New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-07-26
THE MONEY MARKET.

III.
The weekly returns of rhe Custom House show M
| material decline in the values of merchandise I'm.
ported into Ncw-York, the amount for last week
beng S0.58s.477, against exports Of the
value Of $S,915, 702. The imports for the
week were $2,O34,634 more than for the
| same week Of 1879, and tho exports
were $3027.032 more than for the week
Of 1879 To date, the imports since January
amount to 1884, 931 ,215, against Sl70.70il49 in
1879. increase of $114140,076, and the exports
amount TO $2l6.152519 against $3.50 1854 in
1879, an increase Of $46 ,905 The increase Of
imports exceeds the increase of exports by
$67, 761. 16I. The balance of trade against New
York on the business since January 1 now is
$6S IT'S, G4G against balance OF Sl,0l2. 535 for
the same time in 1870. and agaius; balance in
its favor of $23 1877 700 for the time In 1873.
And the figures of this year include unprecedented
exporfation of gram. From New-York the expors
of wheat and corn-rcducing -four to bushes-from
January | to July IL, 1880. was 65.221.740
bushels against 90 j2j 800 bushels for the same
time in 1879; increase 9.696.33l. Bat all the IN
crease made during the last eight weeks. The
other ports during the same time eight weeksD,
also have made an increase and more than equal to
the increase Of New-York For the eight weeks
ended July II. the total exports of seven
ports-New-York, Baltimore, Philadelphia. Bos-
ton, Portland, New-Orleans and Montreal
compare with the preceding year as follows:
Flour-1S79, 233, sS7 barrels 1880, GSO,577 bar
rels: increase. 441.69 barrels. Wheat-1s79.
1O,361,170 bushels; 1880. 90, 4G3.393 bush.
els increase, 121O5,517 bushels. Corn-1s79.
16919,6S1 bushels: 1880 26o5O.l31 bushels;
increase 8, $50 $50 bushels Reducing the -four to
bushels the grand totals are 52.719.909 bushels
for the eight weeks Of 1880 against 2S.i75,282
bushels for 1879 an increase OF 24,244,4l7
bushels.
These immense shipments Of grain are exerting an
influence upon the foreign exchange market, and
for the time make the rates as low as they are. The
bills of exchange made against exports make their
appearance Immediately in the market, while tho
demand for exchange to cover imporrations Of mer-
chandise of the same date may be delivered in sixty
DAYS or even four months. Whether shipments Of
produce are to continue of such magnitude 40
those of the last eight weeks depends upon the re-
suits of the crops il Europe. The American wheat
crop IS now assured a week more of fine weather
will put the Spring wheat beyond danger, and corn
is at least safe from that frost OF" July ~" which
was predicted by the Canadian weather seer. The
important question now. and the one that agitates
tic minds of grain spectators, is what is to DE the
market value OF the new crops. Even with a for
elgn demand equal to that Of last year the estimates
now vary from rs, OOO. 900 to 151 900 bushels
surplus of wheat
The weekly bank statement presents no impor.
tant changes that were not expected. The average
loss of specie about the amount of average gains
made by the sub-Ireasury during the week, aud
the loss OF lega-tanders probably Is less than the
shipment TO the interior, that the state
ment may show larger amounts of both specie aud
legal-tenGers than actually on hand
a5 the close of business Friday. The de-
crease 1865 800 in deposits probably representa-
Shipment of country bank notes to about that
amount. because the expansion of $2,2OS,3OO In
loans is greater than the total 0f that loss
80 100 500 of specie and lega!-tendcrs. The total
average reserves for the week-specie and legal
tendels-are reported at $S3Il0.100, or
SO, 1914 100 moro than the amount held at the
same date OF 1879; but an increase oil S33,935,2oO
in loans raises the deposits 80 that now the % per
cent rule requires a reserve of 81, $1,000 against
$80,S45, $50. the sum required year ago.
The weeks movement results in loss Of
81 SIS G75 to the surplus reserve, and leaves it at
1852, 600 against $l3 ,359 $50 ct the date
of 1879. Tie following are the comparative totals
of the statements of July II and july "a:
5IsjS e 'a3E @ 5 a5sPs
iIS Ssl,icaJcrs SSSI5iSS SS5IsS9 Dec SSl$SS
22 Is4sSS a f5scS B sSS
The following shows the relltlo between the
total reserve and the total deposit liabilities:
Ja IS sc; guy & Dec .i Gse1s
L ss 55IS 55S5Uo sS 3ii5f Dee sSsSS
sau. s57S sS559S s s sssss
Compared " it'll that of the corresponding date Of
1879 the present statement shows: Loans increased
$33 $50, 200; specie increased. s49 49, ,300 legal
tenders decreased $}3, 1885, 900: deposits Increased
1887 .0G0; circulation decreased, sl,0s6,OOO
The total reserve (9S9.410100 now Is 5000 per
cent OF the total deposits against .32 last week
and 40 for July %, 1879.
Money was easy enough all the week. but moro
general demand from Spectators made the rates
a little sitter. and 3 per cent commonly paid
for call loans Dig per cent for tie preceding
week The turn of the domestic exchanges was
against New-York; Chicago weakened from par to
80 cents discount, and ST. Louis from 20 cent
premium 10 90 cents discount. The foreign
exchanges were dull and weak all the week,
rates being reduced about u cent to the E.
1t reported from London that f200.00o
gold had been purchased there in the open market
for shipment to New-York. The shipment. how
ever, has yet been reported, and at the present
rate of exchange it can be made only at a loss.
There is little to add to our daily report of the
movement In stocks during the week. IL has been,
and is the general opinion that everything is favor
able 10 great STOCK speculation, ana. thelelOIe'
there has been a beral amount of buying IN antci-
patton of the expected BOOM" ard hence prices
close the week with an irregular advance, ranging
from to zig per bent-the latter for Denver and
Rio Grande-above figures of a'wcck ago. The final
advances of the week were not accompli she'd
without numerous reactions ana OF some inn
pcrtance, that occurred in the middle of the week.
but great IS the confidence in higher figures thai
each reaction increased the number OF buyers. As
rule, the movements have paid little regard To
comparative merits of the different stocks. Wmlo
Ohio and Mississippi, has gained per cent. Erie has
lost Ia per cent and ST. Louis and san Francisco
common has gained pa per cent. but Hannibal and
81 Jo,eph has declined Il Der cent Tho