New-York tribune., 1880-04-07
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The local monetary situss.ou u steast(sn - ~
tie attention. and tho msjcffy Of ssock
seemed to-day TO bo ycfy much confu<ed ~ ~ ~
causes of the continued strngcncy. 1heta 4 tpne1
talk about an expected return aow Of curfeaey fbaa
the interior. but this does not occuE and It y 20
sible that the calculations upon which ths cxpeeta
| tion is based may be ct fault The pov-
erty of the city banks is cited ~ .
cause for tight money. Yet the banks last Sa4uB.
day actually reported Of legsl-tendcm and speoie
$14 336 900 more on hand than at the correspond
ing date Of 1879. So tho stringcncy 70 not due 70
there being less real money in the vaults Of the
New-York banks than there was q year ago. But .
glance at The loans dates
shows an expansion Of $54 .s02. 300 witha q couses
quent increase of deposits amounting to $66 100
These changes, Notwithstanding the $14 1886 600
more of real money which the banks hold, make
them poor as compared with year ago 90 that,
instead Of surplus of 81 600, ,375. last Saturday
the banks reported deficit Of $500. 300 from tho
rule of rs per cent.
A contraction of $sO0oO.0oO or s40.oo0,o00 in
the loans, or, in other words liquidation of tho
speculation In stocks and grain and other products
which will permit such contraction. will ease the
money market. Whether not anythinr else will.
in the face of the increasing demand from mer-
chants for discounts is an nsolved problem. The
pectation of any such return of funds from the inte
ior rs of late years has been tho rule to omit
from the calculation several important factors.
Millions Of dollars Of railroad bonds have been sold
in this market Tor the purpose OF extending old
railroads and for the construction of new roads ct
the West and Southwest. The money realized from
tho sale of these bonds is not expended at the East
but so far as our immediate local market is con.
cerned, large part Of it might as well have been
sunk in mid-Ocean. Other millions have gone for
the development of mining properties. and a large
amount of Eastern capital which for years has been
accumulating at this monetary centre, Is required
for the development Of Eastern enterprises. The
result s thai instead Of the exchanges turning In
favor of New-York as heretofore immediately after
April l. Boston to-day is quoted at 40 cents discount
OF the stock speculation to-day the best that can
be written is that 1t was feverish and unsettled.
There were no indications Of panic, but there was
gradual scaling down of prices despite evident OF.
forts to sustain them. In majority of cases the final
changes unimpOrtant and. under other circum-
stances, would hardly attract attention Undoubt-
edly the monetary situation to-day bad more eject
than usual because it touc he'd persons who before
had laughed to scorn the idea that the strinsency
was anything more than a "stock-jobbng manipu-
lation." The declines which embrace the whole
list saving stOcks, were so general that no ono
stock OF the active SC lS CONSPICUOUS. III now
ever be remarked that the coal stocks partic.
ularly weak, and Of them New-Jersey Central was
the weakest. The general market closed at about
the lowest prices of the day. and weak at those.
The final changes from the closing prices yester-
day are as follows: Observation-Disclosures preferred,
Michigan Central. and Wabash preferred, each Is;
c.. C. and |. c., Chesapeake and Ohio. Northwest,
st. Paul. Lake Erie and Western, Erie preferred,
and St. Paul and Sioux City, each 4; St. Paul pre-
ferred, Ontario and Western, Reading, and Wabash,
each 80: Boston Air Line, G.. c., c. and l., Lake
Shore, Manhattan Elevated. and Central and
Hudson, each q; Delaware. Lackawanna and
Western, Hannibal and ST. Joseph. Missouri, Kan
sas and Texas, Erie Northern Pacific preferred and
Union Pacific. each cs; American and United States
Expresses and Iron Mountain. each s.; Delaware
and Hudson, 7s; Northern Pacific, 1 Ohio aud Mis-
sssippi, 11s: Hannibal and st. Joseph preferred
Ohio and Mississippi preferred, and Ut. Louis
and San Francisco preferred, each III Chicago, St
Paul and Minneapolis. 1as; Pacific Mail, 1l2;
Mobile and Ohio, 1os; Chicago. Burng.
ton and Quincy and Houston and Texas
each Ia Nashville Chattanooga and st. Louis, 2;
Central, 2ls; Burlington, Cedar Rapids
aud Northern, 2l4 and Louisville and Nashville,
per cent. Advances-St. Louis and San Fran.
cisco, Is; Morris and Essex and Adams Express.
zach Ii; Canada southern. 80; Metropolitan Ele-
and Minnesota, 9 per cent.
RANGE MAaxEL
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