New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-15

Business prospects have not materially
changed during the pact week. The bank
statement, which all watch closely, was re-
ceived with sort of satisfaction on Saturday,
because, although there appeared loss Of
S1,OS5, POO in the legal-tendcr reserve, that
loss was not IA great as has been usual at this
season, aud it was partly covered by an in
crease a. 1923, 600 in specie reserve. II had
been reported that q very large increase in
circulation had been made, but the report
showed no material change IL the aggregate
or in the circulation of either Of the banks. II
IS understood however, that application for
several millions of additional circulation
has been made, which will probably be-
issued during the month, and Washington
dispatch foreshadows a retirement OF about
-, 600, 900 OF lecal-tcnders on the 31st. But
the balance in the Treasury is large enough To
enable the Secretary, If he is disposed, to
make the retirement from that balance, rs hc
did last month, instead of formally redeeming
legal-tcnders by purchase, as he indicated in
his Ohio speech that the law contemplated.
Doubtless, if he pursues the same course this
month. it will be as a temporary arrangement, to
be followed by the purchase OF lega-tcnders at
a
in deposits was only $6S1 500. and in loans
only $24l,3OO.
Some striking changes appear in tile position
of the banks separately. One Of the strongest,
the Bank of Commerce, paid out during the
week ST ,O39, 900 IN legal-tcnders, its deposits
beng reduced $1,063, 700, and Its ratio of
lcgal-tenders to deposits less specie, being re-
duced from 37.4 per cent 10 22.9 per cent.
As the loss of this one bank-.which still leaves
it fair reservc-is almost equal to the entire
loss Of all the banks, the changes among the
others nearly balance each other. The Bank
of New-York loses $5lS, 800, reducing
its ratio of legal-tendcrs to deposits, less
specie, to 14.7 per cent; the Importers and
Traders Bank loses $434,700, reducing its
ratio 10 226 per cent, and the Third
National Bank loses $310,600, reducing it,
ratio to II per cent five others losing be-
tween $1OOO and 100000 each. On the
other hand, the City Bank gains $4,000,
the Metropolitan Bank $4,000, the Amcri-
can Exchange Bank S227,000, the Merchants
Exchange Bank $224, 900, the Bank of Amer
lea 1921, 700, and the Chemical Bank SILL
900, and five Others between 100000 and
$500, 900 each There was u rumor during
the week of large contraction of loans by the
Importers and Traders Bank. which proves
to have reduced its average 1888, 600, while
the First National Bank also reduces
S4O9, 400, and the Fourth National Bank
$500, 900; but the increase in average
OF loans by the Metropolitan Bank is
$572. 900, by the Park Bank 1897, 500. and
by the Bank Of NewYork $3.50, 900. Eighteen
OF the banks hold legal-tcnder reserves amount
ing to less than 20 per cent Of deposits less
specie; the number having increased by two;
twenty-three hold over 20 and less than 20
per cent, aud only seventeen have over % per
cent. three less than he'd that ratio the week
previous. On the whole, the return does not
the steady decline OF lcgal-tendcrs has for
some weeks caused an apprehension which
Justly dmnlshes Is the period at which u re-
turn current may be expect 'd. The legal-tender
reserve has not been rs small at this date
in any other year since the war, excepting
during the suspension in 1873, nor has the
circulation of the banks been as small in any
year, except 1876. The loans are also smaller
than in any year since 1865. The deposits
less specie are only S1sO,OOOOO0, against
SOB, 900 900 last year. 500 GOO, 900 in 1875,
and 1915, 100000 IN 1874; but they were
smaller wi IA "A much larger legal-tender re-
serve. in 1872, and in 1S67-lS70, inclusive
In effect, the banks have not been rs weak, in
proportion 70 their liabilities ut this season, in
any year preceding, except during the suspen-
sion of 1873. and yet the money market is