New-York tribune., 1879-01-02

ments from November to December p compare
as follows: ,e ,s-o
Pork. B 500 500 l22I5'a4Y 5's4
Lard pa%D ll$7677s S754SSle
OF course the large shipments of those arti-
oles and of breadstuffs that have been al
ready made, are not encouraging features
for the expectation Of any immediate
advance in these prices. SO it will be seen that the
producers are realizing, and are likely TO continue
70 realize. very low prices for their products.
At the Stock Exchange. the general course OF
orlcps has been the reverse of that noted for the
orOducts of the land. The principal financial
events of the year may be stated III chronoio-ltal
Januarv-The occurrence of great number Of
failures. involving large amounts OF hablltIeS and
the agitation of the lvcr question III Congress,
producnd depressing effect upon financial matters.
Money, however. which at nrSt was stringent, ne
fore the end of the month ruled easy AT $40 per
cent Governments ruled steady, but were with
ont demand. Stocks were Uull and irregular, but
without material changes IN prices Cold tel lIonl
1929 10 1Ol4. and rose 10 l02l2 Sterling ex-
change ranged at ~ S2l2a$ SlaSl s2l2for sixty
Febrnary-Business still restricted by the nm
certaiutS of the outcome of the Silver legislation.
AlhSon's Silver bill was substituted Tor Bhnds,
and finally became a law on the last day OF the
month by passing both Houses over the IIeSloen5s
veto. Government and investment bonds generally
lower. stocks unusually dull for the season, and
the fluctuations small Money 1@6 per cent. Cold
IOl 7s0 01O23s01016s01017s Sterling exchange,
sixty-days, 81 S2a$4 S1l20%i S3l2. The coal COM
bmation for 1878 was agreed upon.
March-There was an improved tone III financial
rlrcles Governments were higher, home investors
absorbing the large importation from abroad.
Railroad bonds were also In better demand ana at
higher prices. Stock speculation improved. and all
prices advanced; the granger shares and the coal
companies stocks leading. Money was STEADY at
4G6 Gold, 102G1OOAa lOll II. Sterling exchange
steadily advanced from u 1854 to $i ~ tor Sixty
IpniHThe Secretary of the Treasury contracted
with a syndicate OF bankers for the sale of 800
600 900 Il2 per cents for redemption purposes.
The New-iork banks gained about $s,Ooo'0on
montb and call loans were made high as 132 per
diem but later the rate was 4a6. There was large
demand for Government bonds but prices were
steady Railroad bonds were active, and stocks
buOyaut. Cold 1O0l4G lOO3S. Sterling exchange,
81 S7a 81 s6a - SCH for sixty-days bills. Congress
passed the Pacific Railroad Sinking fund bill. The
Erie Railway sold under foreclosure
May-Fewer failures were reported. and more
confidence in the future was felt. The Syndicate
closed out the whole $50.U00OOO of 4l2 per cents.
Prospects for ending the Eastern war were
brighter; ExtTaordinary movements OF the
that OF 1878 were reported. Congress prohibited
the further retirement of legai-tender notes Large
exports and light imports. The banks lost about
sll 900 900 iegatendcrs, but added IS. 900 900 to
their specie The coal combination worked haTmO-
Iiously and hgherprices for coal established.
Money was easy at from 10 per cent Govern
ncntS were active and higher. Renewal OF sales of
4 per cents by the Treasury was reported. Railroad
bonds were in large demand at advancing prices.
Gold bonds were special fayOIites. Stock specula-
tion upward and onward Cold. 1003sG l01 la
1Ol. Sterling exchange, Gl cU'40p4 Goa
for tN-dayS oils.
n long breath The semi-annual report of failures
furnished dlScouraglng facts. 1he banks legal
tender reserve rose from S47,OOO,O00 TO SOB 30OO,-
900. Governments were active, as also were all
Glasses of investment bonds stocks unsettled. The
divIdond on Lake Shore of only per cent and
the passage of the July dividend by The
Union Pacific Railroad were regarded as significant
events Lake Shore declined from 654 TO 80 q,
Michigan Central from 71i4 10 G3l4, cnlon Pacific
from 7Ol to G4ls Northwest from 81 Is TO Al Is. and
st. Paul from 54 to 4o recovering partially be-
fore the end Money, to d Gold, l0lQ loops.
Sixty sterling exchange. ~ S3AUS4 % ID.
Jnly--Fnancial matters we're generally quiet.
BaukS iegal-tender reserve rose up to $5S,OOO0OO
A large BUSINESS was done IN Governments. The
large subscriptions to the per cents and the cOnse-
quent calls for 52Os, affected the prices OF the older
issues The principal tOple of interest at the Stock
Exchange was the reported damage to the crops Of
the Northwest. The granger stocks opened with
sharp recovery from the decline OF June put ON the
and ST. Paul from ga g to :!4's The general mar
ket uiso showed Improvement trom nDe, and only
sghdy sympathized with the later declines III the
granger stocks. Delaware, Lackawanna and Vest
err, sold at 6l1s; Money i 10 per cent uoia,
1908 a lO0ssa lOOl2; slXty-days sterling ex-
kueusi-'Fhe famous Saratoga Railroad Confer
ence was held from which no results followed.
large number of failures throughout the country
was reported. Banks lost $1,000. 600 OF their legal
tender reserve. Financial affairs abroad were
gloomy the Bank of England advanced Its rate TO
per cent. Only about ~ ,OOO,OOO Dos were m
ported this month. Governments continued active,
large sub rpions to the per cents were reported.
and 81, 100000 5-2Os were called In. Stocks
opened heavy, st. Paul down 10 Is and Northwest to
32lo: later a stronger market was developed Tor the
gcuPra! list. Gold, 100 l2G 1904 a 10Ol2 Sharp ad-
vance in sixty y-days steruDg exchange from ~ Sl"4
To- 81 ~ Il. closing at ~ S3ll.
Stptcmber-The repeal OF theSational Bankrupt
Law went INTO effect with tins month Southwest
oru trade was cut oft y the prevalence OF the yellow
fever olitlcS and political conventions attracted at
tcntiOn because of the financial questions involved
The OreadstUtf movement from all sectiOns except
he \trflVtst uupIeCpuGntt0. governments
were less active aud pFCes lower. Railroad bonds
were in demand preference beng Snll shown for
gold bonds, stocks opened dull, but later advanced;
St. Pau from 27l2 10 3l4 and Northwest from
52l to Il If: Lake Shore sold up 10 C9"s, and Mchl-
gan Central to 723s. Gold ranged lOOl2d lOOisG
1903, Sterling heavy; rates for siXty-uays bills
declined from ~ o3Ii 20 ~ SO5I.
Octobcr--lh Int City OF Glasgow Bank failed; great
dcprc>.lon ghOut Great BnfaIn; other large
failures followed Bank OF England lost specie
rapidly and advanced It's .ratc 10 u per cent.
Here spd>m III stocks, an advance OF
per cent ia gold, and noteworthy failure
on the Stock Exchange, rejected the foreign
trouble Money was more active at "a TfaG per
cent Governments less active, INT hTH railroad
bonds higher, and stocks after "A decline advanced
rapidly. Confirmation of the reports of bad crops
in the Northwest had effect the stock market.
Gold ranged lOOasa l0l Ss0 i00h. Sixty days ster-
ling sold al IL oOl44Yi 77@fQ ia So.
AOyembcI-Ihe general elections turned ont very
satisfactorily 10 the friends OF honest money, yet
the Grrenback movement exhibited sufficient
strength TO leave room for some uBeasneSs ia
gard 10 the fnture. The associated banks of New
York voted unanimously 70 discontinue after Jan
uaTy The keeping Of special accounts fOT deposits
OF gold and 10 take silver dollars only az special
deposits payable III kind. Bank OF England
were reduced 10 per cent. 1ho outlook
abroad was suu gloomy, but affairs were quiet.
Governments inactive but steady. A large busi-