New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-04

nao Deen severe inciudlng dfop Tor Canada Eouf,,
10 40, II. Parl from S3ia to 66l2 Northwest fyn>
97 70 Big Delaware Lackawanna and Western i'm,
SaSs 70 6sl2. Delaware and Hudson from SO "a
to 227s Lake Shore from 1O97s y,
| o., M'eIigan Central from 04l4 % To- Mssop,s9
Ohio from % to H. Central aud Hudson iron 1se
to 122. Enc FROM ACES 20 304, Ohio and Mssic
sipp from 39i9 to %. Union Pacific from 0is. 10.
| so, Central Pacific from so 70 SO, Western U,iion
| from 100 to 697s. and Pacific Mail from ASA ia
2Ils: The foreign exchanges we're stronger than in
April, and sight sterling advanced to 81 s9io bss
there was no export movements Of specie. The RAM
of England rate remained at 3 per cent
Juua-lhe Ireasurs,s purchases Of bonds for d.
81. 500 600 was in four per c,ts purchased "a ibe
| first Wednesday ut from 108.S1 10 1910. The
culmIgatiOn OF the speculative movements Ia mer.
cbandlse that occurred in May resulted in seyersI
failures during the month"; particularly in the ro"
| trade. For merchandise. prices IN June generally
touched lower figures than in May. Money ruled
surplus ess I rose eau to O'n
/ be Stock Exchange there was a AZ.
cided revival of speculative eonhdence aud
values rapidly advanced. Railroad bonds became
conspicuous in the dealings, and the demand Tor
both the Investment and speculative classes was
large The lower prices Tor farm products stimulated
an immense export demand, and. as a consequence
the foreign exchanges were more favorable sight
sterling declining 10 81 81. Tue Bank Of England
rate was reduced to pig per cent.
July.-The Treasury's purchases OF Government
bonds ceased with the beginning Of this month. aud
wern only renewed ON the last Wednesday when
81 DOC. 900 of the six and five per cents pur-
from Europe Of 81 900, 900 ia gold stimulated
all the markets. Money ruled easy at 2G3
per cent, aud the banks surplus reserves rose
10 S18,471, 276; bat by the end Of the
month they had again declined to S15.S42. 375.
The Stock EXCHANGE market was comparatively
quiet, but the tendency OF nearly all securities was
toward higher figures. Government 4l2s closed at
1IOl2 ana As at 1898. The foreign exchanges were
decidedly weaker, and sight sterling declined to
81 S4l2. The Bank of England rate remained az
Aagust.--The Treasury purchased S1OOO00oO
in bonds tins month. which stimulated tneIT prices
Is at 1903 Notwithstanding the recipe of
so 000.O0 OF foreign gold during the month, de-
mauds from the interior for funds were 50 great
that the bank reserves reduced to SO. 643,575
surplus. Money, however, worked easy, tae rates
for cali loans ranging from 1l2 TO 3l2 per eent.t
Stock Exchange although prices were some.
what higher and there was a general feelng
Of bnOyaney. The principal exceptions were tempo
rary fluctuations which were produced by the aa-
nOuncement II new railway line from Bnghaa-
ton to Buffalo, in connection with the Delaware,
LackaWau,a and Western Railway Company, and
tile b. ginning of a lively competition between the
Chicago, Bafliugton and Quincy and Wabash sys-s
teas. Tne foreign exchanges further dscllDed, and
sight Sterling closed at about "a o5i2 Inc Back oil
England rate remained at 2l2 per cent.
SepembeT.-Ihe Treasur, : purchases OF Govern.
mCmt bonds amounted 10 12.5p0OOO. Tie receipts
of foreign gold for the month amounted TO about
81, OO000O. Money continued 70 rule easy
Tnd in abundant supply at 203 per cent
but The banks, surplus reserves declined TO
a. 643.O75. The Stock Exchange markets were
some that disturbed by the result OF the Maine
election. and Government bonds declined about
per cent closing the month, however with some re-
euvery at 100 tor 4l2s ard 1888 for Is The stock
market was feYerish, but without any material de-
clInes when the advances, which had occurred dur
ing the last three months considered and the
month closed with substantial recovery upon the
whole list. The foreign exchanges ruled steady, tue
changes either way for sent STERLING oelng MOI more
than - cent from 81 SSi2 Ihe Bank OF England
rare remained at 2 u pei cent
OctOber.-The ITeasnIys purchases o. GoVernment
bonds for his month amounted 20 S1O,OOO,OO0' ana
the imports of specie to $lOOOO,OOO Ihe BANKS
surplus reserves further declined co $500, 400. but
IN tue last week regained about P2OO0OO OF the loss
Money ruled FROM = to per cent. The Stock tx
change markets shO we'd hardening tendency from
the lyinni1g of the month, but after the result "
tne InuIana and OHIO elections was known they h.
CAME exceedingly, O9oyant ana continued %
during the remainder OF che month, unu
for .many of the securities the highest prices
ever before known were recorded. ne recovery ln
Governments was equal TO l42a2 per cent, the 4i1j
closing at IIOl2 and the Is Tisng from 1914 *
interest at the beginning OF the month 10 lOJ's@
1OQ3s The Louisville and Nashville Railroad Con,
ia Y declared "a stock dividend Of 100 per ceni, std
there WAS general belief that some OF the leading
roads were about to make similar DIVIDENDS. In9
average advance Of the month Tor tine general
lisl Of stocks ranged from TO 70 celt
An efiirt was made TO advance tbe
rates Tor the foreign exchanges. but
m, movement so quickly checked business that It
wa. abandoned and the actual rate Tor sight ster-
ling renamed at about 81 81. The Bank OF Eng
land rate remained at pig per cent
NOvember.--With the beginning OF the molth the
Secretary OF tae Treasury declined TO make tur-
Their purchases of BONDS, except OF ths 6S maturing
at the end Of the year, ON the ground that the si-
plus revenues t9r the be'naimo oSa Tue : SS
Gent 70 provide for the payment OF Toe
remaining $4,000 600 then outstanding
at their maturity. The result of the Presidential
election gave to all the markets great strength and
Government 4l2 per cents advanced to ll2os, later
reactg TO III and the four per cents, after sales
up 10 ll2L2 closed at III q. Avery lar9e OuSlhes5
was done in investment ana speculative bonds anu
stocks, at still further advances. The common
talk 10 the markets was OF q Government three per
cent bond to be issued 10 retire the six and i've per
cents maturing III 1881 and the belief was general
that such Il bond could be successfully hOated
great deal was also SAID ana many pTe sS.
were made about extra stock and cash diyidenus
which seemed to warrant the high prices ut Nhch
many OF the leading securities ruled. From eo'a.
fortably working money market OF to . per cent
IN the early paIt OF che month, towaId the close
there was great stTingeney, and the rate TOR can
loans ruled from per cent plus lie to plus y per
cent day. The bank reserves declined until at
the end Of the month there was deficit OF
SlO5, $50, notwithstanding that the loans during
the time we're contacted about al ,OOoVVO. LUG
foreign exchanges were weak, not alone because ot
the situation in regard to exports and imports ana
the shipment OF securities abroad, but also because
of the great pressure in the local money market:
England rate remained ut PIG per cent.
Observation-Disclosures OF gold com and bullion
Tor inns month hulOuutou W aDoub PlO,vOo'ovV'
The money market during the month was variable.
Some portion Of each week it worked compare
lively easy at per cent or even lower, while Tor
other portions the best class of borrowers COM
PEELED to pay premiums Of from 1872 to y per eent.
Nevertheless the month u notable one at the
Stock Exchange An investment and specuia-
D. We demand competed for the Drlze III paying tho
highest prices known for very large prOpor-
tion of the securities dealt in. This was oil tie
more remarkable i'll that the highest prices were
made after there had been decided change IN the
current of securities Not only sales made for
account of foreign holders but there also was no l-
considerable realizing" by domestic investors WIG
chose to accept The equivalent OF two and three years
dividends in the profits which the late advances az,
fored them. There also vas less cOntdence expeSSu
in the ability OF the Government successfully 10 ne
gotiate three per cent bond the general impression
hain ,h,t uofhiuo, lower than n three and hall Ter