others OF Ike ch'iac,rF w'r.
due unloubtcdlv. TO realizing sales by recent
purchasers Til" decline Of 3 II per cent IN
| Missouri Pacific was perhaps more Si@nliiclht OF
| inside selling, bcraUe" il accompanied WIN
\ suspicious weakness in all the So-cillcd Goul
| stocks While the closing was not always at the
| lowest points. II heavy and inclined TO bo
unsettled. The most interesting incident OF me
week was the announcement that DrcNc Nor
gan and Co. would undertake the rcorganizati9n
of the Richmond Terminal Company. The only
condition in the announcement was that the stocks
and securities of the company should be I'M
mcdiatey deposited in their hands. After the