New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-29

added to the store in sight In the
Treasury, or in the banks of three cities. Ana
this has been so done, it appears, that the re-
serve in banks has been slightly increased,
while the reserve in the Treasury has increased
largely. This feature of the situation Is decid-
cdly encouraging. Last year, during the same
period, the Government increased its store OF
specIe by $1O,1OO,O0O, but the banks
of New-Yorl lost $6,2CO,OOO, and those
of Boston and Philadelphia. $55o,OOo.
Thus the specie in sight increased only
So $50 600. Moreover, the change Is not que
70 the foreign movement, for the excess
Of exports over imports during these two
months of last wear was inconsiderabe. 1t is
mainly due. apparently, to the large sales OF
rour per cent bonds, which have drawn specie
from many private boards from banks outside
of the three chief cities, and from the Paclhc
coast.
in order to sustain themselves as well rs they
have done thus far. the banks have reduced
their loans and increased their circulation.
The decline in loans last week WAS 81, S96, 400,
and since September l 1t has been $719l,-
800. Last year, during the corresponding two
months. the loans increased over $4,000,OOO.
In place of expansion. there HIS been
contraction of loans, whilo the deposits,
which decreased $1,712,S 500 last week, and
about &15,G00,OO0 since September |, also
decreased %13,2GO, 900 during the same period
last wear, bnt, as has been shown, i'll part be-
cause of n decline of $6,200,000 in specie on
hand. The other important change is in cir
culation. Last week there was an increase
of Si95 700 in the issues of the New-York
WloIt notn on
show that the increase Ill circulation of all tn
National banks during the week was @|3,-
90. 1t was expected that much larger IN
crease would appear, rs three OF the banks
were known 20 have applied for S3,225,OOo,
and the amount Of bonds deposited for circu-
IatiUn has been very large for several weeks.
An increase of about S3,OOO,O0O IS Yet
to be expected on account of applications
recently made. Since September !, however,
the New-York banks have increased their cir
cula,ion about Sl,300,000. and the Boston
and Philadelphia banks about 100000, while
the aggregate circulation of all the other
National banks has decreased about 100000.
Last year the Ncw-York banks Increased
Their circulation only si00, 900 during the same
period and those of Boston the same amount,
while all the other National banks reduced
Their circulation about $3,G00,000. These
movements indicate, in connection with those
already noticed ds TO the lcgal-tenderS, that
the aggregate demand for currency in moving
the crops has been about $;5,100,000 greater
thaD il was last year during the corresponding
two months. Yet 1t is generally believed that
the demand has not reached its maximum.
The amount of lcgal-tcnders to he retired
this month will not be rs large as was ut one
time expected, but will probably exceed
-. 300. 600 "a the bank circulation in
creased S;773, $40 last week, and the amount
retired has recently been more than
100000 per week, it is presumed
that the new issues last week were
ncarl; 1000 and the amount previously
issued this month was %1,777,O00. If the
new Issues during the half week which re-
mains of this month should be half as large
as those of last week, the aggregate for Oc
tober would be about S3.477000. In that
event the amount Of legal-tenders to be re-
tired would exceed T2,750,000. 1t is not con
sidered probable that the Secretary will sell
corresponding amount of gold Immediately, os-
ppcialIy as his accumulation OF gold does not
yet appear to affect the price materially.