New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-27
.coins. $3.50 600, 900 for the six days pre-

against $685., 100000 for the SIX days pre-
| cediDg. .Lo
Comparatiye case in the money market na9
Tins far been produced less by the assurance
that the Treasury will begin large ois-
bursements this week, than 10y actual arrivals
of specie from abroad. The large pay
mopts bv the Treasury for gold deposited I'D
the ASSAY Office during the week ending De-
cember IS, did not have their full ehect upo"
the banks or the money market uh''i "',o'
that week had closed. The banks were re'"
forced on Saturday, the 18th, by payments
from the Treasury amounting to Sl,oVo,o9o
in excess of receipts, and retained nearly the
whole of that gain. according to Fridays state
rnent. showing that only little specie went out
of the city during last week. On Ell.
day, too they were again relhio'oo"
by Treasury payments exceeding receip's
by 1881, 551, so that they doubtless pegin
the new week with larger reserves than their
statement indicates. The surplus Is not large
enough. however to place the money market
entirely beyond the control of large lenders,
and it will be remembered that funds required
for January payments by many corporations
and municipalities, though used IN the mar
ket as long as possible because the rate OF
interest is inviting must be withdrawn III inc
end of this week, and scattered to bond
hOl lers all over the country. 1he present
effect of such disbursements, which amount 70
many millions, must he to lessen rather than
increase the amount available III the money
market. large proportion OF the holders Oh
these sccur les require the interest Wheh
received, for personal or family expenses dur
ing the coming quarter or half year. so thaC
tine money paid to them returns to the market
slowly.
For greater ease the money market rehes
mainly upon "new money" that is to come
from the Treasury The immediate effect OF
these payments. however, may easily be over
estimated. Out Of $13, 7S9. 691, payable Jan
uary as interest $lO,2GO,602 will go in
Treasury checks direct to each of more than
fifty thousand b0ndholders, who are found
in every State A part of the rem inder
will 90 to bondholders in Canada
or Furopp The amount coming into this
markc. not for Immediate transfer to bond
holders elsewhere, will hardly exceed
s.. 600 900. and part of this will be retained
by individuals for their current expenses
Last January the payments were larger than
they will be now, for the amount of SIX per
cents outstanding was larger by $6O,OOO,OOO,
but the increase in bank reserves from De-
cembcr 27 to January 10 was only 81, SAB, 400.
The domestic exchanges were at least as
favorable to this city tnen as they are now
The bonds which mature January l have not
been brought in by the offers of the Treasury
during the past month, though there has been
premium paid for the use of money most OF
the time, and it is probable that they are
widely scattered, and mainly IN the hands OF
persons who will not make haste to present
them.
The Bank of England lost a little more
specie last week, and its reserve is now re-
duced to about $123 100000, but it was not
thought necessary to raise the rate of discount
again. The Bank of France has gained over
So 900, 900 in gold during the last three
weeks, though its central reserve was reduced
at latest mail advices 10 $35, 6SS, 764. The
shipments OF specie from Europe depend at
present mainly upon the foreign purchases of
American securities. Until the very recent
increase the export movement had been rela-
lively light. Last weeks imports of merchan-
disc amounted to SIS, 0S2, S8S. while the ex-
ports for the week ending Tuesday last were
only So, $50, 474. But 1t is reasonable to ex-
pect that the recent decline i'll prices will soon
bring about larger expectation OF bread
stutfs