New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-01-19
THE MONEY MARKET.



nuriugt the week ended yesterday there was little
~ g ,oom y in commercial circles. Speculation
s,;rped TO block the wheels of an export move
w., and the stocks of provisions and breadstuits
.;nc 20 pie up on the hands OF spectators. The
-. of these articles show material declines Tor
-. ,eex vet not sufficient TO invite liberal buy
a.: for foreign account and as the declines seem TO
,'arebeer effected by free sales for the " short
a~oouu rather than by disposition on the part OF
al holders to realize, it is only reasonable
,,,,;c;nate that an effort will be made TO punish
the shorts and that prices will be advanced
sboplv OF course this method of speculation de-
,.ands only upon the capabilities of the present
,oo,ative holders TO hold what they have and take
oil that comes. In view of the following stated
focts il would seem that the spectators in wheat
have no alternative except to fight it out on their
se,eeted line all Winter, with tie chances of short
crops next season both at home and abroad. From
sentember to December 90 1870. the importation
If wheat into Great Britain amounted 10 81, S57,242
ewt. against 17,026,7S9 cwt. for the same time
in 1878, q 159,7S2 in 1877. and 12,495.ss6 in
1876 The quantity of wheat IN sight in TINS
country on January 10, 1880, was 3O.3O9,S6l
bushels against 1883, 413 January IL. 1879. Yet
The price of No2 Spring wheatis now 81 40 against
81 in 1879 and 81 80 in 1873. The export OF
hog products also greatly exceeds that OF any
preceding season. Compared with year ago
November / to January 10-the increase this
year was l,342000 pounds pork 9,334o4o
mounds bacon and 5,493.163 pounds lard.
Yet the home stocks are unprecedentediy
large The iron "boom, however has
made further progress. aud we hear of sales
of No. / foundry as high as $40 per ton.
Speculation has too much to DO with
this advance to make it healthy, although there
seemingly is real scarcity of iron. But the specu-
atve price is very likely to induce an over-pro-
duction and an over-importation. The boom
has reached the market for copper and after large
transactions up to 23l cents, % L cents are asked
for March delivery. Coal does not " BOOM" despite
the efforts of Philadelphia bulletins to make IL
appear as doing The Engineering ana M'"mg
Journal saws of the anthracite coal trade: fhe mid
weather which has ruled has very much re-
duced the domestic consumption and the
demand from other sources has not been
sufficient to equal the supply. The conSe-
ouence has been that the market DaS
been considerably demoralzed with indications
of greatly er-stoeked market ana lower
prices The failure of consumers to take coal Is
10 certain extent limiting the output, owing
10 the crowded condition OF the shipping ports
vet il il evident that low prices must rule for
considerable. time if the present production Is
continued. After the opening of navigation
the meantime the outlook is i'll favor of its being
much less than the ability of the companies TO
supnlv.D We very much doubt if the mild
weather has yet at all influenced the demand Tor
domestic purposes excepting in the smallest OF the
retail trade because never before were so large
onautities mt into cellars during last Summer at
the low figures then prevailing. The present mlld
weather however. will undoubtedly affect the early
Spring demand for domestic purposes because
a. IL .taffr hot
last uptll April will carry many family through
until the usual time of retiring 10 summer resorts
We vet see no reason to change the opinion. SO
often expressed. that what was trne 0l
domestic sizes of coal was equally true of
that used for manufacturing purposes pur'hR y
large portion of 1879 the price OF coat
ruled below the cost OF production ana uelVelY al
tldewater This fact patent TO nanulactui-
ers as TO domestic consumers. II also was as wen
comprehended that spch conditions o9uiu 4 4 s cor
time for unlimited period. lhereIoIe, the gum
mer and Autumn of 1879 saw every ayalaOle Npace
for the storage OF coal Sh,ch was at 'ne oo n
tent than was the case in 1877, when an output OF
2Os47 0O0 tons was sold athigher prices tnah those
rastrcte6 to II 3Oe 900 tons without the slightest
Indication % a scarcity The readers OF lac luB-
rxF sbold not be disappointed at the present con-
ditiou OF the coal trade. $40
In financial circles the week was not prolihc OF
important events. Perhaps the most n0teW9rthN
. one was the deposit of legal finds by the Metro
haitian Bank to retire 50 200. 900 Of It's crcuiation
and the withdrawal and sale OF the, 4 per cent
bonds which were uepOSlteu 10 stcuit tnV u "'"
tom The domestic exchanges at the Nes' nave
tnrned i'm favor of NewYoTk. while those az the
South are less unfayoTable an'theY were. money
has ruled easy at from to per cent Tor call oahs
al the Stock Exchange pledge o. the llsual mis-
eellane0us collaterals, and az ABOUT = per
cent on Dledge of Government bonus. congress
has induced in the expression OF some DunconOc ~
well as Il little sound common sense Oh the hn9hclai
ouestion but il is the opinion OF those VINO shouu
be best informed that nothing VIII be zone III MS
eessjon bevond talk The bank statement Tor the
week makes better showing III the way OF reserves
than was expected. 1t was anticipated that the re-
CENTS Of morey from the interior more IMAM over
halanced the denominations of the Sub-Ireasury,
which for The week amounted to S2,OI 1851 some
allowance was also made for the nslng averages
nnon which the statement was lnaue up;
but the two combined were not expected 10 SNOW 80
large an addition TO the reserves as S3oOi oOu buu
tbS .nnaret increase as shown By the averages, Is
less linn tbe actual We know Of one bank that on
Friday forwarded 70 Washington @oOO,OOV country.
National bank notes for REDEMPTION Wnch IL re-
centy had received in current business. On MONDAY
the return from Washington viii increase us
amount of legal reserve by that sum- he decrease
in circulation of -, $4,000 rs 10 be ac9onnte4
the METROPOLITAN Bank from -, 22sOOO as re-
ported January 10, to % 900, as reported ny !hc
nrcsent sta teuient This shows increase f0r the
other banks OF $27 00o. The following are the
co,nparatlye totals OF tue statements OF January ~
and january II:
,o.D. se7 sapi 10 100 s2 1en Inc ss5isoS
spece - .. 5I4735O9 S365o go Inc 29 9SS i i09
ssaendcrs gao 9So inc inc ssSSS
l,ircuation 500. 23sl290O 2lG3o'9Oo Dec. %i''VOV
The following shows the rel ltlon between the
total reserve aud the total deposit liabilities:
- s5 5fs 20 s5 5sS Inc SsssiSs
hfQ-g