New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-29
GRAIN And COLD

GRAIN AND GOLD
At last the balances in the Treasury begin
to diminish. part of the boarded gold is
being paid out for bonds $1,6OO,O0O was
paid here on Friday and 81 100000 on Satur-
day. These payments had little effect upon
the statement of bank averages for the six
days ending Friday, which, as usual, probably
represented the condition of the banks about
Wednesday. For the Treasury balances were
largest Thursday, $3S6,OOO having been
drawn from the banks that day, and were
larger than they have been for long time.
On that day the increase in specie balance
since the last Wednesday in July had been
$15,346,279, or nearly 100000 per week,
but So, 100000 had been gained by transfer
from minis. The loss of the banks from the
last statement in July to that of Saturday,
August 81, was SIS, So, 900 of specie and
$72O,9OO in legal tenders, so that during the
four weeks about SIS, 900 had been taken
from the banks for all other purposes, and
$13,246,OOO for payments to the Treasury.
The greater drain has now been stopped.
Though the Treasury paid out on Friday and
Saturday only about 81, 100000 more than it
received, so that the banks were probably a
little stronger at the end of the week than
about $6OOO,OOO of the called bonds have
already been forwarded for payment, or
$50, 900 more than has yet been discussed
for them here. Hence some further reinforce
ments of money from the Treasury are to be
expected.
The arrivals of specie last week were small
only 1921, AIS. But the amount on the way
hither has greatly increased, and it is esti-
mated that at least SO, S4S, 900 is now on the
sea, not including 100000 reported early
in the week as having been taken in Paris for
export, part of which has probably been
shipped without Geographic mention About
$500, 600 is already about due, and 81, 900 900
more will be due about the close of this week.
These large receipts will give the banks the relief
which their statement shows they need. But
for the certainty that such achievements
were at hand the money market would hardly
have remained comparatively easy, with the
reserves So, ,O25 below the conventional
limit. Under the circumstances, the banks
have been wise in avoiding such contraction
of their accommodations as to cause stringency
in the market, and it will be noticed as q
significant feature of the bank returns that
$2S,O00,000 has been taken from the de-
posts since July 80, with a decrease of only
$4,000 600 in the loans. Last year both loans
and deposits moved gradually but steadily up
ward from the end of July until the middle of
November.
The stability of the money market and the
| safety OF the banks are not threatened by any
extravagant speculation in stocks. The sales
last week were only moderate in amount. In
the grain market, however, the speculation has
been very active, and sales are recorded of
nearly 100000 bushels of wheat, 6, SOC, 900
INf of
| course of prices has been upward, No. 2 red
winter wheat closing at 81 44a4 against 81 39s4
| on the Goth, and1corn at Zig cents against 20
| cents In oats there has been no considerable
| change The continuance of the speculation
at Chicago and other Western cities is
| an unfavorable feature, though it has
been supported by some increase in the
demand for export, and by gloomy news
| as to the crop in Great Britain. 1t is evident
| that the British demand is going to be larger
| than 1T was last year, and journals having spe-
cial facilities for information in regard TO the
| home crop of wheat are still differing widely,
some claiming that the yield will be much be-
| low 40O,OOO,O0O bushels, while The Commercial
| Bulletin estimates that it will be about
| 29,000,000 bushels. AS to corn, the diver
gence is still wider. The Bulletin complies
| that the decrease will not be more tlAn
| S9,00O,O00 bushels 5al per cent, whsle
many other journals claim that it will q
coed 35O,OO0,O00 bushels Apparently thy
put no faith in the report of the AgH
| cultural Bureau, showing an increaA
of 1882 per cent in acres planted in corn, bu.
prefer to place entire confidence in the reporl
of the same Bureau that the condition of the
| corn crop declined from 90, July 1, to II,
August /. On the other hand much damage
| has been done in August by drouth, for which
The Bulletin did not make allowance.
There has also been an unusually active spec
ulaton in cotton during the past week, sales
having been over $4,000 bales, with sharp
decline in prices until Wednesday and subse-
quent advance. On Saturday, the Goth, mid
ding uplands sold at 12l4 cents, fell on Tues
! day to 12ls and closed on Saturday at 1924.
The crop year, now nearly finished, will be by
| far the largest in the history of the cotton
| movement. Already 5,S50,000 bales have been
received at the ports, against 4,942, 1923
for the previous year to the same date, and,
| after adding for three remaining days of
the year, for overland movement, and
for Southern consumption (about 2O5,O
bales), the total crop of 1850 viii apparently