New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-24
THE MONEY MARKET.
SUNDAY. Jan. 23-p. N.


SUNDAY. Jan. 23-p. NJ
s ,rhA exrorts and imports of merchandise at New
york since January i, make favorable comparison
with the same time in 1880; the value vt the ex-
,or,s tins wear being 81, s74:s10 more than last
roar and tho value of the imports $4.975943 less
shon for tie same time in 1SS0-a change in favor
~ the mort of $e,S50. 753. The imports Of specie
tb,s vear TO date amount to $3.G79O00 against
Rro4 7gO in 1880, and the exports of specie prnci-
nally silver bulliop) to $52s22 against SG5s.3O2
IN 1880
The weekly bauk statement that was issued YES
terday shows departure from the conservative
confse which the preceding statement Indicated was
s IN be the policy of the banks. The loans IRE re-
rorted expanded $4.975,300. raising that item to
sa07 $50 600. The gain in specie and legal-tenderS
s,o,nts 70 81 731 100. which added to the increase
IN loans. Is about $4,000 more than the increase
n denosits. indicating shat there were no
.o.s;nts of National bank notes. The
.o,ol avera,e reserves for tie week-specie aud
,.ltende,s-are reported at $S2, S79.700, or
s1a oO4. 900 more than the amount held Mt the
anne date in 1880; but an increase of $27,17l,O0o
- ,oons raises the deposits so that the % per
.,, ruIe requires reserve Of $74. 732.075 against
Re4 $40 25 che sum required year ago. The
weeks movement results in o gain OF $92,32o to
the surplus reserve. and leaves it at Sol46,I20
against 81 6O4, 775 at the date Of 1880. The
following are the comparative totals Of the state
ments of January IS and January %;
5sH g 500 Inc %S5s
$ss:s:.s issss$$ $.:s5 Is: $SsSS
The following shows the relation between the
otai reserve and the total deposit liabilities:
s 5s9 Inc fRsPS; S
.:ss: sSS 7 ssSs Inc 's
Compared with that of the corresponding date OF
1880, the present statement shows: Loans IN
creased $27 771 ,O0O specie increased 81 800;
teQal.tenders decreased, $747,00O; deposits IN
creased, $41.4ss, 200; circulation decreased,
1897. 400 The total reserve CSs2, $40, ZOO now
10 76 per cent of the total deposits against 277o
last week and 28.77 for January "a. 1880.
The local money market worked easily during the
week. and per cent for call loans is fair average
of the business done. This undoubtedly was due to
the liberal disposition of the banks as shown by the
weakly statement The foreign exchanges were
cessively dull but rates steady. As to domes-
tic exchanges the tendency of rates interior points
has been favorable to New-York up to Thursday,
and since then all Geographic communications have
been cut of.
At the Stock Exchange, the speculation which
made the preceding week memorable made last
week more noteworthy than oil preceding weeks
1t is undeniable that the speculative interest has
shown wonderful growth. A confidence never be-
fore seen is exhibited; and matter how great may
be the advances recorded tbey do not deter buyers
ut still higher prices. With most prices
already higher than the most sanguine bull of
three months Ago expected to see them during
the year 1881, the predictions of further adj
vances. even greater than those already made. are
INDUCED in with q confidence that never was
equaled. Sellers Of privileges-called spreads y
to deliver stocks at one price or call at another
price, name the delivery price soc per cent below
the market and the call price 100 15 per cent above
the market price, and find eager BUYERS of ssch
"sprszds" having sixty days to run. That fact IL
Illustrates the temper of the average SPECTATOR and
ON it the work OF steadily advancing prices has pro-
reeded with little or no reactions that worthy Of
the name.
Government bonds were dnll the week through,
and the total transactions at the Boards amounted
only to $187, 200. against S420500 for the pre-
cedng week. The old issues held firm ut last
weeks prices but the 4l2s and IA show declines Of
Il per cent each. No expects the Refundins
bill to pass the Senate in the shape in which it has
left the House. and the holders of the 81 and IS
encouraged to believe that practical bill will
become law at this session. State bonds were
steady, with only moderate amount of business.
The special features of the dealings IN railroad
bonds wers the sharp advances in the prices Of
junior securities of certain properties. which are
believed to be making rapid progress toward be-
coming earpers of interest their income bonds,
and the weakness of Erie second consolidated which.
II regarded as Trustworthy 6'p'r cent investments.
selling lower than any other bond on the list.
The business done in frst-elass bonds was small.
not from lack of demand, but because of the
prices which present holders demand.
The business done in stocks last week was not as
large as that for the preceding week, having been
B,2SS,372 shares against 3.307,552. But. except
for the total suspension of teegraphc communica-
hon during the last two DAYS. it is probable that the
transactions last week would have largely exceeded
those of the previous week While there were
reactions in the prices of nearly all stocks,
and few stocks that show final small declines,
there was hardly one stock tbat at some time IN the
Erie Central Pacific. Chicago. Burlington and
Quincy. and O., G. and /. c. are the notable ex-
cepsons In showing any important declines for the
week; and Central Pacific was influenced by prob
ably unfOunded report that Its declared dividend
was not to be paid. The stocks showing the great
est advances Arrest. Paul and Omaha preferred,
Ga; Canada Southern. a.; Delaware LackawanDa
eis; Illinois, Central 6Ss; Lake Erie and
Western. 5as Ontario and Western. 4ao;
EvansvilIe, 4as; and Rome, Watertown and Ogdens-
burg 712 The great speculative event of the week,
Dutside of the Stock Exchange. was the ratification
vote of stockholders, Of the agreement Whatever
k,.st map hel fnr m ron sn,datfon of tho Westarn