New-York tribune., 1880-06-14

sarDas asR YiSSl iSssoo ins ins s
Compared with that of the corresponding date Of
1870, the present statement shows Loans increased.
500 994, 700; specie increased, $44 Ali, 800; legal
tenders decreased, 500, $50 600; deposits increased
$44 81, 500; circulation decreased, 1874 300. The
total reserve ,OO0 now is 3144 per cent OF
the total deposits. against 31.12 last week aud
27.99 for June ii, 1879
The changes of tho week in our local money mar
ket were toward greater ease. Rates were pretty
steady at about per cent for call loans at the
Stock Exchange and at 2i2 per cent OH Government
bonds, but it Is evident that large sums are daily
carried over unemployed, in preference to risking
the breaking of rates any lower. Among the do
mestc exchanges there was little no chapge dur
ing the week. For the foreign exchanges the quo
tations were without alteration, bA business was
done with greater concessions from the nominal
rates.
The last week has seen a great revival in tho
stock speculation. The recorded transactions in
stock Tor the week amounted to 2,4S1, 1896 shares
against 1.4S9 266 shares for hepreoeding (vedsys
week. The recovery from the extreme depression,
which was begun the preceding week, was pushed
with tremendous vigor during the early days of
last week, and daily advances of 103 per cent
were the rule rather than the exception. But even
the most powerful of iron horses has limit of
ming without a fresh supply of fuel and water and so
it was with the stock market. After continued run
of six or seven days. with resulting advances OF
iIom to 10 per cent. halt became as necessary as
that the locomotive should stop to take in fuel and
to "oil up" But very many operators accepted the
halt as the terminus OF the route. and thought
that there was to be an immediate return trip to
the prices of week ago. Hence for couple OF
days there a rush TO sell out and accord
Il
Yet tho reaction, considering the amount
Of the advance. was small We make
no predictions, yet 1t Is undeniable that there was
the last week, and newcomers to stock speculatiOns
always are bulls and not bears". 1t is equally
true that the late movement was begun by some Of
the largo professional operators and perhaps it is true
that IL has already I" gone further than they ex-
pected 1T TO 60" but there never a stock specu-
latIon begun that began with SPECTATORS. The
public follows and does not lead In such movements
at all events. not at the beginning.
The coal stocks have been aud are likely to con-
tnue to be drags upon q rising market. unless il
shall bo managed that they cut adrift that
their fluctuations will not affect the other stocks.
The leading operators to regard them with die
trust and to fear break Ia their prices that might
as In the past affect the whole market. These fears
are not the result OF any Faith In the
rumors Of defalcations or Irregularities
but because the past and present conditions
of the coal trade arc utterly inconsistent
with the rose-oolored reports which como
from-no one knows where. Western Union
and Lake Shore were conspicuous for their strength
all rho week. aud Erie, although it fell back p CT
from It's highest figure. closed steady with final
gain of 37s per cent Northwest shows q final gain
of 17s. ST. Paul 2sA. Chicago. st. Paul and Min
neapolis "a, Chicago Burlington and Quincy 3,
Rock Island 51a Hannibal and St. Joseph 3s4,
Missouri, Kansas and Texas 3s4. Iron Mountain GA
and Wabash common 2os and preferred per cent.
The speculation in the railway securities has
in it's favor the unexpected maintenance Of
largely increased earnings and the fact that
the lake rates from Chicago and Mil
waukee TO Buffalo are ruling at 7l2a6iec. per
bushcl-fgures that are unprecedented for lake
rates for sew eral years For one Of the same rea.
sons-an increase in earnings-it Is probable that
the shares of the elevated roads will be affected.
The New-York and Metropolitan Companies have
announced the payment of their quarterly dividend
OF 2la per cent for July, and although no official
statement Is made II Is understood that the total
revenue for the quarter exceeds the sum of rental
paid by the Manhattan Company. whose stock Is
now selling at 80 against ga ~ last November.