New-York tribune., 1881-12-26

The local money market at the Stock Exchange
was stringent during the early part of the week
and call loans upon miscellane as securities
were made at from per cent to 6
per cent Plus a commission of 1.32G1-16 per
cent. Later, however, the rates were easy
at per cent with the usua late offerings of bro
kers balances at lower rates There Is a plenty Of
savings bank money to be obtained at per cent on
Governments First-class commercial paper rules
Mt Ga Gl2 per cent and time loans in ordinary col
laterals command per cent and commission.
"Wednesday the Sub-Treasury received offers of con
tinued Gs embraced in the 106th call, and was
prepared to accept SJ,000.O0O. The amount
offered was only $4z1,000. Under tie instruc-
tjons to continue TO redeem the bonns
fiil sjOOO,OOO was redeemed, there were some
further redemptions during the week, but the
amounts offered were small that they are not
worthy of notice. This result was foreshadowed in
gtrE TRIBUNE week ago when said: Little
moro money will come ont of the Treasury in
demptlon of bonds until after New Years" The
disbursements of the Sub-Treasury however, were
liberal being as before stated, 70 the AMOUNT of
S31S2 S13 IN excess Of It's receipts for the week
ended Friday night. The domestic exchanges, ex.
ce { at Boston, have steadily ruled against New
York and the demand for funds at Chicago is
urgent, and will be still moro so if there shall be
any increase IN the movement of produce to the sea-
board The latest quotations at the places
named are as foliows Savannah, ao@ls
discount; Charleston 5-16 discount TO
mar; New-Orieans. commercial 81 508$2
discount. bank. par; st. Louis, 30 cents discount
Chicago. SO075 cents discount; Boston, 25G3O
cents premium The foreign exchanges were weaker
under a more liberal supply Of colt II bills, and
rates were about cent lower for sterling than they
were week ago We quote actual business
follows: Bankers bills, sterling. 81 50 and
S4 81 for long and short sight respectively;
francs 525os and 520as; rechnarl.s, 94la and
%: gulders, 390s04O.
Last week was eventful one at the Stock Ex-
change The liquidation Of two years speculation,
which was begun four five months ago. but which
had advanced only slowly, quickened It's pace at
the expense of a general sharp shrinkage
values While Denver and Rio GraDde stock,
which late in the preceding week was
instrumental in acceleratlng the movement,
mained comparatively steady within a range Of
per cent. other stocks one by one made sharp
declines and sold at the lowest figures OF 1881. The
martial reports Of the Vanderbilt trunk line com
NAMES were published. and cxerted an unfayorable
Influence upon the prices OF those stocks IL had
been popular idea that the reports when made
wouId be made to appear as bad as possible. But
the statement of the Lake Shore Comrany dispelled
that idea The making up of the statement with the
onssion of the usual appropriation of $3.50 900 to
the sinking fund, whereby an apparent surplus for
The wear of Sl6,6S0 was shown, instead Of q def
cheney of $685. 3,32O if made in the correct and
usual form, was the occasion OF no little
comment and created the impression that
AL the statements were made to give the best pos
s;lIe showing. As the Canada Southern and Michi-
gan Central Railroads. if under one management
other than the same that Of The Lake Shore Rail
road. wonld be competing line with the Lake
Shore line from Buffalo TO Chicago, and all three
of the companies are under one management, it is
easy to see how business may be diverted from one
line to the other, and how one line may be given the
proftable and the other line the Improbable per-
ton of the through business, as circumstances may
dictate Therefore it seems TO be fair TO group the
capitals and net earnings over all charges for in
teresf rental, etc. of the two lines three COM
panies into one system to discover the net result.
Taking the reports for 1881 the result TS
follows:
Capital Earnings for
stock. stock.
lake Shore -Si94Ct5DO So lZs,Om
Michigan Central -...--..--... lb,fSs,ZO4 4Sl,V'O
Canada sORtiera. .......-.... i5DD0OUO ZS.5Ol
Totals .-..-......- $50 2O4704 S42tS5Ol
This result gives 1-10 per cent on the combined
canif als of SS3 2O1 TO1. Whether resut ,Vouid