New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-03-07


osns raises the deposits so that now the 70 per cent
~. reouires reserve of $6S, 61O,65O against
orr s7O $50 the sum required year ago. Inc
..s,s movement results in reduction OF $oSI'zIo
= ~ deficit of reserve. and leaves 1t at $427Soo
,oaipst S2,3l4,550 surplus at the same date OF
SEQ The following arc the comparative totals Oh
tha statements of February % and March D.
sss e 100 ssEss Dec ss%s$SS SS
asSsisSo al i.ss.ssSe Dee Dec 1915
gss following shows the relation between the
ta,al reserve and the total deposit liablit'es'
.g ss e. ssS Dec s.
tssss Be: Be-:
Compared with that of the corresponding date OF
1880 the present statement shows Losns increased
q, 25o. 900; specie decreased. $316O,9Oo; legal
flanders increased, S1.158800: deposits increased
90 e59 900: circulation decreased. 80 653, 6oO Inc
sot.l reserve 6s, 800 is PASS per cent OF
te total deposits against "a GO last week and 1880
Tor March 9. 1880
The movements in financial circles during the
weak ended yesterday present q striking contrast
with the events of the preceding week. The IRIB-
uyEs positive assertions that the then pending he
funding BILL with its fifth section. could not become
law, were effective in staying panic In the STOCK
Fxcbanse, and In checking bank deposits with tue
treasury for the retirement of National bank crcu-
latiop and aided general restoration OF conndence
n the financial and commercial situation. The
president did not permit the ink of the signature OF
tbe Speaker of the House of Representatives to the
Reminding bin to become dry before the mer1ted
veto was prepared and sent to the House. But all
thia did not warrant the renewal OF reek-
,esa stock speculation which last week pre-
sented. Yesterdays Treasury statement shows
that durioz the two weeks ended yesterday
che actual amount of bonds held for security for
circulation that were withdrawn by deposits of law
fal money was $21.14O,550. The new deposits OF
bonds for circulation during the same time
sneuuted TO $3,3l7 500 The irst-nsmed amount Is
an absolute immediate contraction OF iawini money
the last named amount is @ slow expansion Oh o'lnH
note ejaculation. Yet. il the figures we're Ie'erSeu
vnd there had occurred absolute imitation OF twice
shs onnt of the contraction stock spectators could
hardly have lost their heads more completely than
taey did on the simple stoppage Of contraction 1t
a tsue that there was a report widely circulated
thar the banks "will" be permitted to withdraw
their deposits of lawful money by redeposit OF
bsods bat this report contradicted 50 Tar as any
asoision has been arrived at By Controller knoTs
telegram of March 2, as follows;
.Tbe Treasurer viii. l understand. return green;
backe to these persons who may nave depos,eu
them, provided the bonds which secured tler
c;renia ton still remain deposit and none OF the
ion of the bank has been redeemed from the
deposit. He declines, however, TO surrender gieen
baoks apsn rcdepOsit OF bonds. ~ nte per ee ~
bcuis are again deposited, new certificates must DO
issued"
We have seen that $21, 140.550 in bonds was ac-
tnallv vthdrawn aud that according to Acting Sec
retary Frencs statement last evening" lit was not at
sll probabie that any decision would be made by
him which would change the regulations OF the De-
partment regarding the withdrawal oil lega-tenders
by the National banks; that the question would re-
ouire thorough consideration before 1t couid De
finally determined which could not be given 1t dur
ing the short time he will be at the head OF the
I)apartmeutn II also il true that the expectation
that Mr.. Window was to be appointed Sec
retary of tho Treasury had something OF an
affect upon prices at the Stock Exchange
Yesterday, because of Mr.. WINDOWS financial record
ss legislator But it should be remembered that
President GsrielRs record on the questions OF
finance and currency is particularly sound, and that
he has not deviated from his former opinions is
shown by the following, taken trom MS manHurai
address:
.Tha ch;,f dufy of the National Govern
rseut Ia Connection with the currency of the country
u to coin and declare it's value. Grave douots nave
been entertained whether - money
lsealfender. The present issue OF United states
notes has been sustained by the necesslnes OF war
but such papsr sonid depeia nos aDd ;ts nromp re-
dsmption in cein at the will Of the holder and not
npon It's compulsory circulation. These notes are
not money, but promises 20 pay money. III tne nolu-
ems demand Ii, the promise should be kept"
IL d sale 70 predict that Mr.. Garfield, and not his
escretaries. viii dictate the policy OF his Admins
trstion. within the Law. There probably is less
danger to be apprehended from imitation under fres
idept Garfield than there has been nnder either OF
An immediate predecessor.
The gradual decline in the deposits OF the banks
with the Treasury because Of growing eonVic-
tion that the Funding bill would not become law,
add the smaller demand for money for speculative
purpcses together with some influx of Canadian
capital ssss abe nonsy market so that rates at tho
stock Exehsnse icr call loans declined from l2S4
plus per cent Interest 10 legal interest with fair
amount Oh buainses at tho Close done at per cent
Tho bank rate. howeseF. IL hrin Q per cent. As
moDsy eased the rates fer foreign exchange ad-
vaneed that the nominal rates at the end of the
week are 81 81 and "a s3ls for The q sterline.
against 81 rs ard "a SO, respeetiscsy. w.ek apo.
The early low rates started shipment Of yola from
Engand. and about u 800 OO0iz said 70 be in tran
pit. ne domestic exchsnsss. however. are working
unfsyorabay Ter Sew-york, Chicago aud 81. I,ouis
both guoting discounts sufficient 70 take funds from
here. While New-fork funds st the East are mar
and ~ the South at nominal premium that iusuf
6cient to brig finds from there.
The business in GoysrnmeBt bonds during the
wreck amounted only 10 $877,0O0, aeaip,t
5000. 800 Ter the preceding week Prices. how
sym wefe higher tor The old issues because Of the
fsilars Of Congress 70 pas aprsctieal RefundinR
bL which gives 10 the 8, ami, IS an additional lease
IS Ma add fsf the As and 4iss because the Prssi.
&sas veto Of tho bin thasis pa stopped the sales
q hppk bonds held tor circulation, The final bids
thes saaoess g follows; Adysnces--8A q; d. laj