New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-03-14


.UenClt
Con,,ared with that of the corresponding daIe Of
1880 the praaemt statement shows: lNaus decreased.
SlOO4 OOO specie d-crraSoi, $2,O50.9O; legal.
ttnter, incrt ased 1914 POD; deposits Increased.
Sl2S7 800: circulation decreased 81, 900 lhr
total reserve C,S 34 500 now is - 10 prr cent ut
tn. total deposits against "a ~ last week and - az
for MarUh -. 1870.
The chef Thought IN financial orces last week
was whether or not the Treasury Department
would grant the request that made Dy All lncoii-
siderable number of National banks to redcp0Ht
their bonds and withdraw tho lawful money drpus-
TIED for the payment Of circulating notes The d'e
eision WAS not made until after business hours Fri
day aud Was adveTs- TO the banks. 1HE TkiBt' Ne
FROM the first failed 10 how other conclnsom
e0aId be reached. IL may be- considered a happy
augury that the first Important financial departure
of the new Admins ration ~ warning To sprclia-
tors that they cannot their sch-mes To wani0n
feckessess and then successfully APPEAL u the Adj
mihsiratiOn to substitute the nec"ssi'I1s of AT
emergency for the law. The case OF the banks WAS
that would warrant IA stretch ot authority IL
anything will. Ihey had acted under the pressure
OF necessity OF self preServatIOn forced mp"n tirn
by the Legislative branch Of the G"vrrnmrni aud
Bophistry pleaded that the public gO"d required
that the harm that had been done should be M loro
In the exIssiug laws for such action iukod,
and alter full and deliberate consolidation I'll the
Subject decided the favor vi pormamency,
and not of a monemtarY policy.
The money market last week was IrroEn!at. but u
steadily worked toward easr. from pr cent plus
ia cOInmisson early Im tho week down t0 BOA per
cent at the end. Best classes Of c"nmerc'aI paper
pass at 5l0S6 per cent The i0legn exchange"
again were weaker and actual hnsinoss III sterling
was done at 50 79l4 for 6O-days and "a Sla4 fof
thOrt-sight bills. Further shipments Oi gold ae /"
ported from London. lbc EASTERN. Western ana
Southwestern exchanges oD New York are aganHt
this city, while al the south the rates 'HV"iaoo 10
kew-iOrk only nominal.
The business in GOVernmeot bonds was unusually
active the transaction, al tho Boards amounting 10
$l.349. 500 against $677. 900 for tine proc"'iIng
week Prices we're irregular; the 4sat ono time bsing
very weak the report that the Government would
Bell the remaining S1O4 652 200 OF authorized yer
cents with which 10 relund the maturing bonds. Al
the close there recoveres for the late ISSUES
and the final bids show declines of y cent for the
Dc and q per ceDt for the 4I2, and gam of Il for
The o.. state bonds were fairly active early III the
Week, bat later were dull The TenuesseeH, which
monday sold AT 62 later ruled at about 50l2UBO.
There was nothing III the railroad and miscellaneous
bond markets thai calls for special comment Gem
tuatioDs 10 tie share market
The business in stocks last week was nearly one
third less than the transactions of the prevrons
week. having been 2.2II.029 share, against
1890 shares. The dImInutOn ia the amount of
trading perhaps posse more signlhcaneo than is
ut INST apparent. While the dealings have R,adn-
ally diminished day by day. the market has been
feverish and yet passably strong Until Friday a
hope that the banks wOnld be permitted to withdraw
their lawful money deposited In tho Treasury SUI.
tanned prices. But TO guard against the effect of an
adverse decision a good deal that is sensational was
and Is cr ulated relative TO what the Treasury Will
do TO keep money easy, and about the estimates Of
The surplus revenues OF the GoVernBen As an e.
Innate that the surplus revenues will amount to a
certain sum is only estimate that the Treasury
VIII collect that sum in Of It's ordinary pay
heats. II 10 difficult 70 conceive what particular
penent The money market Ia 10 receive from the nav