New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-14


obyious purpose being to avoid the over
crowding of the Office on and after the 18TH
inst, when the call for flG0. 600 natures
Bonds have been coming in rapidly of late to
the large dealers, but it IS a matter OF sur
prise that so many Of the holders were lgn0-
rant that their bonds had been called until
they applied for the July interest. In the
case of the banks, delay IN forwarding the
bonds may be largely due to another cause,
namely. the hope that other bonds may be
bought ut lower prices next Fall. On SaiUr-
day, %2j,319,GjO in ten-iorty bonds were
still held by the banks for circulation,
the amount having been reduced only
S6.0O0,OOO since June l. This shows,
first, that these banks secured only a small
amount OF the so certificates, OF which $780,,
100000 have now been converted into bonds,
and second, that the banks holding the ten
fortics have anticipated lower prices for four
per cents after the maturity Of the largo call
this week. Large sales Of four per cents are
now made to investors every day, however
and mainly to individuals who were ignorant
that their ten-lory bonds had been called
Whenever these purchases exhaust the sup
ply of four per cents taken FOR speculation.
there is likely to be an advance in prices, but
no one can say at what time that point may
be reached.
The exchanges Of the Ncw-YOrk banks
last week were only 1891, 635, $50. Though
larger chan the clearings Of the corresponding
week last year, this aggregate reflects the
dulness of the season. both in trade and IN
speculation. For important news of various
kinds failed during the past week to cause
any great activity in the stock market. The
banks report an increase of sos, S25 in their
surplus reserve, and their legal-tender aver
age, increased during the week by $l,757,-
800, was 51,301 900. In all respects
their position is unusually strong, and
the increase of $5,S69,400 in loans
and 50 ,321, 500 in deposits is probably due
rather to arrangements connected with the
approaching redemption of ten-fOrty bonds
than to any enlargement of speculative or
commercial operations. Exchange remains far
below the shipping point, and no gold went
abroad last week. The exports Of silver were
only $122,2S5, and it is reported that the
Treasury purchased 100000 ounces OF bullion,
at prices below the lowest bid for Western
minis, by rejecting all bids and naming to
bidders the price it would pay.
The railroads report a fair increase OF
traffic and of earnings for June. The
increase on the Granger roads,-S320, 1913
on the Chicago and Northwestern, and
Sl62.524 on the st. Paul,-is manly due,
it is true to the low earnings of these roads
in June Of last year, but there is a handsome
gain in traffic, and the prospect OF fair crops
in the regions which suffered most in 1873
tends To bring forward what surplus Of grain
is still there. The Atchison, Topeka and
Santa F6 with an increase of mileage, reports
a gam in earning, OF $4,000 for June, and
81, 263, S97 for the half year, and the Kansas
Pacific, without increase OF mileage, reports
gain of $l49,GjI for june and $526,21S
for the half year. The rapid development
of mining in Colorado, with the consequent
increase in travel, i'll Shipment of goods and
machinery westward and bullion or ore east
ward, partially explains this increase but it
should be remembered that Kansas has gained
largely by immigration, and has been blessed
with large crops. The reports Of earnings on
the Eastern trunk roads are not later than for
Nav, but the official report for the Pennsyl-
vana is oncouraging-a gain Of $2OJ,253 in
gross earnings. Informally n gain of $780,
900 on the Erie in May is reported by PresI-
dent Jewett, which would make the corrected
earnings for eight months of the fiscal year
$1O.5O2,777. against $40, ,297 for the
same months of the year preceding. The
earnings Of the Baltimore and Ohio are not
reported, but the statistics of receipts and
shipments there show an increase both for
May and for June.