New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-08

The local money market was characterized by
great ease all the week through. The average rate
for call loans per cent with daily exceptions
at 2l2 per cc&$y and on day at 4 per cent on
ordinary Stock Exchange collaterals. On Govern
ments TIL common rate was Dig per cent; but lend
ers, particularly of time money, are exercising
greater caution to the character of the
collateral offered, and special rates are OBJ
tanned where second class Indifferent
stocks are accepted as collateral Time loans of the
best class command from to per cent according
to length Of loan. The foreign exchanges were ex-
tremely dull all the week and without change in the
posted quotations of rates. But there was a per-
ceptible hardening of rates for actual business.
which closed on the basis of $4 S2ls and
81 S4l2 respectively for long and short ster-
ling. As to the anticipated importation of
gold there are two decided and conflicting opinions
among our best thinkers. Probably it turns upon
the current of securities Large expectations of our
securities under existing circumstances would make
necessary the Importation of gold but with the cur
rent of securities about evenly balanced there snotb
ing in the probably limited foreign requirements for
our products to warrant the expectation of any inn
portant movement. In connection with this subject
IL Is well to remember that the Bank of England's
reserve now is only 421s per cent of It's liabilities
against oO'ole per cent at this date last year. and
that, therefore, that institution will not view a
large export movement of gold with the same
o.
ticeabe that during the recent extreme ease in
London when the outside rate for discount of bank
ers 9O-day bills was III per cent, the bank main
tanned its rate at 2 per cent and that at the end of
Last week the outside rate advanced to ia per
cent for bankers bills and to pig per cent for COM
mercial bills.
Last week was dull one at the Stock Exchange.
Inc transactions in stocks Il 1868 10 sharesl were
only little more than half in number of those of
n nPag linz
OF the week, and the closing prces-barrinc rally
curing the last two hours of busness-were the
lowest OF the week. The speculation turned LARGELY
upon the conflicting rumOrs Of a settlement of the
trunk hnes railway But there is little
doubt that that war has mad much less to do with
The general decline in prices than is alleged. inst
Is after the first shock of the shooting of the Pres
dent every decline that followed the recovery from
that shock was wrongfully ascrbed to the un favor
able condition of the President, so now the
war is made an alleged cause for a de-
cline in prices that has a sufficient reason
IN the falling of in the speculations and
the continued realzations of the larger operators
In fact, the railway war has exerted stimulating
influence, because of the prevailing belief that it
would be OF short DURATION and that any settlement
will be followed by sharp advance; and the aver
ago stock specuator discounts an expected event in
The preparation for it. A clearer idea of the
true causes OF the war and of the small
business the railroads would have been
able to do at the old rates may be obtained by re-
view OF few facts: year ago the water rates
trom Chicago to New-York on grain ranged from ~
TO 10 cents per bushel. and the railroad rate was
20 cents per 100 pounds, with concessions not ox
ceeone cents. The fetal receipts of grain at New
Iork nom July to August 8, 1880. were
~o,ooI'4S1 bushels; IL SS1 ,913 bushels by canal
anu o,V'o,o74 by all the railroads. This
year the total receipts during the same time
were IL ,s47,7s9 bushels, or more than 4, 600 600
bushels less than last Blu the railroads have
uone the largest business having delivered
,l'o1o,o6l bushels against the canals 8, sO2. 22s
bushels 10 accomplish this the railroads have had
W compete with water rate not exceeding 7 cents
Per oushei 1t also is clear that if the movement
not been stimulated by these low railway rates
ucchne from last years deliveries
oao nave been much greater than 1t ia
Ama shat ths water routes would have done nearly
INC carrying OF grain. Again. prior to the cutting
y. "esspound freights. two weeks ago. the canal
was carrying much larger quantity of heavy dry
anu groceries than it ever had done before. II
- 'nose smaller movements that are the important
20 'he case and were the causes of a competi
S.on that has run rates to ruinous figures and that
''Ai stand IN the way of adjustment, even If there