New-York tribune., 1879-12-29
4 PROSPEROUS BUSINESS YEAR.

The last bank statement of the year leaves
the New York banks without any consider
able surplus. But the order TO commence to-
day the payment of interest on the public
debt without rebate was received on Satur-
day, and it is now clear that there can be
no further stringency for some time to
come. The interest coming due January
l is about $1S,OOO,00 and the Treasury Is
prepared to pay the whole, if called upon, but
il is presumed that at least One-tlird of the
amount will be disburscd at once. The currency
balances in the Treasury are so low, however,
that the banks and their customers will be
obliged to take payment mainly. if not wholly, in
coin The Treasury reported on Saturday only
S6,3OO,7 in legal-tenders on hand, against
Sc, ,546.917 on the Saturday preceding. and
at the beginning of the month it held at all
depOsifories not enough currency to redeem
the outstanding certificates of deposit beside
the funds for the redemption of bank notes
The banks, too, hold less legaltcuders than
they have held at any time for many years.
but more specie, and the payments of this week
will doubtless swell their specie reserve with
out adding materially to their supply of paper.
They hold only $12,OOO,OO0 in legal
this time last year; but they also hold
nearly $49.000,000 in specie against
only 10000, 900 last year, so that the aggre-
gate reserve remains about the same. There has
been an increase of about $4,000, 900 in
deposits and 100000 in circulation, how
ever, while the loans have increased
$40, 100000 since the last statement of 1878.
The year closes without apprehension or
disturbance, although the banks have been
pushed closely by the demands upon them,
because it is known that the disbursements in
January are to be extraordinarily large. Besides
payments by the Treasury, there are others on
State, city, county, railroad and other corporate
bonds. and dividends on stocks of many cor
porations, including a great number of
manufacturing and mining companies
The past year has been so prosper
rous that the proportion of interest
and dividends paid to capital invested
will undoubtedly be greater than it has been
at the close of any previous half year since
the panic, and, considering the great increase
within six years in the amount Of capital IN
vested, il may be safely inferred that the
aggregate of these payments VIII exceed
the half-yearly disbursements at any pre-
ceding period in the history of the country
In the reinvestment of these realized profits
probably exceeding $10O.00O.OO0 in amount,
a great impetus will be given to the dealings
in all good securities, and to Il great variety
of Industrial enterprises.
With the close of the year. also. very i'm
portant change takes place in the legal rate
of interest. Loans on mortgage IN great
number will be called III at maturity. because
of the reduction in the legal rate from to
per cent, and it is probable that many of
them will be permanently extinguished. u
year of unusual prosperity having given
to many debtors the means Tor payment.
In these cases the funds received 10y credit
ors will seek rcinvestment in other forms. and
safe securities that pay as much rs six per