New-York tribune., 1884-01-28

| LOO ~ ccutS - Ieaiizcu On stoFc COdf
| The abundance Of loanable capital is becoming
| burdensome. yet the accumulation Of money con-
tiuues and promises TO continue for several week
! longer Never before Saturday January 10, 1884.
| did the associated banks Of New-York report an
amount Of specie andegal-tendcrs on hand as great
! as 800 100000. Yesterdays statement shows
| S1O6, ,952, 800, and understates the actual
| amount held at the close of business
last Friday by at least S1500.Ooo The surplus
| reserve is reported at $1047s,775. an amount OF
surplus that has not been equalled since August,
1873 The surplus now is so, All 200 greater than
at any date in 1883. The largest amount OF sur
plus reported in each of tho preceding years
were and at dates as follows: 1878, $l0,O07,575.
January 81; 1882, S1O,s95,600, April
20; 1881, S1672s,575, May 20;
1880, S1s,471 ,275; 1879, $I7,s77, 800, February
/ 1875 $24 ,232, ,475 July 20. At about the date
of July 20, 1873, the surplus ranged above $2o,-
100000 for five weeks Although the surplus OK
July 20, 1873, was 81, 700 greater than 1T is
now, the banks then held cash only $70, ,5455 500,
against $106, ,952 800 now; the deposits then were
S22l, ,252 100, against $349, ,s94, 100 now, and the
loans were $236, 195,500. against $685.
$50 200. 1t will be seen that in 1888
the largest surplus reported on the
date corresponding with yesterday; such is noe
likely TO be the case this year. But from that
surplus OF SlO,UOI,oIO Jauuaiy 20 bheio was "
change last year to adefcit of $6, ,770s75 on March
IT. In 1878 the surplus of July 20-$24, 232 ,475--
fell to s., ,366, ,OjO on December Z. The domestic
exchanges uniformly favor the continued move
ment to this centre. New-York checks at the places
named are quoted as follows: Savannah, lsG4s
per cent premium; Charleston, par to 4
per cent premium NewOrleans, CONNER
ial 81 and bank 81 80 premiumj ST.
Louis, 70 cents premium Chicago, 90 cents
premium; Boston. 568 cents premium. The for
eign exchange, however, continues 10 harden. and
rates for sterling for business are about ~ S5ls
and S4 SO respectively for long and short bills. In
the present condition of our money markets even
further advances would not be hardship. because
high rates would stimulate shipments of our prod
ucts and the movement of them would furnish
the means for the employment of part of the idle
capital.
Considering that there were disturbing causes at
work IN the midst of dealers all the week and that
a majority of the current reports and rumOrs were
not favorable TO the expectation OF an immediate
solving of the problems presented by the the various
railway pools, the Stock Exchange markets last
dence. The Northern Pacific and Oregon groups OF
stocks suffered further material declines
from which there only partial recoverles ana
they contributed nearly One-thlrd of the weeks
whole business in shares, yet the general market
shows advances in figures ranging from TO 8 per
cent. With the first bad break IN the prices OF th5
Northern Paciics there general decline, and
in MANY instances figures recorded that were
lower than were those at the close OF the preceding
the market moved feverishy as II was natural tnat
it should do in face of declines of 81 per cent for
Northern Pacific cent for the preferred STOCK,
Is per cent for Oregon Railroad and Navigation,
and per cent for Oregon and Iranscontlnental
these stocks at the end showed reeoyeres OK
from TO IA per cent. The business OF the week
in stocks amounted TO 2,627,O5o shares agalnsI
2,445;O42 shares for. the preceding week.
tributed 1852. .300shares; Western Union 10920O
Delaware, Lackawanna and Western 193,3OO,
Union Pacific $4,000, Oregon aud Iranscon,
432 900, and st. Paul AZ 2i,7O0 shares; and tho
stocks named are the only ones that each con-
o o IS and
transferred their ventures to the long side such
was very generally the case among the board:rQom
| traders. Reports were current OF the forming OF
new pools for operations for an advance. and such
reports more generally true than the usually
are. Yesterdays announcement that the west
Shore company had practically joined the trunk
line pool, that the Western railroad dIteultles
were in a fair way of being settled, and the new
departure in the Northern Pacific stocks that was
rumOred, caused rapid advances. The feature
| of the week, however, was the development OF an
undertone of strength that despite OF the early local
| disturbance held prices moderately firm all the
| time, and finally advanced them.
Cove nment bonds ruled less firm for the long
date bonds and the bids for the l2s are is lowers
while for the 3s there is advance Of i2 per cent.
More than a usual business was done in State
bonds principally in Missouri Us, Tennessee and
Louisiana cOnsols and prices were firm. The fea-
lures of the railroad bond market were the dealings
in West Shore 5s and Northern Pacific irsts. The
95l2 and closed at 97l2; sales for the week
$3539,O0O. West Shore first fuctuated between
56950ls and closed at 520s; sales $l3,s13, 900
There has been steady absorption Of the West
Shores by Philadelphia ever since the prlce trsr
wents below 60; one firm informs US it has shipped
81 800 900 and hear of another firm whose shipi
ments avera go abuot $500, 900 per day. Generally
railroad bonds show some Improvement in prices.
but the business outside of the speculative kinds
was smalll
Our comparison Of the weekly movements by
railways eastward from Chicago this time IS in4
complete, because of the absence of the usual re-
port for the week OF 1888, which was occasioned by
the dispute at that time between the Chicago
Board of Trade and the Fort Wayne Railroad.
From data in our possession at that time esti-
mated the total shipments for that week at 35, 600
tons, which was 5000 tons in excess of the esti-
mate of The Chicago Tribune. On the basis Of our
estimate the movement of last week was about
l. 900 tons greater than for the week of 1888: it
was 13 900 tons less than for the week OF So2 and
13, 400 tons less than for the preceding week OK
this year.
The following table shows the tons and percent
ages shipped by each of the railroads east OF Chi
cagO of flour grain and provisions for the week
ended last Saturday, Ill comparison with the same