New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-11-22

La for me week ended yesterday amounted to
s,-1O679 making total since August of
en- sSS 500. and since January OF S53, 227, 799.
The imports and exports of bullion at this
mort since Jlnuary to date for three years compare
afolOws;
,,,.- ls7sl s7l! !s59 So iss2 zss
EIDSTtt. Seorts dSs94m 5s.2O6sOi 4SS46'S2
befoegoe 2 statistics show that the fore gn move
r.nt If VI lu,s other han of securities the busi
NESS since .inIry L, this year. leaves balance
.rainst TIE port of New-York Of S117.759, ga,
h,le for the same time in 1879 the balance against
was ouly Sis 9o9. la. and for the same time IL
1875 there Sos balance in its favor of $40 32S, 703
The Wees Y bank statement proved to be unex-
,e.tedly favorable because il shows an increase of
=, a9s 400 IN the so-caed Surplus reserve. THIS
sain however was not effected by an accumulation
ofeasb-.h- l5ss of specie amounting to 81 I24.sOO
and of lcga-Jeuders TO S306,000-but by
contraction OF loans to the amount OF
80 100000 which so reduced the deposits
that the amount Of reserve required by the
d per cent rule was reduced S2.959,2OO. The
eauses and methods of the arge reduction of loans
have ELECTED many surmIscs, and several eXplana-
boo, are offered. The most probable one, however
il that Tie absorption of divIdend-paying stocks by
investors largely reduced the volume of that class
of stoe IS that was held on margins. and
consequently worked a voluntary reduc-
hon il brokers' loans. which ID turn
REDUCED the volume of deposits. The re-
ported redue ION Of the specie average is 100000
less thar tae actual gain by the Sub Treasury for
the week ended Friday night, which Is the week
covered by -le bank statement. The deposits are
repored reduced about 100000 more than the
amount called for by the other changes which
nav Offset a discrepancy of the same amount
Oh the other side by the preceding statement. The
total AVERAGE reserves for the week-Specie and
lega-ender-are reported at $75.909. 500, or
s69I7.G0O more than the amount held al the same
date IN 1872 bus an increase of $50, 139. 500 ii
loans raises ue deposits that the % per cent
rule requires reserve Of S73.967. $50 against
So 1873, the sum required year ago. The
week. vement result, in a gain OF S1,43S, 400 10
the surplus reserve, and leaves 1T al $19fI, $50
arains, - 1853 At the same date of 1879. The
following are the comparative totals Of the state
nen,s OF November Is and November 90:
1 10y 81 300 Soy 20 9o r.c D 81 re-, IS
s sS1' Ct5s 800 '' S 5000 0 Dec Dec y Y3
Iessender. IA ss oo oa5 " Pee $1,000 so
tsa l., Y85Ss5SS is5a5ooC Dec 2i70o
TIE following shows tine rell.ion between the
total reserve and the total dsD,slt liabilities:
Isis 1893 55 80 90 bee 2 1850 5:SSS
sa n5a,i le1s ' 56595O I9I6oo IG s I5sI0o
Compare with that Of the corresponding date
Of 1879, dee present statement shows: Loans
increased, S39139,600; specie increased,
R13. SOB 600: lega-tenders decreased $6.9O63OO;
deposits Increased. S45.574, 1907 circulation de-
creased. y 500. 400. The total reserve
go 900 500 now Is % s. per cent OF the total de-
post. agalas 25.17 last week and 27.56 Tor No
vembrr % 1879.
The local money market at the Stock Exchange
fuctualed almost every day between and uer
cent Uut the prevailing rate all the week per
cent Al ban the rates for call loans very generally
we're marked 6 per cent but toward the end there
were md cations that those rates would not long be
insisted upon. There was attempt made To
interfere dryIfcially with the natural working
Of the market. And all dea that there Is to be such
an attempt >eems 10 have been dissIpated, because
time loans are made at 4a5 per cent, and prime
rCmmcrc paper passes at 5G5l2 per cent. In fact,
il begins 90 be realized that the lockng-up Of money
On metallic basis is very different from what II
pape- basis 1t ased 60 be easy to reduce the
banks cash resources by the withdrawal of a large
amount Of lrgal-tenders-a clerk and porter could
walk out Of a bank with 81 0 600, 900 IN greenbacks
ard attract no attention while the handling of |
100000 of gold requires the use of several |
Eeemen Again, the rule of % per cent is now less
regarded than it was fcrmerly--so much So |
that OF the National banks of this city |
have failed to report that percentage OF reserve IN
the weekly statement more than light or Cen times |
durng the whole of year. If three or four banks
may persistentY ignore the law, NAV all, and they
probably would IN the case Of artificial
gency. The banks, IN conducting a legitimate bus
mess. are safe with a metallic Reserve of Is per
cent as formerly they with % per cent In a
paper reserve. THIS is another evidence of the SUI
perlOrty OF real money of intrinsic worth a
erecit money. ifthat credit IS beyond posi- Die
doubt of It's character.
The foreign exchanges dull the week
through, and rates were reduced on the basis Of L
cent to the &. Later. however. the nominal rates
Tor sterling restored, but 1t failed to stimulate
the demand and actual business is done at "a sO34
tor eocays and "a So for short sight. The domestic
Exchanges on New-York ruled about steady. but the
Demand for funds for remittance less than
during preceding weeks Toward the end of the
Week, however, the rates at tine West we're weaker,
Which may indicate a renewed demand this week.
The business done at the Stock Exchange last
week probably the most remarkable in tie his
'ry OF that insttution-not III amount, but Ia the
cnarac'er OF the Transactions This time 1t Is not
spectators that nave run wild, but invest
US With well-fined pocketbooks or surplus
.@sh IN bank who pay for what they
''S and relieve the street of The burden Oh
carving tue stocks upon loans. The later issues OF
government bonds were no exception TO the rule;
s sDe ransacrOns IN them at the Board amounted to
S1'osz.OOO against 81 .O7l, 800 for the preceding
seek with an advance of Is per cent TO l12lA for
&c rs and of pig per cent tor the per cents to
,@s The offers OF g. Of 1880 20 the Treasury,
se1nesday, amounted Ouly to 1924, 200 at
~ sues above the Secretarys limit, and
Oilers were rejected, but dnring the
- sS43,O00 were purchased at 1929. State
80 Sers less active than durng the preceding