New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-05-23

"a. 4. -
II +, uncertain whether ia" amounts given in
telr,riulic di,pat,hcs inrudr all the n"uica-
tiou- received at Washington. both for regis
tered bonds held for banks and for coupon
bonds. and it j. probable that they do not IN
cl.d. an, notifications received al the London
agency in that c.r'', the actual snrcc,N oi the
orcf,.ion thus far ms been even g;cattr
than M, reports Indicate. There - d
General mi.lppfc hcnsion. however, III rrsard
tn tie amount Of three aud ball
Der cents To- be- issued in exchange for FIVE
ucr cent bonds, The amount OF the latter out
,taudns Wa, was SijG.o22.9jo, 81 which
~lC.Ir~.3IO were covered hy the lolsl call.
and therefore could not hr extended. of thr-o
called .onI. $5.9lu.9i0 had been tahrn mp
Nav H.. when the exchange for three and a.
half per cents bccan leaving outstanding ai
that time 5000, 500 called bonds, and
SI39.S2l. 900 uucalLd. OF the latter the
Treasury proposed to pay ah"nt S'H"o',uoo
rrci-,,r,d. leaving about SjG2,N2 LOCO that
COLD be- exchanged ut the request of holders
for thrrr and II half per cent. Nearly three
fftlls Of these have already come in during only
eight DAY., and the fact i4at the new bonds
command q premium Of - per cent indicates
that thc rcnairin. az l.at.on- admissible will
speedily Ice received.
II Is curious, however. that the holders Of
about $1,000. 900 Of the slx per cents neg
lrctrd To get them exchanged 10y the ooh
inst. vhcn the time fixed for receiving appli-
cafi..s expired. Though this is little more
than per cent of the original amount covered
10y tire invitation of the Secretary, and th"-c
were deemed extremely san@l.lnr who c,tl-
mated al the outset that - or 90 per
cent OF the siXc, would he extended, it
il strange that holders deliberately threw
away the opportunity Ia make profit of
SGlO 1000. On Friday 1OGla was bid for the six
Der cents, and ON Saturday only lO2la, because
the opportunity to exchange them for the three
and a half per cents had passed. Those who
carlcSsy or obstnatcy held them threw away
j per cent by doing 80. The probable cxplana-
ton is that the greater part of the $lG,OOO,OOO
belongs to scattered holders, in this country
and abroad, who failed to yet notice of the
call for THEN bonds, or to persons who's. con-
captions of their duty n trustees led them to
make other disposition Of the funds in their
charge.
1t is not strange in view of thcsr cnOrmons
operations, that the money market was ex-
cessiycy easy last week, closing at about 2l2
Der cent for call loans on stock colatcrals
For il is now certain % that about & ,OOO, OOO
will he at once discussed 10y the Treasury in
prepayiS interest on five per cents extended 4;
| (2) that about $4,000, 900 will be discussed
July | in redemption of the six per cents (:
and (3) that the Treasury will have in hand
! the resources 10 redeem about ST.. 900. 900 Of
five per cents August II. With these Day
mcnts, the five and six per cents will be ex-
| tinguished, and without the need of selling
any four or four and half per cent bonds
But these large disbursements come upon n
market already plcthoric with money. The
New-YOrk banks report for the first time
in their history over $SO,O0OOO0 of
specie Notwithstanding the Increase Of de-
posts to $32GG11, 700-an amount far be-
vond all precedent-the banks hold in reserve
$lG,73S, SO in cash beyond their legal require
ments. SO great is the accumulation of unem.
ployed money that the deposits, "a reported
actually exceed the loans, although the latter
fall scarcely below the largest return ever
| made-the 1926, 10000 of November 13,
! 1880. During the past week the aggregate
of specie held by the banks and the Treas
ury increased $5,40O000, of which only
81. 200, 900 was by transfers from the Mint,
and the aggregate of legal-tenders increased
about 81, 10000. The state Of domestic ex-
changes il such that the flow of money hither
from the interior is likely to continue, and the
decline of foreign exchange, with large ship
monts of securities to Europe, indicates that