New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-15
Eramination of these returns shows that the

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Examination of these returns shows that the
entire proportion of imports transferred from
New-York to all other ports has been
only IA per cent in two years, ana
only one half of l per cent during
the last year-changes OF slight I'M
poTtance. Moreover, the other chief cities.
have not gained the little that New-Hork has
lost the three cities received 1913 per cent
of the entire imports in 1878, and 1918 per
cent III 1874, and 1880 per cent in 1876.
Meanwhile the proportions OF receipts at New
York to total imports during the three years
were 1880 per cent, 7O.So per cent
and 71.74 per cent. The partial re-
turns for the second quarter do not indicate
that there has been material change III the
New-York proportion of total imports, and the
great decline of 1G per cent observed in re-
ceipts here must therefore indicate nearly
corresponding decrease in aggregate imports
1t is tine this decline in values imported Is IN
some degree due to the decline in prices
abroad, which, as to the chief exports from
Great Britain, has been considerable.
The bank statement of last Saturday showed
a large increase in deposits, amounting to
1884. 500, but the reserve was increased by
81 COS, 900 specie and $1,95O,OOO legal
tenders, so that the excess above the reserve
legally required was increased $2,679,9OO. 1t
is usual and necessary for the banks to accumu-
late reserve mt this season, but they have now
gained nearly $3O,O0O,000 in legal-tenders
since the beginning of April, and are nearly
as strong in that part of the reserve as they
were at this time last year or IN 1876. Last
year. the outward flow of notes began with july
though il usually Is deferred until August
and the increase still continues this year. On
the other hand, the specie reserve is already
much larger in amount than it was at this
date last year, and it is altogether more
efficient because of the decline OF per cent
in the premium on gold. If the Treasury be-
gins TO pay out coin freely, the entire specie
reserve of the banks will be rendered in every
respect az effective, in provision for any
stringency in the Fall, as an addi-
ton of like amount to the legal-tender
reserve. Hence, although the operations
of the Treasury may tend 10 contract
the supply of grecnbacks during the Fall, they
will not only add in corresponding measure to
the specie held by the banks, but will tend to
set free the large reserve of $22,OOO,-
600 already held by them, mainly on spe-
cial deposit. Instead of stringency, these
operations should therefore have all the effect
of a healthy expansion, which will be the
more advantageous If as there Is reason to
expect. the return to the specie basis brings
revived confidence and increased activity In
business.
OF increased activity, excepting in stock
speculation and in the movement OF imported
goods, there are already some encouraging
signs. Exports continue very large. Earnings
of the railroads, though not greatly IN
excess of those of last year, indicate a
largely increased movement, because OF the
great reduction in rates. The quantity
of grain shipped from Western ports during
the first week in July was 3,O64,5OO bushels,
against 3,3l3,894 during the corresponding
week last year, and 2,969,l 1874 during the same
week in 1876. But the receipts at Chicago
alone during the week ending on Saturday
were 2,237 ,222 bushels, against only l,34l,-
3l3 bushels during the second week OF July
last year, and the receipts OF wheat were
179,411 bushels, against 76,435 last year.
The movement ut Milwaukee has correspond
ingly increased. The rates, both by rail and
by water have been extremely low; the aver
age lake and canal rate for June
was only 6.S cents per bushel of wheat
from Chicago. to New-YoIk, against IA
cents in June of last year, and 81
cents in June, 1876. But transpOrters have
AN enormously increased traffic. The ex-
changes of the New York banks for two weeks
of July have been $730,359,347 against
S74O.267, 1913 for the corresponding weeks
last year, and this small decline indicates
large increase in other than stock
transactions, for the sales of stock
during the same periods were in nominal
value $4,000 less this year than last
wear. In other than stock transactions there
has been an increase in values, and, in view of
the considerable decline in prices during the
past year, this implies q very large increase
in quantities of goods exchanged. With ac-
tual increase in business already apparent, and
with every reason to expect still greater adj
vance as financial uncertainties diminish,
the prospect for the future is brighter than it
has been for many months.
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Our Philadelphia neighbors have contrived a
cheap and effective means of relief to the poor chill