New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-28
sDcheit.

fDcnclL
The local money market reflected by the
rates az the Stock Exchange for call loans was ac-
tive. and early in the week full legal interest aud
a small commission were exacted. Toward the
close, however, an easy feeling prevailed and per
cent was as common rate as per
cent. and this was without any extraordi-
nary disbursements by the Treasury and
despite the fact that the result of the SuD-IreaS
ury's receipts Of $J,S70,31S, and It's payments Of
81 144 323 for the week. was a loss TO the loan
market Of $1,725.995. There was not a single
bond offered to the Treasury response 10 the offer
to redeem $G00O,O00 last Monday, Tuesday and
Wednesday, and during the whole week the market
bids for the continued Gs were higher than
par and interest. And there seems little reason to
suppose that any policy other than that of pnrchas
ing bonds in the open market at best figures viii
bring the bonds in any faster than they thus far
have been offered. Already the simple intimatiOn
that the Secretary may purchase the 4l2s and As,
instead of calling tho continued 3l2s has advanced
their prices to figures that the Secretary pay
with the option in his hands of calling the Is at
par. OF course in any severe monetary strngency
che offer 20 redeem any of the issues at figures that
are equivalent to par for the gig per cents would
bring in as large an amount of bonds as it will be
desirable to redeem. But the idea is to prevent
stringency and not to wait for it so
as TO be able to purchase bonds low. The
continued IS may be called without notice AMI
thus made TO mature Immediately. Bat that pro-
cess even If it considered to be just and equitable,
does not meet the purposes of those who think the
Treasury has large surplus that ought TO be dis
bursed. call of necessity must designate the par
ticular bonds that are TO mature. And
even if the call is made for
immediate maturity the process Of redemption
would be slow because the holders of the specified
bonds probably will be widely scattered, and will
learn that interest has ceased their bonds only
on next guar erday, unless notice is sent specGcal
Nv to each holder of called bond The foreign
changes were unsettled by the early sringency for
money and rates reduced, but at the close the
market was firm at the following rate for business
Bankers bills, sterling, 81 1884 and 81 S3a4 for
long and short sight respectively; francs, 5256s
and 52O0s; reichmarks, 94 and 9431 and guilders,
$685. aud 40 The domestic exchanges III New
York at the places named are quoted as follows:
Savannah, as0ls discount; Charleston, 5-1GGls
discount: New-0rleans 50 discount to par; st,
Louis Chicago and Boston, each par.
Aside from the natural progress of liquidation
that is in process with both great and small opera
tors, the stock speculation early last week was
more unsettled by feaIs and rumors of further
financial troubles consequent upon the Bos-
ton bank failure. The conditions were ia
yorabe to the creation of a respectable "shortr
interest so that except the sales of "ong" stock by
moderate traders the liquidation per force was
checked and the larger operators found il TO their
interest TO become buyers instead of sellers. The
decline in prices was almost continuous until late
Wednesday, and in the meantime the
short" interest had been largely augmented.
After Wednesday the current rumors all favored
higher prices The fears of further troubles from
boston We're allayed and promises of some impor-
'aht changes in the Treasury programme were made
anu DehsYed. Here was enough TO move the
shah army of "bears" to a general cover
ing OF shorts and under that kind Of purchasing
'hefe was sharp rally in prices. But "A seemingly
"eii-an'hen'icated rumor that negotiations for a
settlement Of the railway war were advancing
tavorabiy added fuel 10 the fire and gave further
impetus to advancing prices What, however. is of
more Importance TO the readers of The TRIBUNE |
man TIE truth or falsity of eyer-recurring rumors
81 settlements Is the traffic movement bv the rail
Dads Last week showed further decline in the |
noyeunent OF gram. The t0tal receipts by railroad
v New-Iork, baltimore, Philadelphia and Boston |