New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-17
N,,w YORK DAILY TRIBUNE. MONDAY, JANUARY I7 1851.

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3,455, 7O1 shares, and the market value was
not far from $27O,OOO,000. The exchanges
not arising from this vast speculation were
probably about $640,00O, 900, against about
$7SO.OO0,O0O the previous week.
Many things have stimulated speculative
activity. The arrangement between the tele-
graph companies caused transactions amount
ing to over $51, 100000 in Western Union
alone. Reports of the business of railroads i'll
1880 kept coming in, and nearly all were
highly encouraging. The Chronicle of Satur-
day reports earnings of forty-four railroads for
the year, and not one of them shows a de-
crease of earnings in comparison with the
previous year. The aggregate is 1898, O36'24o
in 1880, against 1852, 056,126 in 1879, an
increase of $40, 99O,119, or 26.96 per cent.
Reports of special dividends, OF new and
advantageous arrangements, OF termination OF
the existing strife in the Southwest and
of meditated leases or guarantees, helped TO
stimulate the excitement. Moreover, the votes
in the House in favor of three per cent fund
ing bonds had precisely the effect chiefly de-
sired by the spectators who have promoted
that movements the thOughtless or lll-ln-
formed people about the Street were led to be-
lieve that 100000, 900 of capital was about
to be dislodged in some mysterious way from the
five and six per cent loans that great part OF IL
would be sent into the market for the pur-
chase of railroad securities, and that three per
cent would be established as the best rate OBJ
tainable for money in Government loans. 1t
is not necessary here to point out how little
~ =. 4ioA
will pass, or how absurd it is to expect such
results from its passage, II it should pass.
The three per cent clique reaped fine har-
vest in the advance of prices, with reason or
without reason.
The condition of the banks and of the
money market favored large business of all
kinds At last real and considerable re-
furn of money to this centre appears, the
banks having gained $3,513,00O in specie
and 81. S6S. 700 in legal tenders, while the
Treasury balances declined during the week
only S1,3OS,6i5 in specie, and gained
S137, 14O in currency. As there were no
arrivals of foreign gold during the week,
while the gold depository of the Associated
Banks received 81, 100000 during the week,
it is evident that considerable sums
have arrived from the interior. The principal
banks report shipments of S55O,OOO currency,
and receipts of $2,4O9, 800, which fully ac-
counts for the gain in reported average. Inc
statement of Saturday, too, was made upon
rising averages, and there is not now within
sight anything to arrest the return of money
Lithcrward for some weeks TO come. Still, the
transactions in the Stock Exchange were so
large, and involved so great a shifting In
loans that, after week of comparative ease,
the money market worked rather closely on
Saturday, and a few loans were made at a
premium
The advance in rate by the Bank of Eng
land from to gig per cent was not sur
prise, for the shipment of G3S8.0O0 on the
9TH inst. and 100000 on the 10th led every
one to expect that the bank would resist. Its
reserves are now only SLY, 513,000 Accord
ing to TIE Economist of Saturday, the effect
upon speculation in London was plainly visi
Bile: "thc extraordinary rise in solid invest
ments appears to be arrested" though before
the change OF rate "gambhng in stock in de-
fault had assumed enormous prOportions.'
iiut no corresponding pause of speculation
appeared in this market, for the belief is quite
general that money will be easy here for
some time to come, whatever happens abroad.
The Bank of France sustained a further loss
of $1,42O, 900 in specie, of which $S99,00O
was III gold. If the securities recently pur-
chased here should begin to come back as
rapi lily rs they went out. on account OF pres
sure in foreign money markets or the passage
by Congress Of measures threatening disaster
here, the expected ease in the New-I0rk
money market might not continue long. But
there is no reason at present to fear that the
makers in Congress will succeed in
doing anything The solitary virtue of that
remarkable body is its talent for getting moth
ing done.