, 1873-03-26
MONEY AND COMMERCE.


TUESDAY EvEN1NH, March 25.
Looal financoo aud trado woro worry quiet to.
day. Legitimate buHinoss was checked by tho
lnclemonoy Of tho woatlor, md tho srocuatora
In grain woro 1argoly dependent upon their irn-
nginntionB for causes of f1uotuation III tho prtcea
OF thoir rospeotiyo speoinltios. Money continues
In GOOD eu,,ply and borrowers who oilor Hntis-
factory credit or colntcra1s find no difficulty In
actting oil they arc entitled TO at moderate raos
of interost.. ...
Now York exchange ia firm at 2bo per 81 900
:l1soount.
Tho movement Of currency In any direction is
light.
COTTON, AND TIE rn1cE OF GOLD.
Tho diminishing export and tho loolining
price Of t1lat great factor In the settlement Of
o,,r foreign trade bn]nnco-cotton- begins to at
tract general attention ns having m Important
bearing OIL The probable export aud tho conao-
auont prico of gold:
Tho cotton crop Of tho year ending Sept. !,
1871, waa 4,347, COG bales, tho total value Of
which was estimated at a2Gs, 600 In currency.
OF this ., ,tG8 742 bales woro exported, ropronert
Ing n gold value Of a17o,ooo, 600, or equal to
kbout one-third Of our total osporta Of domestic
{ss$. E5S2'''' ouF's 'A' "s''' ''A' '''s juno w.
The cotton crop Of the yonr ending Sept /,
1872, was 2074 1851 bales, the estimate valtlo OF
which in currency, na mRdo como months ago,
was $26G, 900, 900.
But tho rise In gold since Jan. /, and tho de-
clino in tho currency prico Of cotton have to-
yothcr contributed largely to diminish tho otrcct
Of cotton exports in clearing of tho foreign bal-
ance Of trade. Since Sept. l, 1872, wo have OK
ported 100000 ba1os moro cotton than during tho
same period OF the previous year. But owing to
The lower price 1t has not cleared OIL foreign In
debtedncss In tho aAme ratio as lust year. With
r0lI rnw Mt lie tho c,1rrnrGv Dfic0 of uatUllnH
cotton in Now York ia 10 ccnts, currency, per
pound, whoreas, ono yoar ago with gold at 10,
o pssse o5 a aa1g cotton In N.Y.
roal decline in tho gold prico as compared with
last year boing noarly 25 per cont. Wit thout 60
Ing into tho details Of tho atock Of cotton hold
over ench yeer in this country, we have tho two
smaller than tho ropof 1871 and though largo
park Of tho crop Of 1872 had already been or
ported (eay 1000 900 balcs) at higher prices than
the snno quantity Of the crops OF 1871. Tho rc-
maindor of tho oxportablo surplus, of tho crop
of 1879 will not only bo smaller but will soil for
much lower prioo than that Of last year. In
short. the oxportable surplus out Of tho crop Of
1879 will probably not not over 1850 600 900 gold
portable surplus out Of tho crop Of 1871.
The effect Of this docroase in tho gold valuo Of
cotton exports will not be felt until later in tho
season. say month or two honce. Thus far It
1879 wna marketed moro rapidly than tho crop Of
1871, the total exports from Sept. !,
1879, to March 81, 1878, having boon 1885, 137
bales. against 1,436,637 bales in tho eame
poriod Of tho previous yoar. But it acemH
probable TINT tho deficiency both Of quantity and
In tho aggregate gold valuo of the o1portab1o
Burplus Of cotton will exercise an important in
1uence to increase tho export Of gold during this
sprfng and summon, in which case tho prico OF
gold is likely to be highor during tho coming
dnmmer than 1t has beon since 1868.
TO- MOVEMENT OF BANK DEPoa1TB.
Tho statement Of tho associated banka OF
Boston for March II shows an aggregate Of
e47,oB4 400 Of deposits, against 959. 200 on
'Maroh s, q decrease Of s6O51 800 In fourteen
days. Tho associated banks Of New York City
showed an aggregate Of e2o2, ,oGo, 100 Of deposits
on March l, agaiust @196, ,0o5,000 on Maroh
IS, decline Of e6,8s0,0 600 In tho first lalf Of
tho month. The Philadelphia banks nlnintain-
ed, their aggregate OF eli, ,000,0 600 Of deposits
during tho period above mentioned, but Charge
decline in deposits reflects the stringanoy TINT
has prevailed In New York aud Boston,. During
the period above mentioned, the aggregate do
posits Of the banks Of Chicago increased 81 ,00O,-
300 or 90, 600, 900.
THE VOLUME OF dnEENDAoKs.
Tho following shows the volume Of greonbacka
outstanding at the dates mentioned:
Oct. !, 1874. 1856 900 900
Nov. ], 1871. $50, 500, ,7G4
Dec 1874 35H, ,05l ,26G
ian. J. 358,557,D07
Feb ], 1879... a58, 8JG
t1arch 1875. 5o,08l ,3o2
March IL, 1873 2TB915