New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-07

The local money market for call loans early in the
week firm at full legal interest with occasional
exceptions of business at small commission.
Toward the close of the week. however the market
was uniformly easy at Gas per cent with ex-
ceptions at lower rates During the week the Treas
ury Department announced that until further
tice it will redeem on each Wednesday any of the
uncalled Big per cents in amounts not exceeding
81 0O0, 900 per week Although the revenues of the
Government continue to be extraordinarily large,
the announcement probably insures an easy money
market at per cent or lower for weeks,
But we fail to discover in the announcement
any indication that the Secretary will take Q
new departure regarding the amount Of reserves it
is necessary TO hold against the outstanding legal
tender debt or that the views of Treasurer Gillian
are approved. We already have shown that tho
Treasury reserve November was only 29.68 per
cen, OF the currency debt. The Assay Office pay
nents for imported bullion during the week
amounted TO $7lS,937, and the Assay Office
naming Indebtedness for deposited bullion is about
5000, 900. The domestic exchanges at the interior
points worked more favOrably for New-York, but at
the end st. Louis again reported NewYork funds at
a discount. The latest quotations are as follows:
At Savannah 3s41s discount; Charleston SIG
discount to par; New-Orleans 81 80 discount to
81 premium st. Louis 90 cents discount; Chicago
par to % cents premium Boston 10 to % cents pre-
MUM The foreign exchanges were dull during tho
week and rates trfe lower, but strong at the
reduction Rates for actual business arc as follows
Bankers sterling. 81 S03i and "a S4l2 for long and
short sight bills respectively francs 5.25Ns and
$40; reichmarks 04ls and 95ls, and guiders 39s4
and 40ls.
The Stock Exchange markets were strong all the
week through with only slight and unmportant re-
actions. The developed robbery of the Mechanics
Bank Of Newark of over 81 100000 hardly created
perceptible ripple in the pacidty of stock specu-
latiOn. Yet the robbery represents not myth but
an unexpected and real loss of over S2,00O,000 10
confdng stockholders and depositors. The fact
that it caused no decline in prices at the Stock Ex-
change is instructive. 1t shows the cha lcter Of
the market and how stocks were held in largo
blocks. The gravity of the situation was appreca-
ted and prompt steps were taken to pro-
vent effects that naturally follow causes.
by the few interested persons. as they
could not have been taken if the speculation was
widely distributed. After that the markets were
free with encouraging rumors all the week.
Government bonds were only fairly active during
the week, and excepting declines of Il in the bids
for the continued 5s and of l. for the is they were
without feature.
State bonds were unusually active all the way
through and at firm figures. The Arkansas rs to the
railroads continued "ibhout "J
amount of bonds The secret of the recent advances
TO 50 for these bonds revealed by dispatch
from Little Rock, Saturday evening which was
printed in to-day's TRIBUNE. The Attorney Generai
of the State backed by the opinions of other emf
nent counsel has fled with the Governor of the State
an opinion that the railroads are liable for the pay.
ment principal and interest of the bonds which thu
State delivered to them respectively and which they
have sold. A first mortgage was given to the Stata
by each railroad for the bonds which it received,
and the opinion is that that first mortgage is held IN
trust by the State for the protection of the bond-
holders Suits are about TO be brought against each
company for the bonds which it issued. Tha
claim is based upon decision of the Supreme
Court of the United States in the case or
Florida Central Railroad against Schultz. where
Chief Justice Waite rendering the opinion. 1t was
held. that, although the Supreme Court OF Flords
had decided the honda 10 be unconstitutional aud c