New-York tribune., 1879-09-29

August /, only SIC, ,25G.2S3 cane from Orea'
Britain while 81 9, 9,O9S, SOS came from the Cont
nent. and mainly from France. and $4.l9''4o'
from the West Indies and South America
The vaults and the mines of tde whole world
have been instantly put under contribution
to supply this market and the relief desired
has actually been obtained in less time tuah
an extra session of Congress could nave Deeh
convened, organized and spurred by any ifeaK
Of unwisdom into passing a bill for expansion
of the paper currency.
BY paying in the gold imported, bankers ana
business men have been enabled to draw out
legal-tender notes from the Treasury, and have
done so largely The currency balance in the
Treasury on Saturday was only f25. 5.732, ,443 ~
against $50, 900. III 40 a week ago, showing
S4.47O, 331 n had been drawn out IN excess
of all payments to the Treasury. The specie
balance increased only $10S,O77 50 during the
week Payments to the Treasury on ioah
account have been completed during the week,
the last having been made by the First Nauoiial
Bank on Saturday, and the last by the Bank OF
Commerce on Friday, so that the Syndicate
accounts have been entirely closed, except
as TO the small amount due in London'
and doubtless paid there before this time.
In any case, there remain no iurther
payments to be made to the Treasury on 'tiils
side, by subscribers to the loan, WHO
the Treasury has yet TO redeem ABOUT
500. OOO, 900 of called bonds. The disburse-
ment for that purpose will be large III octo-
ber as it has been in September, but CURING
! the past month it has had no effect up0n the
markets because cash has been wlthdIa"h
from the banks as fast as it was needed Tor
payments. With this element of possible dis
turbance and apprehension finally removed,
and with n certainty of large Outpourlng OF
money bv the Treasury, aud a continued IN
fux from abroad, the money market is with
reason easy and quiet. although the bank re-
serves were reduced last week.
The volume of business now being done Is
enormous. The exchanges at this city Tor
four weeks ending September p have
amounted to $20S2 .235, ,542, against 81
G1S,577 for the corresponding weeks last
year. 1t is true that considerable part OIL
the increase of 500, 600, 900 in payments has
been due TO greater transactions III stocks, inc
number of shares sold during the four weeks
having been 6,206,425 in 1879, against
29O3, $50 in 1878, but remarkably large
proportion of the transactions was In low
priced stocks this year, so that the aver
age cost per share is about one-htih less
than it was last year. Deducting double
the value of stocks sold, the remaining eX-
changes for the four weeks still show an In
crease Of 42.7 per cent over last year, and
the transactions at other cities show very
large increase also. 1t is to be regretted that
so much of the business done is of a specula-
tive sort, as in wheat, cotton, pork, petro-
lcum and coa, prices having been unnatur-
ally disturbed thereby. But this evil will soon
correct itself, with a specie basis for transac-
tons, and tae remarkable activity of all
leading branches of manufacture continues
to give assurance that the better times are
indeed at hand.
The virtual termination of the strike at
Fall River, the advance in prices of manuiac-
tured iron, the resumption of work by the
Vulcan and Jupiter iron establishments mt st.
Louis, and the continued large consumption
OF coal in manufacturing, are oil encouraging
signs. A revival of the coal combination at
this time would have checked the confident
progress OF the iron manufacture TO pros
perty, and Is therefore fortunate Tor the
country. The time Is not distant when the
price OF coal Will rise from natural and lcgit-
innate causes the consumption already tTeads
close on the heels of the supply. and threat
ems to pass 1t as soon as navigation closes.
| But the manufacturers can make calculations
| for natural influences in the market. The adj
vance III the price of wheat has been checked
by the discovery, which some men made too
late for their own good, that the price had
been put so high as to check exports. In soft
money times, the remedy would have been
sought at once in an issue of more money"
Under resumption, men who want more keep
the price of products at such point that they
can buy more gold from Europe.