New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-27


Coils coin ani bull
o9 less eerr' s.cias 600 sloc a5c77o so3i4oso
T. 5 metz '''' iio asoo2, lio4o7as2 Dec sosc5a
i ,,ssss. '.' '. sasaseA aocO7csa Inc. a44c7s
.s i'm r,,,s s95s CPS s95s 4e7 SOC Dec s2al2s95
D.ro.iss ,.n ~ N.- l7accln l7si7lao Dec 1881
,.,,,,. cash s27s Sos $2eosi4osa Dee 81 53 SIC
DI.q .,'. minor lo72Snc S427ooo Dec 2,soiiio
49,, ,ssn IN. SsG1.ois.393 S2oi3S79s7 Dec. s2so4co
THE MONETARY SITUATION
The local money markets were somewhat firm
or last week. but there was very little doing.
call money representing bankers balances lent
rs high as > per cent and as low as ~ per cent,
the average for the week bens 2i2 per cent,
banks and trust companies quoting this rate
their minimum. Time money was higher a. 4l2
per cent for thirty 10 sixty days. per cent FOR
three months, 1'2QG per cent for FOUR months,
and 6 per cent Tor six months. The commercial
paper market rates were quoted at nt2GO per
cent for prime Endorsed bills receivable, o1:Qo
Der cent for four months acceptance and choice
four months single-name paper. G4i per cent
Tor good six months single-name paper. ana
above Cor paper not well known. There was
only a light business in commercial paper and
most banks were out Of the market for new
paper. Considerable redscount.ng was done.
Money on call in London was i40i2 per cent
and the rate Of discount in the open market was
Z. per cent for short and long bills. The dis
cunt rate in Paris was per cent, and IN Ber-
IL
After the conferences Of the foreign exchange
bankers Wednesday an easier tone deVel-
oped in the foreign exchange market. and there
was an increased Offering Of bills No good ship
ments We're made after the agreement was
reached to furnish the market exchange *
change to the amount Of SJD.'Oj,VD and A'J.oOo.-
600 will be supplied by the foreign exchange
bankers who will use their credit abroad In or
der sell sixty-day bills in the market me
exchange which will he furnished by this
method will IT is believed. be sufficient TO meet
all demands until there is good supply ere
ated by the movement or cotton ana gram. I'M,
method of furnishing exchange is an artlilclai
one. but under the present circumstances II is a
good one. assuring an end 70 the exports OF gold
and making another issue OF bonds Unnecessary
Total gold exports last week were S3G'to9l.
Posted rates Of the pr1eipai draWers 81 s so
exchange closed at "a oSQSi 49, anu ~ oIe
Paris francs. 514&s for long and o12le for short
Berlin. reichsmarks, 91ss for lons ana 90 a lof
iOls for short. Rates for actual business closed
as follows: Gable transfers. 81 ss'4GS4 ~: de-
lnand 81 SSi2NS4 SSi.. sixty days. 81 StE,g
81 e1sI: documents for acceptances, sixty days
81 SGs. GSi STA; documents for payments. - >.-a
asa 81 Paris. cables. 514as less 1-1oGoli4S;
checks, 51jG5142s less 1-16, sixty days: lbs
0516A less 1-16 reichsmarks. cables % 12-lG:
checks 95 1850 95I,. sixty days. 9JS- 40 ZIG;
guilders. long. 40 3-l6a40l4; guilders, short,
4Ossa4 7-16
The bank exchanges Of the New-Yorl Clear
ing House and the stock sold az the New-York
stock Exchange last week and for the same
week of the preceding two years compare as fol-
EXCHANGE. 3s. 8 z: Z. 81. ga. +! - 81! : q 81
30 shares sold. IA 2s3 l33l3l6 l,5'14oo
RAILROAD EARNINGS.
The Tribune has printed the gross earnings OF
sixty-three railroads. or systems FOR the second
week in July OF these thirty-eight return gains
Of S405 49,. or 1O.5 per cent and twenty five re-
turn losses Of S132 go or ~ per cent. The
whole shows a gam Of S2I3.143 or Az per cent
The Tribune has also printed the gross earnings
- twenty-three railroads. systems. for the
third week in July, Of which sixteen return gains
Of s211.5j3. or 1913 per cent and seven return ,
shows gain Of s19l .Os5, or Il per cent.
second week in Juiy-- ~ ,,~. %
rs companies. 50 ,ss.ss ss:7ss,s Inc s.osiss 10y
. companiss.... ls87@2s i'o'oiS Dec l9-,oo .
r,,ai &c coz So c72Ga s. 9so4ol Inc s-7s.i4s IS
s.S %: 6 SG;Is bee Zee sa. . 70:
Total u co.'s -s.cse54o $2s71c27 Inc si9l.oss IL
THE WEEK IN WALL STREET.
The banking community Of this city has the !
utmost faith in the integrity, honesty and com
nonsense OK the majority Of voters in this |
country. and, pledge or It's falth II mas
agreed 10 use its credit abroad in order TO put |
an end to the outward movement Of gold; also |
10 supplv TO the United States Treasury gold |
from its own store sufficient 10 put the gold |
reserve well above the Slo0,Ul,OOO limit me !
bankers have practically agreed TO pay gold on /
credits opened abroad ard It is not to be sup |
posed that they would assume such an oDii-
cation II they thought the country "ouiu ps
n silver
gramme of the free-silver Populisuc alhance.
Such an example of faith should have most
sautary effect upon sentiment ana pusiiies'
throughout the country. II should era an Tear
and WORRY Over the condition of the Treasury
and restore confidence TO the tinlld, courage 70
the weak and strength TO the fatering. Inc
very idea Of 2 change TO deDasec cu.i
has set the business OF the country upon Plas
ard needles so TO speak. furnishing an oppor-
tunity for the bears OF specu atIon 10 uepi.Ss
security prices and exert an influence upon the
ayf.iaa NO
given foreign seekers for gold an opportunity !
10 make further inroads upon the GoVerhienoo ~
100000 with gold being taken for export anu
boarding purposes with security VaIues u4oP-
ping TO panic prices, and, withal q raging rani-
ing. riotous ana roaring crowd OF fahaucs nor,
ing for control Of the Government the s~ohS
arm Of the banking community has been thro"h
out with the worthy intention or promoting
peace and prosperity. courage and
TIE week in Wall Street was an cVeht4u o"e,
The Importance OF the weeks deVeiopmehts u,
net yet realized and only those VINO nave asieeu
70 help tho financial situation can kho" the ~
tent and greatness OF their work 1t IS no easy
matter to control the foreign exchange narke''
Tor ii requires unbounded credit. WISDOM "a
gaclty and skin. and that the New OTh pai4h-
ers are able TO DO It is handsome proof OF thelr
credit IN foreign centres The drawers OF lof- .
eign bills have credit abroad and t~ey are solns
10 use II. They viii get sixty days credit IN
London Paris Berlin and other foreign centres
and draw against II in order 10 supply Inc oe-
nand for sight exchange. Any short exchansc
'OAO against THESE circuits VIII DC IFNriNN
IN by the outward movement Of c"rnmodiues,
such cotton and grain and II Is expected that
he offerings against cotton exports Will very
soon Dc in the market. The agreement anlons
ne foreign exchange bankers provides for
RO.cDWO exchange. and in case that Is nor
.nough the amount will be raised 10 SIJ.DO'oU
Any ore who has TO remit abroad VIII receive
exchange and there will lie no necessity for gold
exports On the day this arrangement was !
made large amount Of gold sent ont, but
made up the last shipment OF any importance !
md II is extremely doubtful II any metal goes !
but for long time to come. The banks ana
private bankers of the city have worked In har-
40 I ,