New-York tribune., 1885-01-02
THE MONEY MARKET.
THURSDAY, Jan. 1-P. N,

holders Of securities Yeti Is remarkable fact that the
market value Of memberships at the Stock Exchange
have suffered little nothing during the general de-
preston. While the final figures show general and large
| declines for all classes of securities, except
| for unquestoned first mortgages, the fuctua-
| tions at various periods during the year
were SO violent and great that their only handful
| OF bears " even, who say that they financially,
ended the year well they begun it, and they count
not the experience asset Of much cash value.
While the large fluctuations in few instances have
served to modify losses to the average "ong account
they were the Of greater losses than would have
occurred without them The unusual plethora Of loana
BILE funds at the Stock Exchange ony few days In May
and June did the rate for call loans rule above per
cent? an important factor I'm the violent Quotations
and 1t also enabled the bulls" to force a
continual tax upon the bears tor the certificates
with which to make their deliveries Of short sales
There hardly is stock the list that during the whole
year has not loaned either fiat with small premium
for use and charges of to per cent per diem fire.
quen for many OF the active stocks OF
do that the bulk of the speculative stocks had be with
drawn from circulation and with ordinary condition
OF monetary affairs, that could not have been easily
done With few exceptions the general depreciation has
touched in small degree the very best OF securities
Even Government bonds generally show de-
cline for the year. although the Government
paid of SsO,OO0,000 Of the per cents,
and there very few of the railway mortgages that
Il
Amongst brokers there general complaint OF dull
ness-a lack OF orders and a want Of customers. And
the complaint IL justified By their yearly balance sheet
Yet we find that the total number Of shares bought and
sold at the Stock Exc hange In 1854 only per cent
less than the business OF lsS3-95,4 shares In
1884 against 0637s, ,93s shares for 1888 This appar-
ent inconsistency however, Is easily explained First
the business in stocks of the years OF different
character; second-thc business in bonds
tracted that 1t may almost be said there spccula
tiOn in te except by spasms and short at that
The ordinary speculator-hat class that when engaged
make the market lively and the broker
happy with is per cent commissions each
way-was hardly an unknown" quantity in the
market OF 1851 hence although the transactions roll up
10 nearly the figures of 1888, the business central
low OF commisson we're parceled favorite
and experienced" brokcrs-tho,e who do not let the
joined table there are mentioned 1872 different stocks
bnt sixteen OF them win trsnsaetioss OF over locOoo0
per cent Of the total In 1883 there were twenty-five
stocks Of 900, ,0e0 shares each that furnished
9o5 800 shares IN $50 stock exceeded s.000000
shares In ssl there were three stocks that exceeded
made in the early months Of the year, and
generally I'm tic early days OF January the lowest prices
generally were made the middle OF May or the last OF
June. but usually from June Il to June ~.
The events Of the year that were OF special Interest NJ
cal order as follows:
JANr,Rr.-Thc new year at its opening marked by
continued depression for securities that was IN strong
contrast with he hopeful expectations that had been en-
teriained receiver was appointed Tor the New-lork
and New-EnGInd Railroad aud inc depression was IN
creased by decline In the price OF West shore and Buf-
io rt 5s to below 50 on the appointment OF receiver
OF the North River Construction Company. Northern
Pacific also suffered sharply The preferred selling down
whole li-t eliminated ON the 26th when syndicate was
formed 10 purchase from The OREGON ana Iri-conti-
Mental Company Of 10000 shares Of Northern faclhc pre-,
fcrred stock iGnmd 30 900 shar, common at q aud
10000 shares OF oregon Railway and Navigation at 90
tho price o, oregon Railway and Navigation from
7-2 10 10. For the remainder OF the month there was
s Iha Hf IA
loans ranged from y 10 per cent aud the banks III
creased their surplus reserve ~ l,0OoOoO.
FEBRUA ARr-The month chiefly notable for the ab
.once any important event Prices for stocks gen
orally appreciated until the very day of the month
aud beaNare i-ackawanna and Western wa. parileq
lary noticeable for advance from 40 TO l32i2 IDS
upward cement may he said To have eliminated on
the 2Gth Instant Money ruled easy at Ie I per cent
and despite OF gold shipments to EaLopc the pankS main
tancd their surplus reserve at the figures OF the begin
MARcn-The markets generally were dull and uninter
movements rinde against tho shorts: Delaware. !
and per difference between ca, and the reg
ular price. and Central and Hudson. with sharp al.
10 e nc, ~ he eI porf. of snccie I'm, me rates
Tor call loans hardly exceeded per cent during the
whole month.
ArRI-Drprcssion marked the course OF prices for
Union Pacific aud o 10 per cent 10 COS for Western
Union particularly prominent Al the close thcrc
during the month. and amounted to sl-5o00o0 Ilr
surplus n reserve OF the city banks reduced a.
- oOOo0 hut the local money market was udisturbcd,
railing az ga per cent.
MAi.-Ihs month Witnessed so.calcd " panic" at
the stock Exchange. Tho Marine Bank and Grant
Nnrl suspended ON Tuesday the 't ana IN the follow
INK week the Netr"politan Bank ana number OF hink
AMI brokerage firms suspended adding 10 the excite
y. e"' 49, y, - -. = noo ooo h,i.,r,i,,
to the second National Bank, were also developed
ing House banks met immediately following the failure
of the metropolitan Bank and by their prompt joint
lcyei situation of its threatening conditions The
decline stocks aud other securities attendant upon the
Isyua ftr
Central of NcwJcrsey dropped from II 10 Az Chicago
and Alton from 1919 Ia l26. S. Paul from ~ to 90,
North western from l3Ts to ~ D. Delaware Lackawanna
,ud Western from 1893 to 0Ols. Illinois Central from
l2o 10 o. Lake shore from 80 to 81 Louisville ana
- -. Missouri Pacific from s2l4 To 63i2. Central and
ira i lr" i ~ Mi9db rom 9S to 79I Union Pscdc
rom 81 = 10 }jiI Western Union from G34 to 40.
dcgr{ in the reserve Of 81 o75 .G25 The money
narhc, for call loans for few days ruled stringent at
. 10 per cent day but before the close OF the month
the rate was again easy at ia5 per cent per annum.
md stocks made sharp recovery from the lowest
JrNE.-1hl- month al the stock Exchange was prnci
he so-callcd May panic There was SLOW ana srhcihI
leclne Ia the prices OF all stocks uni values on the
Nay. The ttI-rc pt McHHtr' halthcN Aiorsah sons
added to the general feeling OF depression ana uneasi
he hands OF receiver but its stock only declined from
,GIi - and recovered to 2ls. In the last days OF
4 principal Spectators to take advantage OF the
,yer-sod condition Of the market 50 that at the close of
a. create disrust ia IFS pcrmanency. For
/ few days the money rates for call loans were |
- high az from IL to Is per cent per Hnnutn, but
yIth that exception the ruling rate from to g. with
he closing rate az zig The exports of specie not only
eased bat there were gold shipments made from
ondon The surplus reserve OF the banks was run up
% $l3,l2l 900.
JuLY-1he month notable for the greatest advance
stock values of the year. From the beginning to tho
nd month those operators having IN charge the
manipulation the market hardly permitted 10 tn rest
single day aud the advances IN prizes for the active
ranged from 10 10 = per cent. High rates for the
OF stocks were demanded during the whole month";
md the floating short interest practically eNtn-
uished The money market ruled from to per cent 4
With hardly AN exception above the highest rate named
the city banks surplus reserve was raised to $780,