New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-18
FINANCE md BUSINESS.

On Saturday the subscriptions to the four
per cent loan amounted to 81, ST., 800, having
been only about 81 10000 for the preceding
week. No doubt, subscriptions have been
materially increased by the formal decision
of the Clearing House banks of New
York and Boston with regard to resump-
ton and the circulation of silver 1t is
generally believed that silver coinage cannot
deprive the Government of power to maintain
resumption, as long as the banks of these
chief cities hold the position taken, with only
one refusal to vote here, and with absolute
unanlmity at Boston. The exchanges of these
two cities, and of San Francisco, which
already does business on a gold basis
and keeps silver deposits and exchanges sep
arately, amounted in October to s., 553 Al 900,
while the aggregate exchanges of the twenty
other cities In which clearing houses exist
amounted to only S539, 774,O OO in effect,
fve-sixths of the commerce OF the country is
transacted through cities in which the
silver coinage is treated as subsidiary.
The Treasury has made another call
for So, 900 900 of the cOnsols of 1868,
and the advance of United States bonds
in the London market has been such
"a to indicate that the difficulty of OBJ
tanning bonds for shipment to this country
has rapidly increased. At the same time, the I'M
mediate pressure for specie at London has been
much relieved, both by transactions with the
Continent and by abatement of the fear of
immediate disturbance from political causes.
Though several large failures have occurred III
Great Britain during the week, the tone of
the markets is less gloomy. 1t is understood
,iu4I,
than a week ago, for the London exchange
required in the payment of the $5,00O,OOO
due from the United States.
Foreign trade continues to favor specie re-
sumption. No gold goes abroad and less sill
yer from this port than is imported, though
about $1,l55, 900 in silver went out from San
Francisco to China yesterday. The imports
for the week ending Oh Saturday amounted to
So ,927,1 1914, against $5.5G7,57 for the
corresponding week last year, though
there was also a decline of about
81 100000 in the merchandise exports
for the week ending on Tuesday last. But
the exports of cotton last week amounted TO
117,7G6 bales against 94,1SS during the
corresponding week last year. and the
kilograms report 10000 bales more AL
ready on board, though not cleared The
outward movement of wheat aud flour
also continues large, and, though the
weather does not threaten an early
suspension of navigation on the canals, it is
favorable to a continuance of large exports that
the rail rates are not high, and that the low
est lake and canal rates ever known in Octo-
Der caused larger accumulation of grain mt
Eastern ports than is usual at this season.
The store at New-YOrk is over 1OlOO. 900
bushels, against about 100000 bushels at
this time last year, and the stores at Balh-
more, Philadelphia and Boston are also larger.
The bank return OF Saturday was in no re-
spect discouraging. Though an increase IN
the legal-tende reserve is not usual at this
season, the banks gained 1872, 800 last week
in grtenbacks, and apparently still larger
amount in bank notes. The aggregate of
National bank circulation has increased during