New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-06-07


greater than the sum that was held at
the corresponding date of 1879, and the amount OF
the surplus over the rule OF 20 per cent now Is
$11,255,375 greater than it was year ago. Inc
last weeks movement results in gam OF T2O0'Ooo
surplus reserve The following are the compare
tive totals of the of May % and June ..
,o.r. ss7 M?Y e s97 sq9S Inc 500
TsSs. s3saSS s S
Circulation. 20'23s,lOO 2oo'@ooo Deo' i'''''
The following shows tho rel alton between the
totaI reserve and the total deposit liabilities:
Specie ssSsSoS Inc 81 Sg7 geo
t:..41s y SissSo S5S $ Inc Inc ,7oS
osP GS25S ffSai 55c Eac $o5co
Comparcd with that of the corresponding date Of
1879 the present statement shows: Loans increased
S177o3 500; specie increased, $40. 1l23oo; IegaI-
tenders decreased, 500 SS8,000 deposits increased
$3.50. SO 700; circulation increased $S2'Ioo' Inc
total reserve $s3 Ol3, 500 now is Biz per cent Oh
the total deposits. against Bill last week all"
27.23 for June 2, 1879,
The money market worked steadily easy during
the whole week and 4a3 per cent were the ruling
rotas far call loans at the Stock Exchange, while
dealers III Government bonds were accommodated
at 2G2lo per cent. Foreign exchanges were Will
ont change III quotations, but the tendency was
toward higher rates. Among the domestic en-
changes St. Louis further declined to 20 cents dis
count but recovered 10 % cents premium Cacago
Auctuating between 80 and 25 cents discount, and
Boston rising to % cents discount The nominal
rates at the South were not changed.
The week under review included only i've DuS-
ness DAYS. Monday having been the Decoration
holiday. But after allowing for the loss of one
day the business done in stocks was comparatively
ANAL! having amounted only To ,4S9,O 900 shares
AGAINST 25O7 7Gi shares for the preceding iul
week Early in the week prices again were de-
pressed, the declines for the actVe STOCKS raheInB
frOm l TO gig per cent the latter for NashVille
Chattanooga and 81. Louis. Delaware, Lackawanni
md Western fell from 73l9. last Saturdays las
price, to Ills Delaware snd Hudson from 07l4 20
65, New-Jersey Central from 56ss to 5354 Lake
Shore from 973i TO 80, Erie from 32ai t" 80 ana
the preferred stock from o. to AZ, forth
vest from S9Is to STA Hannibal and St. Joseph
from 25La to 24A Central and Hudson from 121A2
to 122L, Northern Pacific from 237s to %, Iron
Mountain from 37l2 to 1873. Wabash fr'm 3OA TO
20 and Western Union from 9Ols tn SO94 But II
should be remembered inst the figures OF SATURDAY
night q week ago were mado after sharp decline
which began Friday noon and continued until
Tuesday of last week After Tuesday there was
rising market until Friday noon, followed
by frequent and sudden fluctuations, and the
those of week ago. But, generally speaking, the
rally OF last week failed to carry prices rs high as
the rally of the preceding week carried them
The coal stocks we're not affected bv the two
heavy failures the iron ira, ihough those
failures together with the blOwmG-ont OF iron fur
naces show that large proportion ol the iron pro-
dnced and imported this year is held by SPECTATORS
mud has not been consumed. The coal managers
still persist IN measuring the countrys capacity to
consume GOAL by thc amount Of salesOf coal made IN
1870 ConseouentlyIt is urged that with the output
restricted as by the existing arrangement, the pro-
duction after July will be 1,3O0,O0O tons less
than for the corresponding SIX months OF 1879, and
that therefore after July or after August l, there
must be scarcity of coal with the companies work
ing to their full capacity. But these calculations
secin to ignore two or three important factors IN
the situation. FIRST the fact that the demand for
coal is so light in the first week OF June proves con-
ch,iyrlv that tue amount Of coal mined and
sold III 1870 not the measure of that years
consumption Secondly it should be remembered
that there was a coal combination In 1873, and that
under its restricted output the year 1879 came in
with coal companies, mddlemen and CONSUMERS
without stocks Of coal on hand. Aftor this cOnbl-
nation of 1878 was broken all the companies mined
nearly 10 the full capacity, aud crowded their pro-
duct upon the market at ruinouslv low prices
Consumers of all kinds. manufacturers as
well as househOlders. purchased coal and
stored 1t In every place at their comnahd
That was not all. Manufacturers aftcrward, and so
long as the prices remained low continued t" sup
ply their wants by purchases, leaving their stocks
untouched until prices again rose with the birth of
the combination of 1850. No one believes that
duriEg the first five months Of 1870 there was con-
sumed go per cent more coal than during the first
five months of 1873. or over 100 per cent moro than
WAS consumed in the frat five months OF 1875; LOr
does any one believe that the first f months Of
this year the consumption has been So $40 tens
against 1926, GSl consumed in tine corresponding
time of 1873. With tho low prices of year ago
the companies accumulated no stocks; with the
high prices OF the present year the accumulated
STOCKS on hand. except. perhaps, Of certain Sizes
probably would supply more than a months de-
and IT, instead of partial restriction Of the out
mt. 1t should be suspended entirely
The stock market seems TO have drifted INTO a
condition where it is easily controlled by local
operators and therefore it may b. expected to con-
Time TO show fluctuations Of from to b per cent
without greater variations until some event occ uTs
10 gve It a decided bent in either direction. When
It becomes oversold prices probably will rise. ana
when it is ovcrbOugLt they Will be as likely TO de-
cline.
WEEKLY RANCE or PRICES.