New-York tribune., 1878-06-10

receipt of $5OOOO0 gold, the aggregate
for six weeks has been $751, $40 silver and
81, ,123,717 gold, or S1,S75,566 in all. In
comparison with the corresponding period last
year, the change is striking; during the SIX
weeks of 1877 the imports OF specie here were
only $6S6,S and the exports from this port
alone we're $12, ,4S4,28 1t is evident that
the change in the condition of foreign trade
has been equivalent to an addition of nearly
two millions each week to the available specie
resources of the country.
During this period of six weeks the New
York banks have lost about $l5,7OO,OOO III
specie though the decrease reported last week
was only S20O,OOO Inasmuch as the coin held
by the Treasury in excess of coin certificates
outstanding has increased over $36,OOOOOo
during the same period. very large supply
must have been drawn from private stores or
from the Pacific Coast. The amount of specie
held by the banks of New-Gork, Boston
and Philadelphia was $40,3OOOOO April
27, and according to the latest state
ments is $222OO,OO0, but the Treas
ury is known to have gained about
$500 900 more than it can have drawn from
these banks. According to recent reports,
which, however may have been tclegraphed
for speculative effect, the production has fallen
off during the last month but even if it was
as large as it has ever been-abOut $2,OOO,OOO
per weell-the Treasury has still taken from
stores other than those of the banks above
named about $1,000,0OO per week, be-
sides absorbing the entire production.
Yet the premium on gold has been raised less
than onc-half of 1 per cent Notwithstanding
=.
this extraordinary drain. The conclusion Is
irresistible that the premium Will fall AGAIN
as soon as payments on account OF the Synd-
cate cease, and the maturing calls Tor per
cents begin to balance the popular suDscnp-
tions to the 4 per cent loan. AT the same
time the payment Of July interest will increase
the supply IN market and the stock III the
banks.
There is no evidence Of weakness IN the
bank statement of Saturday Indeed, 1t Is an
encouraging symptom that the loans increase
So, 0S3, 800, for it indicates that money finds
more employment The deposits also increased
So, 4O3, 900, and the legal tenders TjGS, 400.
While specie has been flowing ont Of the
banks dulng the last six weeks, gTecnbacks
have been flowing in, the increase by
the banks of the three chief cities hav-
ing been $l5,5OO,OOO since April y.
During the same time, the increase in loans
ard in deposits has been moderate: in loans,
from $II3.GOO,OOO T. $4l7,2OO.0 900, and in
deposits from S293, 100000 to 1921, 900.
As was predicted when the sales Of bonds for
resumption began, the banks have gained
nearly rs much in lrgal-tcudcIs as they have
lost in specie.
1t has not been generally observed that the
condition of foreign trade, which has so pow
crfully aided preparations for resumption has
been in some degree due TO the virtual defeat
of the railway combination. Unable to enforce
its will, or to prevent cutting OF rates, the
combination has also been met 10y the lowest
rates ever known in May for water transpor-
tatiou. Th5 average for that month was only
s.3 cents per bushc OF wheat from Chicago
10 Ncw-Yoik, against 90 cents last year,
81 cents in 1876, 1872 cents in 1873,
and POS cents in 1872. Partly IA order to
sustain themselves against this remarkable
competition, and partly because of discord
among Themselves, the railroads have dropped
their rates 70 about - cents FROM Chicago to
New-YOIk. As a consequence, a foreign mar
kct has been found for great quantity Of
grain which, had rates been much higher,
would probably have been unsold. The de-
feat of speculative combinations 10 hold up
the price of grain, though disastrous to in
dividuals, has also been good thing for the
country.
Now that further financial meddling by
Congress is not greatly feared, the Tariff bill
has been knocked in the head, and the near
approach of the date fixed for adjournment
renders any change OF law as to the banks or
the internal revenue improbable, some inn
provcnent in business may be hoped for The
increase OF loans IS not the only indication of
enlarging business Although the sales of
stocks last week were less than twO-tllirds as
large rs those of the corresponding week
last year, and the difference in par
value was over $47OOO,000, the exchanges
at the. Clearing House were 1914, 2S9,O0O.
against S1O4, 4,159,O00 last year, so that there
is proof Of actual increase in transactions not
arising from speculation. The tidings from
the West continue very favorable, and the
! largest crops ever produced are confidently
predicted. One more fiscal year like the one
now closing will doubtless bring us that solid
revival Of prosperity for which the country
has waited so long and anxiously.
GIVING OR LEAVlNG.
Another contest has sprung up over the will