New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-10-20
BUSINESS ACIIJJIIfS.

After one more week such rs the last, the
hanks Of this city would hold more specie
tlan lceal-tcudcrs in their reserves. They
hold, according to the report of Saturday,
S33.Oq7. 200 in lcgai-tcnders, having lost
$3.50. 500 during the week. and S26,5N3.GOO
IN specie. having gained S3,S17, 800 during
the week. There Is reason for believing, too,
that the reported average was considerably
smaller than the actual reserve of specie held
on Saturday. For the Treasury report shows
that $s,s91 500 81 in specie has been paid
out 10y the Treasury, in excess of all re-
CENTS i'm specie, since October 4. But
the bank average" according to the report
of October IS, is only TG,231,JOO
larger than 1t was according to the report OF
October 4. 50 that 81 ,G47, 900 i'll specie ha,
gone out of the Treasury within two weeks,
of which the banks have not yet acknowl-
edged the receipt. 1t is well known that
spccic is not sent into the interior Low the
banks in any considerable amount. What
they send away to the West and South,
or i'm response TO demands from other
Eastern banks, is almost wholly III cur
rcncy \ little specie, hut evidently not
IA large amount. has been absorbed III
private boards or placed on deposit in trust
or deposit companies by individuals, or taken
for personal handling but il seems probable
that the banks have already received since
October fully $2.O0O,O0O more III specie
than they have as yet added to their reported
averages. AS payments Ivy the Assay Office
for specie already received from abroad con-
Time AT the rate of about 100000 daily,
while more specie continues to come from
Europe. it is evident that the banks will prob
ably have on hand more specie than legal
tenders, by the end of this week, If the out
flow of legal-tendcrs does not cease.
The transactions of the banks are of cnor-
nous magnitude, and only part of the in
crease can be attributed To dealings in stocks.
The exchanges last week amounted TO
SOS. 900. 746, or $57,00O,O00 more than
those of the week preceding. and yet the
sales of stock were 100000 shares less in
number. and about So, 100000 less in mar
ket value, than those of the previous week.
Compared with last year. the exchanges for
three weeks ending October 5 show an in
crease Of 20 per cent, and after de-
dnctng double the market value of all
stocks sold from the exchanges of each period.
the increase in the remaining exchanges.
winch may be presumed 10 originate in other
than stock transactions shows an increase of
over 10 per cent Not an inconsiderable part
Of this increase is due to an advance in
prices. One year age, in October. 1875,
nri,es of commodities touched the lowest
point for thiIiy-fyc years. and the reaction
IRON that extreme depression has been rapid.
Indeed it has given rise 10 great activity of
speculation III many products, well as in
stocks and bonds, and to that kind OF spccu-
Ia. ion part of the increase in Clearing House
payments Is due.
Since the frs week in September the price
of mess pork has risen from So 50 10 so 20,
a gain OF Is per cent; the price OF refined
petroleum has risen from Gis cents To ~,
cents, "a gain Of 81 per cent and the price
of No. red Winter wheat has RISEN from
81 10 to 81 u, an increase of 81 per cent.
The great advance III the price OF cotton
occurred earlier, and since the middle OF
Scptcmbcr when mLlmg upllnds sold for
l2aS cents. there has been decline
of . cents, followed within the past two
weeks by another advance Of y cent per
pound III iron, and ~ some other articles
thc recent advance Ia prices h.s been even
greater than IN either of the products above
mentioned. The clscrne>- of buyers 10 secure
supplies, and 10 anticipate some part of the
advance IN price, has been supplemented by
enormous speculative purchase, until il il
doubtful whether the present prices of many
inpoliaut articles can be maintained.
In wheat, for example, the quantities sold
in this market for two months past have been
from three to five times the quantity received