New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-14
MONEY IND BrSLNESS.

is no longer essential.
MONEY md BUSINESS.
The noteworthy features in business circles
last week were the failure OF the Treasury 20
obtain any bonds, and some consequent haIu-
ening in the money market; new advance III
prices of grain, supposed 10y some To he caused IN
part by the approach of the close of navigation
and the prospect of higher rail rates; an upward
movement of exchange which may betOkcn
some selling of securities in this market for
account of foreign holders continued out
flow of gold. exceeding disbursements by the
Treasury, and an unusually large business for
broken week.
When Acting Secretary French proposed to
take uncalled Sly per cents at par and inter
est, we suggested that the bonds might not be
offered until the money market should become
quite stringent. The proposal cannot there
fore be condemned however, for the Treasury
has not now nor can it reasonably anticipate
n revenue so largely in excess of other needs
rs 10 make immediate purchases of bond, i'm
portant, at a time when the money market
does not require rcplcnishinc. Ii is for the
interest of the Government to buy bonds at
times when it can buy chcaply. Whenever the
to the Treasury at par Until that time, the
accumulation of money in the Treasury
to meet the $lO,OOOOOO of called 3I2
pcr cents which have not been re-
deemed seems not Oaly proper, but duty.
Only 80, slG.95O bonds have been received
at the Treasury thus far of the F2O,oooooo
embraced in the lOjth call and provision To
meet these bonds in December, only six weeks
hence or the redemption of them If presented,
will use up the usual surplus revenue for
obout four weeks. Without impairinS the
bullion reserve now held, therefore, the Treas
ury could not purchase many bonds, prior to
December p, in addition 10 those then called.
As to the reduction of the reserve, on the
! theory put forward 10y Mr.. Gillian, or amy
! other. il is enough for thc present 10 say that
10 Secretary Of the Treasury his yet been
| found willing 10 consent that the security of
| the United States notes should Toe lrsscucd.
An advance in wheat from 81 80 FOL No. ,
Red Winter on Tuesday to 81 l3la on SatUr-
day mt the closing, in corn from G73i to G9l2
cents, and in oats from I7I2 to 5lIi cents,
cannot be attributed to any change, realized or
prospective, in charges for transportation. For
the Chicago market has advanced at even pace
|
expected increase in the cost of transportation
would tend to broaden the gap between
the two markets. Lake frelghts re-
manned unchanged; only 2 cents for
corn from Chicago to Buffalo Amid all
the talk about an advance in rail rates, the
one thing certain is that the railroads were
still engaged in a go-as-you-plcasc" match
up to the close of business Saturday. and there
were no rates that could be called established
or regular. refusal on the part of Mr.. Van
deIbilt to join with the Pennsylvania and
Erie in their latest advance on east-bound
rates is attributed to the refusal of the Boston
and Albany, on account of its rivalry with the
Grand Trunk. Important shippers are mainly
| protected, and the trunk lines are to some ex-
tent tied by contracts to transport at "A low
fixed rate for some time to come Mr.. Wander
| bit is probably keeping close watch of the
| canal movement, and has observed that the
canals have transported since the opening of
navigation only 4,73i,3S3 tons, against
1856, G56 TO the same date in 1880, and that
their tolls for the season thus Ear amount tC
only 1888, SIG, against $1,Oll, 1895 last year
to date. The exports of grain have not ma
terially improved, and are hardly one-third OF
those of the corresponding weeks last year-fol
the week ending November g. from seven At
antic ports, only l,9l7,2O9 bushels against
5,31G, SOC last year.
Until exports improve, any moderate increase
in the movement OF securities in either drcc.
ton will be apt to affect the rate of ex.
change very quickly. A considerable advanc,
in the rate last week was not caused by an,
late change in the grain or provisions move.
mcnt which has been small for some time
and was in spite of unusually large cotton
shipments, which last week closely approached
the shipments of the corresponding week last
year. II is reported, also that sales larqcl,
exceeded purchases last week in the transac-
tons on foreign account in the New YorL
stock market. During the previous we k ,
considerable excess Of purchases on foreign
account had tended to depress exchange, but
the upward movement in securities invite,
some realizations, which may have caused tn,
change in the market for bills. Foreign banks
are not i'm position TO bear any drain from th
side without resistance. The pressure on th
Continent is such that exchange is against Lon
don, and the German and French banks ar
ginning in specie little, while the Bank o
England is losing. Last week. after DaTtin
with about $7,5OO,0O0 in two weeks, tn
bank reported less gold than at any other tim
for years-only $l03,635,S20. To this poin