New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-29

Bulness last week was characterized by gen
crll apprehension Of monetary sulnscncy,
and by moderate decline IN prices. Oh
actual stringcncy. but little was felt even i'll
the stock market, and the pressure
there was almost wholly confined 10
the holders Of stocks regarded IL doubtful.
The apprehension of tight money was much
relieved during tie latter part OF the week,
however, ard money was offered nj the close
IN S,turd,v ut 3 per cent The effect Of thc
disbursements by the Treasury for prepayment
of interest and for purchase OF bonds was
clearly felt in the money market on Thursday
and Saturday, although 1t l. palpIblc
mistake to suppose that the effect OF such
paymcnts was seen in the bank statement OF
Saturday The weekly statement of averages
at the beginning OF each days business
usually represents approx mately the con
dit,on of the banks noC later than
Wednesday, but the payments for bond-
purchased were not made until later, and the
prepayment of interest, though it com
menccd on Monday. cannot have been fully
felt in bank deposits or reserves, ~
the sums sent TO scattered holders III
all parts of the country would only return
gradually to the monetary centre for invest
meDt or lending. The usual withdrawal OF
FUNDS for April payments in the interior has
been and still will BIZ in measure countcrbal-
aoced this year by this return of funds discussed
from the Treasury, and such Withdrawals
would also be smaller than usual this year
owing to the fact that the supply of money
in the interior has this year been unu-
sually large. After Tomorrow Withdrawals Tor
l., Il
return of funds dsbursed about April | will
commence. Hence no reason appears in the
con ,ltion Of domestic exchanges to expect
further stringcncy or depletion of reserves this
season. unless it be to-day or tomorrow and
through concert of the large lenders.
The course Of the large lenders and of the
hanks does not indicate that any concerted
effort TO cause stringcncy III the market il
nrohahle Considerable loans were called by
some banks on Saturday, but large deposits
are reported by others. The truth probably is
that the lower prices of stocks have induced
heavy purchases by large operators, who have
provided themselves by heavy loans on time,
and their withdrawal of funds for such pur-
cbases has caused some banks to curtail
loans, while others have not yet placed the
products have induced increased shipments.
and thus have enabled large holders to reduce
the amounts borrowed by them. All these
changes are desirable and will result in "A
tightening of the burdens borne by the
banks and the business community. and In
a material increase of the supply of loan
able funds. The funds discussed, too,
whether for Government bonds and interest,
for stocks purchased. or for products sent
abroad, 90 TO many banks and individuals,
and will be widely scattered, so that the money
market will for a time he less easily manipu-
lated by few strong operators.
There was no Outgo whatever of gold last
week, and the total exports of gold from this
port since January l still fall short Of the
foreign imports Of gold here. The move
ment of silver Is small, and has no effect
upon the condition Of the currency. The
National banks have increased their cir
cuatlon only $682,39 since March 1,
fact which clearly proves that there has been
and is no real need for increased supplies of
currency. The rate Of exchange is below
shipping point, and has recently declined be-
cause of increased shipments OF produce, 80
that no exports of gold now seem probable,