New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-03-22
THIRD cALL--2:3O o'CLoC
TRIDAY. March 21-P. N

The week ending to-day of fcYeTish and
uncertain expectation in financial circles The
comparatively low state of the bank reserves as
shown by last weeks statement--the surplus then
having been only S3,S4.97j against $4,000, 825
at the same date OF 1878 tho steady hardening
of rates for money. aud the near approach to the
time when the large settlements with the Treasury
are to be made for subscriptions 10 the 4
per cents. added to the usual April ship
ments Of currency TO the interiOr-all contributed
to this feeling which found expression more IN the
inquiries heard every side than in the expression
of any decided opinions. The situation was SIMPLY
aggravated by the unexpected suspension OF the
New Orleans banks. the effect Of which it is al
most impossible to obtain an ineligible opinion,
and still more difficult to find two opinions alike.
The greCnbacks shipped to NewOreans yes
tcrday now reported to have amount
cd 10 over $1,2jO,0O0, while the sum
sent to-day cannot be definitely ascer-
taned But as the best estimates make the
figures for the amount Of New Orleans deposits less
rather than over 81 200, OO0 that sum may be ac-
copied as the outside amount that can be shipped
account of prcGXising credits. The telegraph,
however, reported that the Ncw-Orlcans banks held
about -, 900, 900 sterling exchange Ii this Is so.
1t may be expected to furnish the means Of still
greater drafts for currency on the arrival OF the
mails.
Ii is reported that tho Secretary of the Treasury
has ordered the payment of called bonds maturing
OF or before April H. with rebate OF interest. or
their acceptance with full interest in exchange for
subscribed bonds. This movement Will fail to aud
the money market to any material extent, as
the general holders of the Is are not
of the class that loan money on
call and therefore, if they rclinquished
any portion of their interest, it would be for the
purpose of making a permanent rciuyestment, and
not for accepting the chances of obtaining for 4
shorter or longer period higher rate than per
cent on call loans.
Nevertheless. despite the fcyersh state Of finan-
cial matters. the speculation in stocks has con-
timed in the even tenor of ITS way. 1t Is true that
in q majority of the prices of stocks at the
close OF the week are lower than at the opening,
bat not sufficiently to justify any further COM
mcnt than the usual one Of a brokers market.
Prices have been both mp and down several
time, during the week, and some of them were
lower before the New Orleans embarrassments were
announced than they have been since. So
there is no reason for ascribing to that event
any effect for or against prices. TIE Northwest
common stock was conspicuous in the speculation,
having at one time sold as high 5Slt and later
declined 10 5ils finally closing at % Il, against
5i5s week ago. But perhaps the most reinalka-
bic speculation that IN ~. Paul common stock,
which carried its price to 399s. and finally closed
at :}S5s against - week ago. ms movement, 1t
IL understood vas based upon the expected good
report of the cOmpany's business for 1873, which
was printed in t0-iays IRIBU NE. But IN the minds
of the public the earnings since January l, the tie
cline of which marks on Onc-lalt or laSt years an
parent surplus, seems TO be regarded a. OF greater
| importance. Concerning the reported smaller
| amount OF interest paid by the company for 1878
| than for 1877, in the face of an acknowledged
greater debt which we alluded to- IL ~ suggested
that the explanation that the bonds, althOughsod
| last April and May, were sold last April eX July,
1873 COUPON; therefore interest on the increased
debt was due until January l. lS1o. II this Solu-
ton is correct there cannot bc TWO OPINIONS as 10 the
character of the cOlpanys statement issued ycStrr-
day because he interest due on January /, 1919,
| was due and payable from tie earnings Oh lS'H,
and should be inct.A ed any statement uD0n Whch
| n dividend payable from the same earnings IS de,
clarcd TO DO paid on 'pil - following HE prefer
stocks of h0tn Northwest and st. Paul have scarcely
symaihzed WIN Inc movements !" 'i'o 'o''''"0''
stocks. n.u
Asalule the trunl. line shares were dnl; they al
dragged on the market and finally showed
n decline on the week operations, That or Michigan
Central amounting to 3 per cent, although closing
Der cent higher than it, lowest Inc cOal IOchs'
after Numerous fluctuations, show only moderate
declines. As usual, rinor has had virtual
combination made several tme3' DY winch
some one probably has turned an honest
nanny. The low-prccd fancies generally are
lower than week ago, the TRANSACTIONS IN them
having been smaller aud OF less Importance thdn
Tor the preceding week. l..
Tine total transactions for the week amouutetfJo
S3L937 shares against 767, 0SG shares Tor the pre-
c-,iing week, aud 1,lS3,1GS for the week Dcloic
thIt.
WEEKLY RANGE OF PRICES
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