New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-16

During the week ending September 10,
1870 the imports of gold reached the maxi
mum, having been stimulated by the sharp
reaction in prices and contraction OF loans
which had followed III August the reduction
of the bank reserve almost to " the deao
"lineu This year the movement OF specie Is
about q week earlier. But the banks are I'D
much stronger position than they hein one
year ago, for, by the statement OF August 10
1879. they showed a surplus reserve OF ONLY
81, 4O8. $50. The surplus is now larger by
IS. 800. 900, with imports of gold during the
last two weeks exc eding by $j1,440,95O
those of the corresponding weeks last
year. In short, imports OF specie laS'
year were forced by the rapid exhaustion
of the supply OF currency at New-I0rk; TINS
wear they have begun enough earlier, 1t
NAV be presumed, to defer until late IN the
season. if not to prevent altogether, any
stringency or disturbance in the market
As to the probability of large imports Of gold
hereafter, it may be noticed that merchandise
imports last week were smaller than they
have been in any week since January, except
the week ending June 5, when they were
about the same. The decrease may not be
lastng But It indicates that check has been
given to the current of lmpOrtahons. and that
too Just at the time when exports OF DO
nestle products are about to increase
The excess of exports over imports ID July
will probably be followed 10y a still larger
excess in August and in the remaining
months Of the year large excess of exports
is naturally expected. Dispatches from Lon
don, dated Saturday, state that the wheat
cutting has commenced. and that, while the
crop is fair in Essex and very good III Devon
shire. it has been seriously injured, and the
prospects are very untavOrable III the midland
counties and in Lincolnshire and Yorkshire
This dispatch indicates that, while the abSo-
lutte deficiency in Great Britain will not DO so
large as it was last year, 1t VIII probably
be large enough TO require importa-
tions of more than the average for the
five years 1S75-79 or about l2O,OOO.OOO
bushels. But stocks are much exhaust
ed, and the price at which wheat will be
offered by this country is likely to be very
| low. so that a larger consumption will be en-
couraged Moreover. the prospect is that Rus
STA will be less able than usual to assist IN
meeting British needs. In France. too, ac-
cording to the London dispatch, the yield
seems to fall below recent estimates, so that
an importation of 21,000,000 to 26,OOO,OOO
hectolitres-from 5S,O00.000 to $4,000, 900
| bushels-will be needed. Dispatches also state
| that the crop prospects in Germany are gloomy
| 1t may be inferred with reason that low prices
! here will probably cause exports o. gram nearly
or quite as large as were made ut higher
| prices last fall.
Very large crops, of cotton as well as OF
| grain, are coming into market rapidly, and will
| seek foreign markets at a lower range OF prices
| than was established at this time last year
Moreover, in the fall of 1879 United States
bonds to a large amount were shipped TO this
| side in order to escape exports OF specie. 1t
| is important to remember, too, that many
large blocks of railway stocks and bonds were
| sold to this country upon the rapid advance
last fall, because foreign holders did not
comprehend the nature or importance OF
| the many new consultations or other Or
| rangements in progress. and did not believe
that the advance would be maint lined
| This year the situation Is very different.
United States bonds cannot be sent
| hither In any large amount The demand fol
| good American railway securities is now de-
cidedly stronger in Europe than it is here, and
| large purchases on foreign account have re-
| Gently been made Thus Europe, instead of
paying for needed food mainly in bonds and
stocks, will be Obliged this year to pay fol
large amounts of securities bought and for the
needed food beside. These considerations
make it probable that imports of specie will
be quite large this fall, and it is even possible
that the amount may be as large as 1t was last
| year. At all events, there is no reason now to
anticipate that specie imports will not be large
| enough to prevent any serious difficulty i'll the
money market.
Every one who walked in the Park yesterday
md all the city seeIned 10 be there-was cnrscinns