New-York tribune., 1878-07-22

O.
Circulation. ..... 10 2j7,3OO 155464OO 19,4Oj 90
The banks are in very much stronger con-
dltion than they have been at this season
since 1875, and the curtailment of loans,
amounting to about $15,000,000 within the
two years, must be compared with the fact
that bad debts amounting to $11,O00,00O
have been charged of by the National banks
of this city alone. According to the reports
to the Controller, the National banks of
this city, on the 29th of June, had
$16,1O1, 1876 due from other banks, and
500 9,419,6 673 in exchanges for Clearing House,
while they reported due to other banks SS2,-
32O, O,264 and held United States deposits
amounting to $12, 67G. 1t is plain that
the great strength of the associated banks is
not due wholly or mainly TO the assistance
which the Government has rendered by
increasing its deposits. The operations
of the Government but for that assist
ance, would thus far have affected only their
specie reserve. through the large payments for
four per cent bonds. but the tine has now ar
rived at which the calls for six per cent bonds
begin to mature in rapid succession, and, in
stead Of pressure for gold, there will soon
he n supply greatly in excess of any demand.
Demand exchange on Saturday WAS weak,
with transactions at "a S5A to 81 S5l2. The
only gold exported last week was $3.50 to
Aux Cayes and of silver only $7l,000 was
exported, nearly all Mexican. The continuing
excess of exports of domestic produce over im-
ports, and the prospect that very large crops
of grain and cotton will go abroad this Fall,
lead to n general expectation that imports
of specie from Europe will begin very early.
According to the most trustworthy reports from
the West, it is safe to expect that the large
crop OF wheat last year will be exceeded by
about II per cent this year, and the cotton
reports prepared by The Financial Chronicle
are held by that journal to give promise
of q yield exceeding by 100000 bales
the very largo crop Of the past year. Even if
these anticipatOns are not fully realized, there
will probably be more grain and cotton for
shipment to foreign countries than there has
been during the past year of unprecedented
exports, and there Is no reason to suppose
that there will be smaller shipments of pro-
visions, petroleum, or other products. For
manufactured articles, the foreign demand is
steadily enlarging, and American producers
are learning every year the better TO meet it.
No considerable imports OF bonds now occur
or are to be anticipated, excepting the small
proportion Of the called skies that may yet he
held abroad.
Everything points, therefore. TO early and
large imports of specie while the present con-
dition OF the banks is unusually favorable for
ease in the money market. Transactions are
not large; in part because of the extraordinary
heat last week, the exchanges fell short, IN
comparison with those of the corresponding
week last year, about II per cent. But
it is an encouraging sign that in spite Of the
remarkable weather and the large decline OF
prices since last year, the decrease in values
exchanged was not greater. There is a much
more hopeful feeling as 70 the future and
general confidence that the speedy resumption
of specie payments will restore steadiness and
prosperity to trade and industry.