New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-09-23


further EXPANDED to $314,123.5O0, and de-
POSTS to $29s, 92s,70O. That gold in large
amount is still sent to the interior appears
from the fact that the imports OF gold Tor the
week ending Friday were $3,S9O,329, anu
the payments by the Assay ONCE were
$3.s74583, while the Treasury and the
banks together neither gained nor lost any
amount of importance. if the absurd method
of reporting averages" does not IN this
instance widely misrepresent the condition OF
the banks. 1t is true that the largest pay
mcnts by the Treasury were on Thursday
and thus were counted in the bank returns OF
Friday only, but the shipments westward
and southwark were doubtless continued
through the week. That specie amount
ing to S3,SOO,OO0 should be withdrawn
from this city, when the West has
previously been supplied far more than ever
before, and when the movement OF crops Is
unusually sluggish. seems somewhat strange.
A dispatch from Washington, too. says that
the Treasury succeeded in putting out
SS22496 in silver coin last week, and the
new order of the Secretary VIII materially
facilitate the distribution of these CONS
throughout the country. In truth, the demand
in the interior for money of all kinds Is I'M
precedented. But the enormous trade which Is
now pressing Eastern merchants as they never
were pressed before, and crOwdlng all lines OF
TRANSFORMATION westward, will cause immense
payments from the West and South to the
East after q short time so that the dram OF
money now experienced cannot be permanent.
The question is whether it will last long
enough and be large enough, before the re-
turn flow commences, to exhaust the resources
at command of the banks.
Excessive imports form one important ele-
ment in the problem, and the position of for
eign banks is another. Last week the Bank
of England lost E47O.000 IN bullion, and the
Bank of France 10,202, 900 francs, while
the Bank of Germany gained only 7,O2O,O0O
marks. The latter change reduces the aggre-
gate loss of the Bank of Germany to about
$40, 435, 900 for the past seven weeks, while
the loss of the Bank of France i'll the same
time has been $7,180,0O0. and the loss OF
the Bank of England in the same time has
been 54i1, 900. The prevailing belief that
the loss of gold cannot go much further il
the only visible explanation of the refusal OF
the Bank of England to raise its rate OF dis
count thus far, but that belief is not shared
by Continental bankers, and strong measures
to check the outflow have already been taken
| in Germany and France-ln Germany, appa-
rently, with some success at last. The British
opinion is largely based upon expectation
that imports by this country from Great
Britain will increase, as at present they do
increase Moreover The Economist remarks
that "a reserve of 916,OOO,000 will bear
h.fn tha 70 No
"up to keep "a sufficient supply of bullion in
"the country" But loss of $2,35O,OOO in
bullion last week, which has been followed,
since the statement, by further loss OF about
| $3.50, 900. may have reduced the reserve so
| far that precautionary measures against fur
| Their reduction will be considered this week.
| Though the proportion of reserve is still quite
| arge-on Thursday 50 per cent-the com
| and bullion in the bank now amount to
| G27,9OO,OOO, against f35,220,OOO at this
date last year, a decrease of $36,6OO,OOO.
| Reports are now current that orders for gold
| from Europe have been cOuntermanded, ana
that shipments have been stopped.
Domestic business of all kinds is remark
| ably active and prosperous, and all the more
prosperous because there is but little specu
| latlye excitement. Water rates have declined
little; corn is taken at 33i cents from Chi
! cago to Buffalo, 5l4 cents from Buffalo to
New-York, and 9l2 cents from New York to
| LIVERPOOL The decline in ocean rates has
been gig cents since August 1. In the pro-
vision market, prices have declined because
of the removal of speculative pressure upward
at the West. Prices of many products are
slightly lower, though accommodating reports of
injury to the new cotton crop have caused a
slight advance. Wheat improved a little
toward the close of the week because oil the
continued export demand and the decrease OF
| shipments from the West.