New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-07-19
THE MONEY MARKET.
srSnAY. July tsp. NJ.

Sunday July 1S-P.M.
r .oiua $50 ess. 3S9l of the mercnanu'se ,li-
ine 80 Nav York for the week ended yesterday
\ $40 $40 greater than was .ue N"'u'
"a oos s1Ol Of the merchandise eApo.'ou I'm
~ ~ ended last Tuesday. Compared
Ell ,he same weeks of 1879 the imports sho" d"
,rorease Of S5.246,993, and the exports an ~"
go % 20 49,, 234 Compared with inc weeks %
cle.'S' ara increased 50, 1913 4i3 and the
a,.,orts are increased S2,S3S.299. Inc oalahee VI
80 aralnst New-York the business since Janu-
u" now is S8s 1891 against a balance
a. favor of S62629S to the same date OF
$50 and against a balance in its favor OF
Ipot % All 70 the same date 1878. These 1acts
saes m IRE than usual interest at the present mo-
,rapt because of a good deal of talk about proo-
obIe importation of specie and Of certain specui"
tive coubinatious that are being made up on lhaV
supposifion. OF course il is possible that our eA
- may increase 10 such an extent. and our I'M
orts Of merchandise fail off so much as 10 require
a, mnortation either of securities or specie 10 set
- .he sccount But a moderate estimate of the
onntrv's annual dues abroad for interest and divi-
Sods IN American securities of all kinds. that are
boId tbere seems 10 show that there must be radi
o1cbonqe both in the imports and exports TO permit
g ,o.ia i,nports The balances of imports and ex-
- If merchandise for the whole country for the
Sc months ended May 81. 1879 and 1850, are
"a follows: 1879 exports exceeded imports
s1os. s31. 9s1; 1850. exports exceeded imports
$40 49s 5OI. This shows a balance this year that
q $50 333 AZ less than was the balance Of last
wear. Since May 81. the comparison of the port OF
New-York alone is as follows: 1879, exports in ex'
cess of imports, S6.350,O00; 1850, exports in ex-
cess Of imports $3.50 ,O0O-a comparative loss OF
balance of So 100 900 to be by the foreign
commerce of the rest of the United States to make
haianca of $40 4gS SOD {
OF May 81.
The weekly bank statement presents no features
of specia Importance. The gain in legal-tenders Is
larger and the loss Of specie is less than was ex-
pected Leaving out the gain Of Sl.523, 500 IN
deposits the other items of the statement aoout
balance each other; hence it follows that the H.
crease IN deposits due TO receipt OF country
bank notes or TO some other cause which the state
nent does not explain. The total average reserves
for the week-specie and legal-tenders-are reported
st S9l. 10000 or S21. O10 300 more than the
amount held NJ the same date OF 1879; but an IN
crease Of 500 700 in loans the deposits so
that now the % per cent rule requires reserve OF
S73. Oj9 625 against SEQ, O3s575. the sum required
n wear ago. The weeks movement results in gain
of S7O3 $50 TO the surplus and leaves at
S1s.47l 275 against 10.4S2,02J AZ the same date
OF 1879. The following are the comparative totals
of the statements of July 10 and July II:
Loan. qy 80 ss5 oS s. Dec s riFePS''
spece...- 7os22joo 5999:3039 Pee Pee S g9 go
s3 }55s5 i5s.s 80 B Ss 1872 54fS
The following shows the relation between the
total reserve and the total deposit liabilities:
sr.c. 1ay 49, .7 59E % DEC ss s5853'
Iss fss a 5SIi55cO 5i55550S Inc i5siSc0
ss5s. r5s ese s95 fssa3 Inc Inc .5s5sS
Compared with that of the corresponding date OF
1879 the present statement shows Loans increased.
S29.5S0 700; specie increased $50,603, 500; legal
tenders decreased SOC 59G 800 deposits increased,
So. OSl 200; circulation decreased; S1,04290O
The total reserve C591.530,9O0l now Is 1882 per
cent on the total deposits against 3111 last week
and % sc for July 10. 1879.
Money WAS in abundant supply all the week at
from 10 3 per cent for call loans. the common rate
beng 2ls per cent. The domestic exchanges on New
York have ruled steady. without material changes,
but ST. Louis is quoted % cents premium instead
of par and Charleston 4 discount to Il premium
instead of lsG Il premium The foreign exchanges
were weak, and rates reduced to 81 50 for
sixty DAYS and "a 50 for short sight sterling for
tual business. The weakness IS occasioned by an
absence OF demand from importers. rather than Toy
an excessive supply of commercial bills.
The wand of the magician could not have
wrought a greater change il the temper of stock
sneculators than was witue sstd during the last
week Reports of bad weather and damaged crops
at the West place 10 reports of weather that Is
"sinlplv superb" and the brilliant prospects OF
large crops abroad reported as all blasted IN
single night At one time it was incorrectly re-
ported that Russia had prohibited the expectation
of grain As we wrote a week ago: At present,
however there Is good reason TO think that the
damage to the crops has yet amounted to enough 10
require notice in the aggregate" IL may be well
now to remark that, undoubtedly there was some
damage done that even superb" weather VIII
not remedy and that the bad accounts from abroad
are as likely to be exaggerated as were those from
the West of ten days ago. The speculative posi-
tion perhaps cannot be better expressed than
bv the SAVING Of a prominent operator, date July
8 when st. Paul was 1914. " We had expected
four shearings of the lambs this year; we have
had two shearingS, but they do not feed well for the
third onc"-Date July 10 ST. Paul 7712 " ! think
the lambs will be plenty rs they ever were, and
that we shall import gold within the next sixty
DAYS" But whether the reasoning Is sound or not,
the prices for STOCKS pretty steadily advanced all
the week and the confidence in higher values grew
apace. The business done was not large, having
amounted only TO 1878. 600 shares. Erie, 81
Paul, Lake Shore, Northwest, and Union Pacific
were the prominent stocks both IN amount OF
transactions and advances, but the other stocks
with less transactions, generally were not far be-
hind the special fayorites IN point OF buoyancy
In addition to the reports before mentioned, that
are favorable TO good crops at home and for
foreign demand for them, the burden OF
the persuasons to buy stocks rested on the large
earnings OF the railroads 1t was even asserted that
the Erie Company had earned in eight months OF
az D-n 80 fhaDt ha