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


That the prevalent anxiety was largely manu-
featured, and the temporary fits of strlngency
due to manipulation, may be inferred from
the fact that money has been freely supplied
throughout the past week at per cent or less
on commercial paper, and at some time dur
ing each day much below per cent on call
loans. Since the purchase OF bonds on
Wednesday, there has been no excuse for ap-
pretending that the market would become
stringent excepting as the result OF ma
nipulatiOn by spectators, and the strong
est parties in the Street are under
stood to be array,d against any effort
In that direction. Hence when it became
known that the Treasury would pay the mar
ket price for bonds, and had the means avail
able for the purchase Of S20,OOO,OOO or more,
the decision in respect to the banks ceased To
be of any immediate Importance, and its effect
on Saturday was quito imperccptiblc. The
banks too, are in n much stronger position
than their report of averages indicates Tins
report if in other respects trustworthy, can only
show their condition about the middle of the
week but on Wednesday, the 9th, the Treas
ury had taken from the banks ,lI2,
which 1t did not EolG on Wednesday, the I'd,
and vet their return shows an increase Of
1871 800 in cash reserve. The Treasury re-
cciycd on Thursday S3,j0O,0OO from the
Mint. aud vet paid out between Wednesday
and Saturday $1,flS,2O0 more than It's entire
receipts from all sources. Hence nearly
5000, 900 went into the banks during the
latter par, Of the week with little effect upon
their statement. They deposited during the
wcc3, ending Friday S2,OO0,OO0 in gold IA
their vaults at the Bank of America, and
checks for 500 900 in gold, which was re-
ccvcI by the Assay Olirc on Wednesday,
were not given until Saturday. Neither this
rayacnt nor the - 100000 imported specie
winch arrived on Friday had any elect upon
the statement.
The imports Of specie last week were
81 .GU-. U7G, making the gold imports AZ Now
Yul, thu, far SG,33lOOO since January l,
ayln,t %Slg,7l3 to date las year. During
the wees ending March Is, iSsO, %7oO.S1O in
gold WAS exported, but the total exports Of
cold this year thus far have been $llG,2lO,
tie shipment of $3jl,o0O specie last week
Having been wholly of silver. About
5000. zoe in gold 10 now on the sea, and
snJud arrive within a week from to-day.
Otncr shipment, from abroad are prohah,r,
Lccau-r the heavy purchases of securities
made recently have not yet been fully paid
for. aud because the import, at This port
continue To- fall below aul the exports
- exceed those Of corresponding weeks
last vclr In March, 1850, the excess
Of merchandise exports o,rr imports, at
all pnrt, of the United States, was
50. lc3.JSG. This year, thc imports at New
York Tor The last two weeks have been
&C., - I,u I b,
corr,.pondins Wcch, last gear, Il decrease Of
SlOl3.2jS, while the increase in ey-
polls during the first week of the mohth
WIS Slllj.3l3 These facts indicate
that the trade balance IN favor OF this cOun
fry will be- more than ~ 100000, at the
lcIsL The rotr OF exchange and the aCcunua-
zion of gold ~ the principal foreign banks
favor continued imports OF specie. The Bank
of England increased its reserve $2,Glj, 900
last week. and now holds ~ ,j5J, 1000; tho
Rank of France increased its gold reserve
$500 600. and now holds Sill, GS2,000 in
cold : and the Bank of Germany lost only
$50 600 in specie, and now holds
81 ,G.GGj, 900. The latter bank has gained
SIGOsO,O0O since January 8, and it may
be presumed that the gain has becn mainly in
gold.
The outflow of money for April settlements
il therefore the only remaining cause Of
nrobabe depletion of reserves in this market
From March 10, 1880, to April 3. the banks lost
81. 25S, 600 in gold, and $SO1.900 in cur
rency. Iuto the channels of circulation through
out the country have been poured, during the
mast wear, not less than $50,000,000 gold,
s.. 500, 900 silver. and So, 100000 paper
currency; in all nearly $103,0O0,000 1t
does not seem probable, therefore, that the
demand to supply any temporary want in the
interior will be as great as it was one year
ago. But, to provide against possible outgo
of So. OOO, 900, the banks have $1,OOO,O00 in
gold from abroad already here, and to be paid
out by the Aassay Office to-day or tomorrow,
So 900, 600 more on the way, to be received
within il week, and the assurance that the
Treasury will take So, 100000 or $40 100000
more of bonds whenever occasion may arise.
Business during the past week WAS active,
with fair movement i'll cotton goods, q
rather sluggish trade in wOOllens, a specula-
tive advance in provisions, improved trade in
iron, wool, copper, naval stores, rice and sugar,
q stronger market for corn, some decline and
active dealings in flour and wheat, dulness in
petroleum, and an active trade with declining
prices in cotton. The price of middling up
lands fell from 119s TO 10l5le cents per pound
with sales of 3.14l bales for export and 2,346
for consumption; the sales for future delivery
were 1000, 900 bales, and the decline for May
from 1128 10 1910 cents. Wheat declined
sharply during the first half of the week, but
recovered III part and closed III good demand.
Petroleum declined to $685. for crude certif-
cate "a Friday
The volume of business in the aggre-