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in in $40,000,000 greater than 10 was a ye brieny and succinetly we have de combination of circumstances which red controlled the local money market of the future First, it IS evident that has come when the importation of fo chandise will show declines in amount pared with that of the correspondi of last year, proportionate with the incr the last ten weeks have furnished port the importations for last week amo to $7,596,812, against 1,690,072 for week of 1889. The period IS fast a also when the foreign buyers of our e accept the views of American holders or ican holders must sell at the foreigne The cotton crop promises to be unusu England must have the usual quota battle between foreign buyers and Ame In ers must be quickly determined. the outgo of cotton must be sufficient t all delayed shipments. The Treasury the purchase of silver bullion under July 13, requiring the purchase of ounces per month. The Secretary hav tised that he "would receive proposals Monday, Wednesday and Friday begin Wednesday, August 13, it should have clusive evidence that his policy was on each day only about one-thirteen month's requirements. subject, of course conditions and the offerings made was well understood among the holder and therefore there was no occasion for disappointment that the offerings on amounted to only about 1,000,000 oun Friday to something over 700,000 oune the purchases of the two days amount 727 000 ounces, requiring an issue of 1 to the amount of about $825,000. By tions of the present law if not interfer speculators, the daily increase in the 16 money of this country is about $1 $5,100,000 per month, 01 over $60,00 annum. This is new money which, the its issue, was merchandise purchased a SO much per ounce. It requires no app from the funds which are in the Treas for it, because the purchase creates th ment promise to pay stamped a legal all debts. public and private. Manipula money market upon exceptional causes have to face the steady and continuous of legal money Yesterday bank statement simply 1 figures suggests the withdrawal and of money The City Bank reports specie of 600,000, while its loans we only $900, and a loss in deposits of : The American Exchange and the Imp Traders each lost $700,000 specie, and over $450,000. The Commerce and gained $700,000. and the Fourth Natio $500,000. The Park lost $400,000 leg The Chemical lost $370,000 legal-te $100,000 specie its loans were reduce and its deposits S1 000 000. The oth making up the total differences show general statement were in amounts $400,000 on either side. The Government bond purchases for amounted to $3,049,400, the payments are nearly all reflected in the New Treasury statement made up to Frie but the general Washington Treasury is probably nearly $1,000,000 behi record. Yesterday's rumor that a ne ure by the Treasury was to be made in chasing seems to have had no better than the fact that the Assistant Secret Treasury yesterday had a long confe President Harrison upon some subj may or may not have related to the distributing the surplus in the Trea: present the Treasury is a competito purchase of but 4 and 4 1-2 per cent we might be permitted to make sug: would say that either the policy adopted of purchasing nothing but the cents-the price is of secondary cons and that the Treasury should withdray market as a buyer of the 4 per centi give the National banks who deposit with the Treasury $38,915,650 cents to secure circulation, and $6,824 per cents to secure deposits- total. $31 an opportunity to buy in the open 1 4 per cents to substitute for their 4 1-2 per cents: or. if it is believe appropriations, together with the offe per cents, will eat up all the surplus next twelve months. so that the $100,000,000 in round figures of 4 1-1 will have to be refunded. the purchase be exclusively confined to the 1 per ce rate which returns to the Governme upon the anticipated payment. Wha iness community needs is a defined 1 shifting one best suits the interests 0 ulators. The foreign exchanges during the e: the week were sadly demoralized b rent high rates for money, and the Monday was sharp. and at the low large amount of business was transac the easier rates which prevailed aft there was a reaction which, howeve violent to maintain itself. for the Saturday's mail The exceptional ca have made it possible to export S8. at this season of the year having themselves, and the like export of article having furnished that amot change. were bound to have their legit without the high rates for money and ably was seen in the closing figures for mail, which were on a basis of $4 $4 87 1-2 respectively for bankers ster to that is the prospective large expor ican crops, which is likely to excee the movements of several preceding RAILROAD EARNINGS. The Chronicle's" compilation of the ings of railroads for the month of Jul the returns of 158 companies. ( Correo addition of later returns the statement gross earnings for the last month to $38,594,382, against 420,628 for -a gain of $3,173,754 or 8.9 per cent creased mileage of only 2.2 per cen increase is made upon a month which gain of 8.3 per cent on the month of the total number of companies reported gains averaging 12 per cent. and on panies report losses, and the average is The following table divides the aggi differences of the companies showing losses Month of July- 1880 1890. Differ 131 impanies 145, 158 $31 863,785 Inc #: 27 companies. 6,975 170 6,728,647 Dec. Total, 158 CO. 8.835 420,028 $33,594,382 Inc. : The Tribune has printed the gro for the first week in August of 61 ee systems, giving an aggregate of $6,1 $5,661,781 for the week of 1889-a ga 110, or 8 per cent. Of the total numb panies showing gains give an average 11.1 per cent, and 13 showing losses decline of 6.1 per cent. The followir vides the aggregates and differences panies showing gains and losses. 1st week in Aug.- 1889 1890 Din 48 companies. $1,616,505 53 539 Inc. 13 companies. 1,045,276 981 Dec. Total 61 co. & $5,661,781 Inc. THE WEEK IN THE STOC K M. The strike on the New-York Cen so-called stringent money market haps affected one-tenth of 1 per cent loans, together with the continued crops, and consequently no late the railroads, was the occasion of an