, 1881-08-21
BUSINESS.
Stocks Dull, Money Active, and
Prices Lower.
Prospects Of the Money Market-The
Crops and the Railroads.
Tho Produce Markets Less Actire, and Host Of Them
Losfer-The Business Chiefly Local.
Corn, Wheat, Oats, and Lard All Declined
Heavily, but Closed Flsmcr.



This was directed especially arnnst Illinois Cen
trail, though BURLINGTON s. Quincy, Alton, and
Rock Isund were ulso made 10 feel it. Such nn
attack Oh these properties would hardly have
been possible two weeks ago, but tho bad turn
in the corn crop, and In the tightening of money,
have altogether changed tho s!tuution. In an
active money market, the high priced stocks are
the hardest to carry. and the stocks selected
for yesterdays raid are the ones which
will suffer particularly by a shortage In tho
corn crop. Very little resistance was offered to
the attacks Of tho bears, but all the stocks
named made partial recovery ut tho close.
Tho bears say they will put Illinois Central down
to los ana Burlington Quincy down to 1:o.
Pullman was firm, selling at 143 and Ill It
WIS offered seller 60 at 1917.
Gould was reported to be selling ut the id
VANCE, and Sage was selling cEeap stocks. 4
raid against the coal stocks is predicted.
Movements In tho stock loan market show
that kccne has been selling Western Union
freely.
Eauderbilts brokers have been among the
most active in squeezing the money market.
Vanderbilt is holding the large amounts OF
money he has borrowed In readiness for tho
purchase Of stocks when they reach his figure.
He bought Lake Shore week ago at Ill
AT the close tho market was weak.
4 new and unexpected feature Ut stock ex-
Opinion is as usual sharply divided MS to wheth-
cr this is legitimate or manipulativc. Among
tho influences fuvoring more activo money Are
tho larger volume Of mercantile business, the
heavier payments into the Sub-Trcasury on ac-
count OF duties or increased importadons, the
drain to move the cotton and grain crops, which
has for the latter begun early and strouE On uc-
count of the high prices at which stuff can be
marketed, the conservative feeling among
tfhfc
of possible chnnge Of Administration aud
lastly the unfavorablc position Of the New York
bauks As compared with year ago. 4 year ago
the banks ut this time had surplus reserve or
SO N,G01, all Of which was lost before Move M
Der, Now, in the middle Of August, ut the be-
ginning Ut the fall drain, the banks stand nearly
a million below their legal reserve. Against the
foregoing list Of causes OF monetary activity
may be set of: a. The import of gold from
Europe which has already begun in good style.
But We have to divide with Italy this year, and
will encounter more opposition than before
from the hank OF England. t2l The Treasury
disbursements extraordinary. These will be
about $40 0u, Of which SO 600 QUO to S].0 003,-
U)0 are due on account of coupon per cents.
which became 1natured obligations on Aug. l..
aud stNUo3O 900 to SIS 0000 0OO OH account of regis
tered per cents due Oct. 1, but payable any
titnc before that day, with interest ut per cent
relief from this source has been disappointed In
IN unexpected failure Oh tho part Of holders of
the coupon IS to present them Tor payment
They arc more widely scattered than was sup
posed. o. The Treasury disbursements ordinary.
These will be about s, S0o,0o9 OH Sept. l, being
quarterly interest on 4Es; about S1,4o0,000 Octo-
bcr ], being quarterly interest OIL the As; about
S. 900 Nov l. being quarterly interest on the
extended is; and about $15, ,0O0 900 Sept. l. being
quarterly payments for pensions This makes
total of about IS, 20 0u0 cash to come out OF the
Treasury in tho ordinary way between now ana.
say, the middle Of November.
New York bankers calculate that the Western
requirements for money will be smaller than
they have been because so much money has
already gone west in the last two or three years
They arc likely to be both surprised and disap
pointed. The West has good deal Of new and
old grain to market, which will come forward
more freely than ever before in order to rralize
high prices: From this point Of view. it seems
most prudent in calculating the chances Of the
money market to look for greater European re-
sistauce than heretofore to our import Of gold,
and to no dimnuton in the Western demands
for currency. 4 still further element of
| the situation is the large amount of money being
gradually drained away from the centres to pay
| for the labor and materials used up in building
! 10.009 miles OF railroad
The Nation says:
| The Treasury drew into its vaults during the
week great denl more money than it paid our.
| aud the result was heavy decrease in the sur
| plus reserve OF the New York banks, leaving
this surplus S2@0s1.500, ugaiust $j,s1,,-a3 the
week before, $780, ,0D year aRu. and s., ,4Ds,~
| sou two years ago. On the other hund, tho
| rates for foreign exchange fell so much
| that at the close of the week there was profit
in importing gold Less dependence is placed
on gold imports as resources for the autumn
| money market than on the heavy disbu
to which the*,rrcusury is committed by rcitson
Of tue retundtnS Of tho md 5 per cent debt at
| ~. Der cent. On the 12th Of the current month
| about $12,U}3 100 per cent coupon bonus ma
turcd the money for which viii come out grud-
| llaliy and on Oct. about Sa001.0Uu per cent
registered bonds fall due, but can and will be
! paid before then provided holders present thon
and are content to rAkc Interest up to tile day
| of presentation. These extraordinary tlisbursc-
| mcuts should prevent uuy stringcncy IN the
loan market, quite apart from the influence Of
| gold imports. ....
| Chicago bank clcartngs were Ss,56o,5is. New
| York exchange sold between banks ut 81 per
| sl,u)0 discount Country orders for currency
| were heavy. Loaus were active at per cent on
| call and GOT per cent on time.
| Car Trust is, $1,000, sold at par: Lincoln Park
IS at l0y:4; Chicugo City Railway has ut lG';
| Chicago, Burlington & Quincy Is at 9i59aH.