New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-02

40 to 213O211 and from i5O to 2O7 respectivelv.
| The demand for investment securities was disao.
| pointingly moderate IT was much smaller than n,
had been In preceding Januarys for several years
Government per cents fuctuated between It'll
and 1lsl9 and closed at ISL. On January II the
Secretary of the Treasury made the 1O7th call for
S2O.OO0O0 bonds to mature March 49, The for
elen exchanges steadily advanced all the month,
sight sterling from 81 "a to "a s9ls Gold exports
were discussed. but no actual shipments were made
this month.
Febudry.-lhe loans Of the New-York Cily
banks were expanded $6o00,000 and then con-
tracted 49, 100000; tie cash reserves declined
SIS. 900 900, the deposits declined S1s.4OO 600.
and the surplus reserve of So $50 of January %
changed to a deficit Ct 81 .433, 600 on February
% The changes in the reserves were Effected
by an export of about 100000 gold consider
able movements of funds TO the Interior and heavy
payments INTO the Sub-Treasury for custom dues.
Rates for money advanced to 1-32Ols per cent per
day and ruled at those rates for several
days; before the close, however, per
cent again was established the prevailing
rate for ca loans at the Stock Exchange Specua-
tiOns IN cotton breads ufs and provisions suffered
o collapse, and prices fell rapidly, but there were 10
better demands for exports than before. The stock
speculation started off with show of strength
but exhaustion and decline followed. which cul-
minated in a sem-panlo on February %. Notable
among the declines from the best figures OF the month
were the following: Canada Southern 10 per cent
to A Centralof NewJersey per cent to 1913; Del
aware Lackawanna and Western per cent to 121 q;
Reading per cent to 55i2; st. Paul TO 1904,
Northwestern 7l2 to 1888, st. Paul and Omaha
to 293i; Denver and Rio Grande 12la sos; Louis
vile aud Nasty lie % to 67l2 Lake Shore TO los;
MICHIGAN Central to 79l2 Central and Hudson
to 1851 Missouri Pacific ~ TO o.; Missouri. Kan
sas and Texas ~ to 26l2; Wabash 10 o27's; Vest
ern Union to 76l2. From the extreme declines
there were subsequently, sharp recoverles and the
month closed with the market feversh but SEEM
ingly strong Further progress was made IN tho
negotiations for settlement of the trunk line dIti-
cultes, and the advisory commissioners were ap-
pointed. Investment securities were slow OF sale
all the way out aud inclined to be weak. Governs
meht Is fuctuated between ISIS and 1l77s and
closed at llS. Gu February the Secretary issued
the 1Osth call for $20,000,00O bonds TO mature on
April 8. Affairs abroad we're decidedly improved,
although there were continuance of feverishuess
and wide fluctuations on the Paris lBoufse. The
Bank of England gained f3.900,000 bullion aud
the Bank of France gained f2,0000O0 gold. The
Bank Of England's discount rate was reduced to D
per cent on February 49, The foreign exchanges
were strong all through the month"; sight sterling
ruling at 81 90 to 81 s0i2.
MGrch.-The bank loans were contracted $13.sOO-
900 and then expanded $i600,000; the cash re-
serves fell SO, OO0O rose $4,900,000, and then
declined 81 100000; the deposits declined $751;
600, 900; and after decline of the res ryes to
81, 900 deficit from the rule OF 20 per cent
there was rise to 49, 53. 300 surplus aud final
decline to 81 ,720.950 surplus. The exports of gold
for the month amounted to $2,s00,000 Early in
Il IT. ,...r trap
large but later it again began to accumulate funds.
Money al tue Stock Exchange from being active at
1-16 per cent per day declined to cent but in
the last week again ruled from per cent to that
and commission of Lie per cent. The specula-
lions in cotton, provisions and breadstuffs were
again more active at advancing prices. lmpolta-
tons of merchandise were In excess of those OF the
corresponding month of 1881, while the exports
showed large decline. The month was notable
for marking turn in the tide of SPECULATION at the
Stock Exchange. During the first two weeAs tho
further depression In values was marked. Hannibal
and ST. Joseph preferred fell from 0494 to 76 and
Delaware, Lackawauna and Western from 125 to
l16l2. Central of New-Jersey FROM 90 10 74i2,
Denver and Rio Grande from 62l4 to 52ss, Missouri
Pacific from 95l2 to S7l4 Reading from 59l4
to 81 p, Richmond and Danville from 165 to ITO,
Richmond and West Point from 1s6 to 100, Texas
d Pacific from 1893 to 34ss. and Louisville and
Nashville from 1888 to 50. The decline culminate
FROM the 10th to the 18th of the month. On the
last-named date Mr.. Gould made an exhibition Of
securities which he held, amounting to $50, 100000
par value; this was followed by some pronounced
statements from Mr.. Vanderbilt and other
! leading railroad men as to their opinions OF
the situation. expressive of their confidence
in the future of values. Mr.. Vanderbilt
announced that the railroad war was abso-
! lutely ended. These several influences wrought
complete and sudden change in the character OF tho
| population. There was scramble on the part OF
shortsD not Only to cover their existing Interest,"
| but also for purchases for the long account. Mr.
Vanderbilt and Mr.. Gould each lent support to the
stocks of their particular systems, and the
advances which followed were sharp dimportant.
1t also was mouth of rumors. Early the rumoTs
were all of a depressing character, but lafer they
added zest to the bull market. 1t reported that
plans were matu ed for the CONSOLIDATE ion or merging
| of the Western Union, the Mutual Union and the
! Baltimore aud Ohio telegraph systems. Numerous
! concentrations of various railroads were made in
| the minds of the imaginative, among them that OF
; the New-York Central. Lake Shore and North
western While tue market betrayed feverlshlcss as
il naturally would after the mishaps aud
disappontments of the few preceding
months's prices were remarkably well
/ sustained aJ near tlieiT Dcst
closed with the tone decidedly buoyant. In the
N, vements of investment securities. however, the
month was like preceding months, but Government
bonds were stronger, and the Is advanced los per
| cent TO 1898 The situation abroad continued TO
! improve. and the Paris markets became settled.
The Bank OF England gained R2,300,000 bullion,
and reduced its rate of discount from 8 10 oer
cent Oh March II and to per cent on March 23.
| The Bank OF France gained f1 100000 gold, and
reduced its rate of discount to Big per cent. Tho
funding law of tennessee was declared unconstitu.
ional by the courts Of that State. The foreign exc
changes continued strong for most OF the time at