, 1881-09-25
BUSINESS.
Stocks Variable at the Opening,
Closing with a Bull
Tone.
Effect Of a Good Bank Statement
and the Call for Bonds.
Money in Good Dcmand-E1-
nanccs i'll Chicago.
The Produce Markets Stronger, After q
Down Turn at the 0pening-Hog
Products Rather Tame.
II Brisk Demand for BreadNuIs, Especially for
1fheat and Flour, will Sot alueh
on Sale.
FINANCIAL.

Stocks were variable at the opening, with
weakness in some ana stendiness In others. No
new Influences wcrt at work, and the market
remained without any chaEge till the bank
statement appeared with its gain OF $l,00o.000
anG over III reserve, and 1t WIS announced that
Secretary Window had called ,00o,OOo OF 35:a,
and would, ut satisfactory price, buy $:o,00000o
OF Is After thAt tho market was stronger all
around ana continued 50 till the end.
The Vanderbilt stocks were strong, though
not active Insiders were reported to he selling
them. Kumors Of war and ruinors Of peace Hrc
given ou1 on. 80 far AIS cun be seen equally GOOD
authority. 1t Is nuw asserted that Il uuirldcnd
will pc paid OH Michigan Central.
Central pacfc was the conspicuous stock In
yesterdays market 1t opened ut ?5ia, and
closed ut a7as. IT earnings nrc now estinuted ut
l.. per cent Il year.
At the close nearly everything was higher
than the day before. hut tho volume OF basi-
ness WAS not large. Tho old bull confidence that
..cycryttls is going higher seems to he ut
lcust dormant. The great question Is, VIII IT, us
it has SO often done before, awaken Ut the c:sll
Of higher prices?
The Public points out rs a sign Of the healthy
condition Of business that, though TRANSACTIONS
have increased enormously, bunk loans have
not expanded i'll the 6aro degree. lhfec
Years ago. June ~, 1878, when prices
were about at tho lowest point and business
was at its lowest cbl, the loans Of the National
hauks amounted to $SS,,U. lci But OH the j0!n
OF June 1851, after just three years OF "onder-
full expansion in business of every KIND, tho
loans If all the hunks amounted to II, o,'90l:".
aud the increase III three years had been only
:ait Der cent. Now the business OF the country
ha, increased fur more--as measured by tue ex-
changes for the half year, lI'.S per cent IL IL
be said that tho exchanges were largely que 10
alS
fact is that vastly increased proportion OF
legitimate business il done on Il cash basis, or
with the accumulated capital Of tho nrl1ls
engaged. Convincing evidence OF th1s Is seen
IN tho fnct that ut New York. where tho volume
of speculation il greatest, the increase Oh loans
by National banks was from $to4.}>o ofa9 i'll lsao
10 sas. 800 in June, ISL. or almost tn per cent
while IN all the other National banks tho i'll
crense OF loans was from SG1U, Cos 0O0 to s1s0f-
| G,A. or barely 50 per cent. Meanwhile. the in-
crease tu the volume OF business ut NIL tho
clearing houses outside OF New York has been
| about 20 per cent
| 1tisa fact Of incaculable importance that the
eypansiou of business thus far has heen
| largely on cash basis and upon accumulated
| profits. x ,,.,,,,.,a,
min & Reading Railroad Company report net
| earnings for August, 81, ,pU,. ,.62, an increase o1
s.I7 LA. and for the year S6,23l.'6o mn increase
| Of S1D5, Az. The Wabash earnings Tor the Sec
| ond week OF September were $41',a5, an IN
| crease OF $1lO,:I},, and from Jan. to Sept H.
| sa,65 sos, an increase of $l.546,6s9 The Flint
| g. P1re Marquette earnings for the second week
Of September show an increase Of S3'Ah and Inc
| lnaiuna, Bloomington & Western earnings nm
increase Of s.. So. The Union Pacific earnings
| show a gain Of s;;l5,1S3 for the first seventeen
! days Of September. Missouri. kansas 4 Texas
| Railroad leased lines for tho second week IN
september 1851, $19l, l61; 1880, $El.s}S; increase
s59sG}: Jan. to Sept. il, 1851, $5.11516i; less'
S3Ssj7la; increase, S1.:s:0, Az. Indiana Dloosu-
t ington j. Western Railway Company for the
! second week in September, SH.U'.'G-an it,
crease OF s., ,s9r,,.il. Chicago Milwaukee q st.
| Paul Railroad Company for the second week III
septcr,t,cr 1851, s4Ol 90; 1870, s' III; increase,
| Sl0,,5sl. Chicago Il Northwestern aud leased
| lines curncd in The first two weeks OF september
| s.al. .51s}-an iucrcasc uf $l"9,0lO on the large
business OF last September. The earnings ot tne
new fiscal year {Juno to Sept. 14) are s'+d",0 ",0V
| an increase Of y per cent Oh last year, of
| $l,54u.tDo.
The following shows tho fluctuations OF the
] o.,rf,-r