, 1880-12-12
MONEY AND STOCKS.
TUNE UF' L3 ENU01 . M1tzk1A1s1*
Spectol D{spateh to The Chicago Tribune.

| Special Dtspdfeh TO 1ht [nttQgo iTtohnes
| New Yonk, Dee. 1.-THE stock market
to-day has been alternately strong and weak
nat the opening there was.a general decline
which was succeeded before noon by de-
cided rally, in which some shares made the
best prices of the day. Later the market
| again became weak. The features OF the day
were Lake Shore, New jersey Central, Erie,
| Western Union. Kansas & Texas, Union IA
cific, Pacific Mail, Iron Mountain, North
| western, and Wabash.
! Late in the afternoon the money market
| showed signs of considerable stringency, and
| 1-321@1-18 and interest were paid on all
loans. The evasion OF the Usury law by
the subject of much legislation, but as yet no
means have been devised to effect their pun
ishment. The premium paid on call loans
DOES NOT COUNT AS INTEREST,
and here Is where the capitalists have the
better of the law.
In railroad bonds to-day Iron Mountain
Fl rst preferred incomes declined ~ per
cent, to SO, and later recovered per cent, to
81; Houston l. Texas seconds (main
line) declined 2 per cent to 116;
Mobile & Ohio second debentures
TX, to 51M; AMI Columbus, Chicago 4 In
diana Central incomes ~, to57; Internation-
al & Great Northern second Incomes ad-
vanced ~ per cent, to SG>4, and Texas &
Pacific income land-grant Is, Denver
s. Rio Grande firsts,. and Central Iowa
debenture certificates, / per cent. The
Treasury to-day got s101, 600 in 6s Of 1850
at 10356.
THE BANK STATEMENT
to-day shows that the associated banks have
continued, to a very marked extent, the pol
icy of contraction, the only policy, in fact,
now left for them to get their
reserve up to the legal limit. They
have decreased their loans during the
week by S11, ,741 900, which has led to liqui-
dat1on in the deposit line OF 9,747, 500. The
specie average, notwithstanding the large re-
ceipts of gold from Europe, is down to S60l,-
4O0, which reflects clearly the
CONTINUED OUTFLOW OF MONEY
from this point to the interior, and the abb
sorption by the Treasury for customs and in-
ternal taxes. The legaltcnders increase
1920, which nearly offsets the loss in
specie. In these figures the reserve shows
an increase of s., 2,37s, ,675, and the banks are
not within So, 200 Of being up to the legal
limit the deficiency last week having been
S3,461,875.
cTnE COAL COMPANIES.
The agreement between the anthracite coal
companies to limit the coal production to the
demand from this time forward is very inl-
portant. The Graphic says: The vast i'm
portance Of this agreement means steadiness
in prices to the trade, fair remuneration to
tile miners, and S4o.o00Q00 net profits for
1881 for the stockholders and owners of col
fierleS, instead of TuinOus fluctuations In thb
trade, starvation prices to miners, and small
profits to the stbckho lders and owners. For the
first time since the ruinous and suicidal coal
war OF ale last five years, which has resulted
in a loss to the stockholders of these COM
panies of over S150,000, 900, the trade ia In
splendid condition, with demand larger
than ever before, aid rapidly growing to the
full capacity to supply, with perfect accord
among the producers, and certain and large
dividends now being earned and assured for
the future.''
WEEKLY REVIEW.
To 0n 1vtstern Assoetated Prees.
NEW York, Dec. 1.-THE Empress hnan-
cia1 editor writes as follows:
"The events Of the week In financial cir
cles were very important, and embraced wide
fluctuations i'll prices on the Stock Exchange,
partially restored ease and renewed strin-
gency in money, {; sharp advance in dis
counts as the result of heavy business liqui-
dations, an unsetting of foreign exchanges
by the advance in the Bank Of England rate
of discount, and vagaries of the loan market
here and notable buoyancy in Government
bonds produced by the prompt attention
given to the refunding question OIL the reas-
sembling OF Congress.
IN THE MONEY MARKET
rates for call loans were almost wholly regu
lated by the course Of the stock quotations,
the decline in prices early in the week being
accompanied by reduction in rates to Soc,
and exceptionally even to per cent per an
mum, and buoyancy later on by an advance
in rates for money on call to 1-33 and Lie per
cent per diem and interest In discounts the
failure Of the great coffee firms of B. G.
Arnold and Bowie, Dash d Co. caused an
advance in rates for prime and good mer-
camille paper to 6@SH per cent. and the
strlctest scrutiny of names on the part of
lenders.
FOREIGN EXCHANGE
was weak and unsettled on a very dull mar:
ket Thursday, upon the announcemcntthat
the Bank Of England had advanced its rate
Of discount to per cent, demand bills be-
came hrner, and the posted rate was ad-
vanced Is, to 4S21<; but the selling rates
"eAc AAoe oCHo1ot* AAP4O OstOs tAlU very Ilte
business was transacted. Afterwards the re-
turning activity in money completely de-
morafized the exchange market.
COIN ARRIVALS.
The arrivals at the Assay Office here Of
gold from Europe for the week ended yes
terday were 81, ,e40, zoo. OF which S37,soo was
in American coin and 81 GO, 900 in foreign |
coin and bars. The total arrivals since
Aug. were s522, IS, 800, of which
S5,7G9'6o0 Twas American coin and
s4G,617,9o0 foreign coin and bars Total ar
rivals for same period last year were S7l 3d.
GOO. The payments by assay office OIL this |
account were $aS1l,16S last week and |
S46 ,3337, 1853 since Aug. 2 As the bank state
ment clearly shows, this gold is not remain
ing in New York but Is being promptly |
shipped to the West and South, where it Is |
held and employed In moving the crops and !
in en1arging the areas Of agricultural deyel- |
opment.
GOVERNMENT BONDS
advanced from the very opening of the week., |
and became buoyant ON the announcement |
from Washington that the Ways and Means |
Committee had unanimously agreed to fund !
&c un4 Ee eof s...