New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-01-09
II' IVIlV"I 'B "IV IIIV UV'IIPI4I1'" '|'"I' VI y"
statements Of December 81 and January =
The following shows tho relation between tho
..La- M -.r-n .-l the tnta- Lnun.-L ..-L-LL-L...

GcrS-f2 42O, 800 more than the sum held year ago.
The loans now are S15.O3O,200 greater than then,
and the deposits are $l3, 7l27O0 greater, so that
the reserve required by the % per rule now is
S3.42S, 10 more than it was year Hence the
surplus now is only 80, 3l77OO against Sl,319,37J
then, and tho proportion Of total reserve now is
26.11 against 20.51 per cent at the same date Of
1881.
The following are the totals O. the statements at
the spending date for preceding years:
Leans 1888 s3 s's sis;ss2s
5S5q Gs@5S5 ass 55S l37 7SS
T Ta. 1G.2vo 5 677SS 575oS 5 s4SS55
Percent 0freserve 81. 2CJt 2o5l
The local money market at the stool, Exchange
after the first two days of the week ruled easy and
steady at and per cent, with exceptional late
loans Of brokers balances at lower rates on each
day after Wednesday. Tuesday, however money
was very active and stringent and commanded pre-
miums of 1-lGU ls per cent. As before noted, tho
Treasurys disbursements at this point have eX-
cecded Its receipts more than $s,O00000 IN tho
week ended Friday, and yesterday by q fur
Their sum Of $22S,G75. The surrender for
redemption Of bonds embraced in the Tooth call has
not been so rapid 1t expected TO be after tho
new year. and less than ~ 800, 600 paid for at
the SubTreasuTy during the week; and of that sum
$I400,O0 was offered on one day. principally by
an insurance company. The domestic exchanges
have ruied about the as they we're a week
ago but the changes when any, are less unfavorable
for New-York, except ut Savannah. The latest
quotations at the places named followsi
savannah, a discounts Charleston, i discount to
par; New Orleans commercial 4 80 discount bank
par; St. Lons, 90 cents discount; Chicago, parj
Boston, 20 cents premium The foreign exchanges
were dull all the way out, bur the markets wcro
firm in anticipation of early demand 70 cover
important American securities which are known TO
be on board OF incoming steamers. For actual
business the rates are about as follows: Bankers
bills: 81 80 and ~ 81 for long and short ster-
ling respectively; 5.255s and 5.205s for francs;
94ls and 9l7s for reichmarks; 1885. and 1919 for
guildcTs.
The new year has not opened rs auspiciously as
might be wished Aside from an unusually dTn
movement in general merchandise speculation con-
tnues to block liberal export of our chief products
and is enhancing the cost of living so that de-
mand for higher wages is becoming general with all
classes of laborers Some measlncss also Is ex-
pressed at the effect of an open winter the spring
payments for goods purchased last autumn for this
winters consumption, and some unexpected fall
ures OF Western merchants already reported.
The so-called railway war. or rather the compete
ton between the railways for what traffic there IS,
reached its yet highest point last week. and extended
to the railways west of Chicago as well as TO
those cast of Chicago and St. Louis Ii does not
seem as if rates for freight can go lower than they
now are, and the extreme low rates made last week
led to general impression among spectators that
the railway war; was fast approaching Its culmi-
Mating point and that arrangement OF the
difficulties was near at hand. But just such lm-
pressons have followed each succeeding develop
mcnt of the same kind during the last four months
and they have proved to be expensive impressions
TO those who based their speculations upon
them. The reports of negotiations ror
a settlement which were current during
tho week had less foundation than any OF
the preceding reports of like character had had.
On the other hand, all the beneficial effects Of
settlemcnt If any was contemplated, rapidly
being destroyed by the making of six months con-
tracts for West-bound freights on the basis OF 10
oonts ner 100 pounds for fourth class. Philadel-
NH, renort which was circulated yesterday that IL
"wosannounced at tho Pennsylvania Railroad Onic9'
mo official namedl that that company was Wiling
TO accept the arbitration OF certain gentlemen
seems 10 be of character with those reports WHICH
earlier in the season came from the "r"nu
Central depot without an official approval because
a later aud private dispatch from PhiadelOmS
states that the Pennsylvania Companys officers say
IL will arbitrate only on the condition that inc
principe of diferental rates is first admitted Inc
business IS small even at the present low rates. Due
why railroad officials do the business which there
"a AZ LOSE or mako contracts on even less iayoraoe
terms. for six months, is not our special province
IN inouire We record the fact and point ont the
financial result Yet the principle involved IN
the contest Is of great importance to tho
commercial supremacy OF New-York. and our n'er.
cbonta should be no less emphatic IN their support
Of the Genital and Hudsons position of equal rates
than are the merchants of Philadelphia and Balu-
tmore in streng hening the hands oftheir respective
roads If necessary the support should go TO the ei
tent of making shipments only by New-forks TWO
roads. the Central and Hudson and Erie. such
coure would soon settle the question of equal rates.
although with the present small business the compeI
ttion probably would continue as active as MSS az
present. ..L all
the markets much depressed, and there was no nt'a
feeling of anxiety as to tho ultimate outcome. FOR
,ppatrlv the short interest In stocks was sun''
oiently large. and at the same timew willing 70