New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-07
THE MONEY MARKET.
SUNDAY, Fob. CD .

The value t$7, 121 316) of the exports Of nerch.,
disc from the port of New-York for the week sna.s
February was sos 43s greater than for the s.s,.
! week of 1880. while the value t$5259.l9A Of ~
imports of merchandise for the week ended yest.-.
day is IS, 21O27S less than for the corrsspondir.
week Of 1880. The total movements at ths
port from January to the dates pam.s
show an increase Of $3.O8S.oS4 4,
the value of the exports against decrease 81
$11 ,017, 1863 in the value Of the imports. CONNER.
cally, these are encouraging changes; speculatyey
perhaps not because the greater the balance Of Tia
merchandise account is in or favor the less iks,
to be exporters of securities. The imports q,
specie last week amounted to $3.50 800. making .
total since January 1 of $1,72O,5OO against
81 ,O08.717 for the time In $50. The export,
of specie from January 1 to date amount 10
| $1.081, IT'S against 1897 ,257 in 1880.
| The closer the changes shown by last weeks ban.r
statement are examined, the less faith will ops
| have in the banks present system Of making
| weekly statements by averages. With
the exchanges at all interior points in favor Of New
York. 30 little against it that shipments OF
currency can be made without absolute loss and
with the fact that the Sub-TreasuTy's currency bal
ance was reduced S433,306 during the week ended
Friday evening. and that at no time In the week dill
it show gam of as much as 100000, yesterdsys
weekly bank statement reports loss in legal.
tenders of 81 100000, and reports an increase in
deposits Of $74000 less than the amount of increase
which the other changes call for, which indicates
that amount OF loss of National bank notes. Naturally
the question is asked. What has become of that
$2, 600, 900 Of money! The assumption that mono
sent away is strengthened by the fact that the
banks report gain Of specie CS1 1880, 60O $61l,577
greater than the Sub-Treasury's lOss. There was
further imitation of $5,41O700 in loans, which
brings that item up to $4,000, 900 against
1892 Az 800 December "a, 1850, aud 1924 go 900
November Is, 1880. The deposits were increased
S4,5t4, 900, Which, rs before remarked, Is S7440C0
less than the which the other changes cali
for The total average reserves for the week.
slecie and legal-tenders-are reported al
$S3 COL 200 or $l4, 1853 700 more than the mount
held at tue date III 1880; but an increase Of
$25,7l0,6Gc in loans raises the deposits SO that
now the 25 Fer cent rule requires q reserve Of
$7077l,3O against $685. 1O1 $50. the sum required
year ago. The weeks movement results Ia loss
of 81 the surplus reserve. and leaves it at
$0526,9OO against 1881 ,450 at the same date Of
1880. The following are the comparative totals Of
the statements of January 20 and February 81;
Jan. 90. Feb. s. Differences
Loans........ s3lOUs9 200 s3l609290J Inc so4lo7O0
Specie ...... 5G3diloO G7.GcS70o Ine l,S33GOo
IegAltsniers.. l72s7soO l6.9s75Oo Dec l2ol4OO
SOJ
Circulation ls33O7oO lsscsJoO Inc $4,000
The following shows the rel alton between tho
total reserve and the total deposit Ii utilities:
Jan. 20. Feb s. Changer
specie s6s 26I 100 Sj7 e037O0 Inc 81 $4,000
Lexaltenders l72s7.9O0 l5s97.50O Dec l.29O4oo
Total reserve.... s3.j52O00 s3,60l,2O inc. 4s.2g0
against aepsts. 75.s2so75 7a77i3oo Inc. l,olo.2a,
surplus reserve. 7.J23.aa5 G.s:G.1OO Dec l.os7.O2,
Compared with that of the corresponding date Of
1850, the present statement shows: Loaus in
creased. $50. 600; specie increased, $l4G0o l00
legal-tenders decreased, $l4O4OO: deposits in-
creased, $42G93.OOO; circulation decreased.
$31l9 900. The total reserve Sc3,G0l 200 new
2722 per cent of the tota deposits, against 27G2
last week AMI 2G.26 for February 7. 1850.
The speculative markets were we'll supplied with
loaHabe funds all the week, and per cent was
common rate, with some large transactions at
per cent and exceptions at per cent Upon the
whole the call loan market worked easily than
II was reasonable TO expect that il would. Prime
commercial paper passes at 505l2 per cent. The
domestic exchanges on New-YOTk have 1uctuated
within small fractions but not sufficiently to pro-
duce any movement of funds Foreign exchanges
have hardened, but the markets were dull aud with.
out feature.
Last week was an eventfu week for in yestOrs and
Spectators in securities The great telegraphio
consolidation WAS perfected. whereby the capital
stocks of the three companies are raised from
SGJ,OGOU30 to $S0,000000.
Two new trunk line railways were brought out
under favorable auspices that give promise of their
being pushed To fruitionthe Newlork, Chicago and
ST. Lonis Ralroad.to run from Cleveland to Chicago
and 1t. Louis aud east from Cleveland either to
Buffalo or to some near connecting point
with Ncw-York, and the New-Y0rk, West
Shore and Buffalo Railroad, which, IN
connection with the New-York, Ontario AMI West
erm Railroad, will make short line from New-York
to Buffalo. These are important aud promising
projects for New-York. As even after the profits
for construction are allowed, both ucs may perhaps
be capaz d at many millions of dollars less than
any OF the Existing lines, they will be abe 10 conn
pete for tralic at low rates. 1t has been lately OBJ
served that capital was seeking rev enterprises
rather than investing in the old ana hgl-price
curitles.
At the Stock Exchange the week WAS ~ exciting
as any of its immediate predecessors. Movements
were irregular and for the greater part of the time
the markets were feversh and unsettled Govern
ment bonds were not specially active. the sales 40
the Boards amounting only to $l62,O0O. Prices
were easier for all except the 5s the final bids
showing declines Of ls for the 6s b for the IFS and
p per cent for the A. State bonds we're only
active. and generally tie previous adj
vauces were not fully sustained. Railroad bonds OK
the speculative kind were active all the way OUT,
but their movements were irregular. Erie second
consols declined q. aud Missouri. Kansas and Texas
seconds rose 2l2 Peoria. Decatur and Evansville
incomes rose 1si, but Rome Waterfowl and Ogf
densburg Grsts declined per cent. Texas ana
Pacific incomes rose 49, but Mobile and ONO nfso
debentures Tell per cent. We observe smaller
demand than at the end of 1880 tor tho lgh-prca
bonds and in some instances small sales are made