New-York tribune., 1880-02-16
AN F1SY MfRKET.

Tho purclase of over 100000 bonds
Lv theN Treasury on Wednesday, and the sub
seoucnt announcement that the Treasury VIII
nurcbase S1,OOO,000 each week hereafter
caused the money market to work easily last
week. and removed apprehension as to the
fnture. The only cause of stringency or ap-
nrebension was the unusual magnitude OF pay
ments into the Treasury for duties and taxes,
and the assurance that the surplus revenue
will be promptly restored to the market by the
purchase of bonds therefore gives genera
satisfaction. In this, as IN other matters, the
good Judgment of Secretary Sherman Is Gener-
ally commended in business circles. theTe was
some fear lest the offers OF bonds at terms
which the Secretary would accept might not
amount to S11, 100000, but the risk OF iali-
ure To purchase on satisfactory terms hereafter
ia greatly diminished by the arrangement to
purchase moderate amounts each week. Inc
bopk statement, of course, did not reflect the
full extent of the addition TO available funds,
but the Treasury actually paid out, In excess
of all receipts, from Saturday the TN to Sat
urday tho 14th inst, $S,419,252 S3 in
specie, and $159,30 81 III currency. The
| increase of reserve in the New-l ork
banks. under the system of averages. was
| only Sl,751,9 300 in specie and $24S,lOO III
| logal-tenders, 80 that the reserve was evi-
! dcntlv larger at the close of the week by sew
oral millions than the statement indicated.
! A depIetion of the reserve from other causes
than payments to the Treasury is not natur-
| ally to be expected for some weeks TO come,
| n neriod of continued ease in the money mar
ket Is now confidently anticipated.
IVt.I IN H1aal
provisions aud other important products toward
| the end of last week. The rumor OF an early
stoppagr of coal mining had some effect upon
nrices of coal and iron. but does not seem 70
me warranted by any agreement thus far. The
rtmor Of new agreement to put up the
r,te for transportation OF oil was denied
,,v the officials concerned, and bad not
much effect upon the price, though
il found many believers. Operations
in wheat are stimulated by the publication on
! Friday. IN The Produce Erchdnge Weekly, OF
| statistics indicating that the further require
ments of Europe from the United States and
Canada. prior to the delivery of new wheat
ill reach about 100000 bushels that
Fn,,ond will require from G3,756,912 tC
10 900 912 bushels more from all sources
France. O.OOO, 900 bushels; Belgium and liol-
land 10000. 900 bushels; italy S,000,00C
bushels Spain and Portugal, 100000
Lnshels and Switzerland, 100000 bush
ola and that the whole surplus remain
mo in California at the end of January
,ros only about 3,3OO,O00 ceptals. 1t may bt
sa;d that these estimates of the requirements o.
Purope are considerably higher, as to tht
,,iror items, than those previously accepted
prt there seems To be little reason to dOub
uo+ the market will demand all the whea
th,s country has to spare, unless the pric
shoud be marked up so high as to checl
consumption materially.
Very remarkable increase in the earnings o
some railroads, particularly in the Southwest
continues to bear testimony to the increase o
hrsiness. The consolidation of railroads hith
orto separated or competing, has also mad
rrooress during the week in some impOrtan
rcsneets. There has been some agreemen
between the New-York Central, the Erie
tho Lake Shore and the Canada Southern
70 regulate more advantageously the traffic O
these roads, although the nature of the agree
, ment in all its details has not yet been mad
public Information leads to the general be
, lief. however, that the compact is one whic
rirtually prevents competition between tn
roads named as to through traffic, an
. enables them all to act together MOI
. effectively if assailed by cOmpetitio
= Of others. The consolidation of the Toledo
. Peoria and Warsaw with the Wabash Paciil
g is an important step to complete the conneC
n tions of the latter, and to shut off cOmpetitio
q which might hereafter become injurious.
The Committee of Ways and Means Ia
r voted to report bill providing for the issue {
d 3i2 per cent 2O-4o year bonds for refundin
Il purposes and Secretary Sherman Is now I'll
It derstood to have some hope that such bont