New-York tribune., 1881-12-12
L date for preceding years:

Deficit
The local money market last week worked much
the same as it did the preceding week. Call loans
on pledge of usual stock collaterals ranged from o
per cent to interest and Lie commission, the ag-
gregate probably being about 1872 commission. At
the end of the week there was relaxation, and o
per cent was the common rate. and time loans were
more readily obtained at per cent than before.
During the week the Sub-Treasury paid for
81 500 800 continued Is that embraced in the
lO5th call to mature December "a. On Thursday the
Secretary of the Treasury instructed the Assistant.
Treasurer at New-York to redeem IN each
week. beginning with next Wednesday, any part Of
So 600 900 bonds that may be offered included in the
lO6th CALL to mature January %, and topay the
interest to date of maturity. Under that authon-
zatlon il is anticipated by well-inforned persons
that the Treasury next Wednesday will receive
offers for nearly, or more than, the amount limited
for the weeks redemption but that beyond tho
amount offered on the first Wednesday, the offers
will be small until after the new year, after which
date the bonds will no longer be serviceable in
cvqding the payment Of taxes. The Secretarys Or
der had q perceptiblc effect on the time loan mar
kets and after its announcement negotiations were
made in quarters where before propositions were
entertained IL is worthy of note that money has
not been AS stringent this month it was last De-
cember, when the weekly importations of gold
averaged over 49, 900, 000 The domestic exchanges
ON New-Yorl at the places usually quoted varied
only little during the week. but steadily ruled un-
favorable although there were some Important
amounts received here from other points, Tho
latest quotations at the places named are follows:
Savannah 3s0ls discount; Charleston, 5-l6 dis-
count to par New Orleans-Commercla ~ %
discount bank par st. Louis, 60 cents discount;
Chicago, 50025 cents discount, and Boston par.
Considering the condition of the money marker,
the foreign exchanges were firm all the woek
through, and with only moderate demand. lhe
actual rates for business ruled about rs follows
and closed strong at the quotations. Bankers Duis,
sterling. 81 SOla and 81 s4l2 for long aud short
sight respectively; francs, 5.25os and o'-o's'
reichmarks 94ls and 947s; guilders, 39Ss04O
The meeting of Congress and the publication OF
the Presidents message and the report of the Sec
retary of the Treasury had little immediate effect
upon current transactions. On financial subjects
the President and the Secretary are IN ac-
cord and the principles enuncated in their respect
i've documents had reaSSuring effect upon AL per-
sons who are conservative III their methods in'
language of the Secretary relative TO the treasury
reserve against its demand debt-the legal tehder
notes-is notice to spectators that the reserves
will not be used for the purpose of encouraging
wild speculations for the relief OF specuis.ons
who may find themselves bound la INC 'ol' VI ''
own reclleSsness. lie says
II is generally conceded that for safe bsnshg.
serve of 40 per cent, meet current ohilgalohs -
necessary The Government, by the issue OF ts no.e
navahe ON demand, and its obligation 10 meet tpost
Wien nresented Is in position analogous To tat o
hanking and should therefore act upon principles oano
tobe sound and safe In hatbusnesa
The speculative markets at the Stock Excnahgo
were dull and variably oil the week througn, VIII"
the general situation is unchanged railroad trsno
ON the great lines other than the carrying of con-
sruction material for extension of the building OF
new lines. is still light there is no Improvement IN
rates on the trunk lines and the war between 'n'A
is unsettled The future of the money market 70
vet uncertain, because of the heavy drafts so'
TO be made for the cotton crop and an increased
mand at the West. II the movement eaStwaia
grain and provisions shall improve. ana inc l"
chat the few reports of railroads that nave Oss 80.
made develop an increase in expenses oeyo'o 'A'