New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-20

Money was in excessive supply throughout TIC
week. At the Stock Exchange call loans ruied
at from to IL per cent. and the last named
,rae the highest rate Renewals OF long stand
- ,oans rominally on call We're made in some
cases AT per cent. Rates for time none!
were equally easy. but the demand was eA-
tremey light and only a small business VIZ
dr. Rates ranged from per cent for snort
nerods TO per cent for four ana six mon,hS.
II is not Impossible that these figures would na i
been shaded to borrowers or hSh s'aHu,ne'
Int unhappily this class was not in the market;
There was also good inquiry for commercial
paper both from out-of-town lnsututlohs an
from city banks offerings were u,.'. nn ina in
and In consequence rates were lower anu, Il. H.
sense almost nominal. The future Ol rhe
Nancy market il is impossible TO discern. ne
piling UP of idle funds in the city BANKS naH
haen wholly beyond precedent. In three months
the banks from deficit, have accumulated the
extraordinary surplus Of SG5470.415. The move
,nent evidently is not ended. ana the i lilIo"
of currency from all points is extremely heaNH:c
If would not be amazing II, before the emu Vi
the year the banks Ghould hold Il surplus re-
serve of nearly 100000 Frequent con,p' the
sons with the condition of the banks AFTER the
manic of 1884 have been made but II mas oeeh
always overlooked that the amount OF cur
rency in circulation is very much ialeer en".
II was at that time. In the last three !ea ~
for instance. there has been issued from 'Iie
Treasury over S153 100000 of legal tender ho'es'
issued under the Sherman Silver law; ms s, ~
plains in part why the banks now hold over $io,
900 900 less gold than they dd at thd' I'M I'm.
and nearly twice as much OF legal-'cnueI .;,
The percentage of reserve at the pteSTIet hrt
is now 49, against 41.9 on August l. 1919, pu'
the character Of the reserve is proDapi! So"e
what less substantial. ., ,
In the European markets the situation was
not greatly changed. IN London lie iep".W,u
irregularities i'm the management Oh the noiiN
of England eXerted little influence on an! ~. VI
the markets. The bank did not cI'', e., us
official rate at the weekly meeting on lhuiS-
day but In the outside MARKET uhe rd,e l"i
discounts advanced from 2is on Wednesday ~, /"
2s per cent. at which it closed E eslTrua! NiI,
Paris the street rate for discount renamed
throughout the week unchanged. al 20 per CEN
Sight exchange on London dec llleu To- roi va
francs to the { sterling. and II would nave re-
CURED only q little further reduction 10 nave
drawn gold from London. In the last TWO
DAYS the rate has risen from ,naa POM ro 'o
steady but shade higher, at 4%@4's per cent
The foreign exchanges advanced Slowly WY . Dut
uniformly. The supply oil commercial pa W.
smaller than had been anticipated. whlie me
demand for remittance both from importers
and bankers surprisingly large ana urgent.
The strength Of the market was TO an eN,en.
astonishing because this is the usual season
of the year when this country draws golo
from Europe and recent small importauohs
suggested beginning OF sne cus ns.erds io AND
rates were slightly easier. A few sales OF eS-
change for early mails next week were made
AT slight concessions from the high prices cur
rent on Fridav In spite of them the market
closed relatively firm. at about 81 81. ana
8. S5T for long and short sterling bills re-
spectively.
RAILROAD EARNINGS.
The Tribune has printed the gross earnings
of fourteen railroad companies or systems for
the second week in November. OF the num-
Der, six companies return gains OF st3'o4o. OF
SO per cent. and eight companies losses OF
sls0S57, or $40 per cent The whole n"iilp p,
II has printed also the gross earnings or nfty-
seven companies for the first week IN Nove'nc
Der. The whole number shows decrease oi
1896. 115. or 81 per cent.
Second week in November 100 ,r..o.. - .
eOIpaaies @iGs 81 loss.7iO D,e. iSos5i SIS
ro.al "a Co.'S 751 80 952 80 Dec slo7,2co s.5
j. companies 7ois7G 81 9,a$as Inc s!25 49, u
3 COM anie,.....-. j,sJ?Gj 52Gf3aS De, "a2to1 81
Toal 81 cos s75se,sn s7.ls772o Dec. s'o5'l15 %
THE WEEK IN WALL STREET.
Speculation in stocks last week was narrow
and almost strictly professional The volume
OF business was a trife larger than it was in
the preceding week. but the increase possessed
no Significance. and foreshadowed no immediate
change in the speculative situation. Transac
lions in stocks amounted to ll49,3S2, against
l,056.59l in the preceding week. and against
I,6l9.423 shares in the corresponding week a
year ago. AS has happened in several weeks,
the business not well distributed and in
American Sugar Refining alone the transac-
tons were nearly one-quarter OF the total,
while five stocks, the only ones in which trans
actions exceeded 100000 furnished nearly three
Quarters of the total business. The movement
Of prices naturally was extremely irregular. II
seemed to be controlled largely by the erratic
fluctuations in Sugar Refining. which closed with
a loss OF Az per cent ST Paul, which was
second wavered within narrow limits, and
closed only fraction lower, and Chicago, Bur
lington and Quincy, which was third. lost only
9 per cent Toward the end of the week Phil
adelpha and Reading was affected adversely by
the well authenticated report that the expert
accountant employed by the bondholders' COM
mittee had expressed the opinion after care
full examination, that the company needed AT
least SIS. 900 new capital There would seem
10 be only one way in which this fresh capital
can be raised. and that is by an assessment on
the stock and junior securities. That there
was no other plain alternative was indicated by
the activity and weakness which followed the
report in both the stock and income bonds AT
the same time no plan of reorganization has
been formulated, but il is known to be the per-
sonal opinion of prominent members OF the com
mittee that no reconstruction is possible with
out imposing heavy assessment on the present
stock In spite Of the sharp decline Friday,
Reading lost on the week only ~ per cent.
Among the active stocks the only one which
maj sa aer e was S Se haa d
week ago Among the specialies. or stocks In
which the dealings were not large. Manhattan
Railway was conspicuous by It's weakness, ana
It's final loss, in spite of handsome rally, was
per cent A still larger loss was sustained
by American Tobacco which fell per cent in
of a legal quarrel
There was apparently total absence or out
side interest in the speculation. III must be
acknowledged, however. that while investment
holders show no disposition to increase their
holdings. they certainly are reluctant TO sell
them: Perhaps the most significant feature
OF the trading that the most aggressive
attacks by the bear faction were not success
full In dslodging long stock The most dis,
tressing rumors. which presumably emanated
from that side of the market, were not sufficient
TO produce general selling movement, and as
soon as the bearish pressure was removed
prices displayed no little elasticity. AT the
rallies II IL true certificates from some sources
We're offered but not with the liberality which
expanded the supply of floating stock.
The appointment of receivers for the Thurber.
Whyland Company was not unexpected, since
the company forced several months ago
to ask an extension from the banks which
held its paper. 1t furnished opportunity TO
the advocates of lower prices to start rumors
of other distress in the mercantile district.
There was no foundation for the reports, and ii
is probable that there Is no important liquida-