New-York tribune., 1881-12-05
BIyKS md BUSINESS.


loss of 81, 7O3,3 300 in specie. This seemed to
surprise many persons, though it would have
been anticipated had they remembered that
the bank statement of averages ordinarily
shows approximately the condition of TIE
banks on the preceding Wednesday. The
Treasury increased its balances from
$oo. .Sj9,919 on Wednesday, the 23d, to
%91. 5000 or Wednesday, the 3Oth, without
receiving any thing from the Mints during that
time. 50 that a loas Of nearly S3,OOO,OOO by
the banks should not have been surprising.
But on Thursday and Friday the Treasury
paid out 81. 100000 in excess of its receipts
otherwise than from the Mint, so that the
bank averages for the week were improved,
and the banks were evidently in a stronger
postion on saturday than their statement of
averages indicated. The report that large
sums have been sent To ths West does not
Seem to be borne out by the Official
statements for the Treasury and the banks
together hold more money, after dcductlng
81, ,OOO, 900 received from the Mint on Thurs
day, than they held a week ago. Nor do the
statements justify the common impression that
the Treasury has been drawing largely from
the banks during the past month On The 3lst
oi October the Treasury here held TSl, S3l 300,
and on Saturday, December Sd, its bal
anccs were SgO,Ol3,966, but it had re-
celyrd in the meantime $1,000 900 from
the Mint, and, therefore, could not have drawn
more than $l,2l2, 500 from the banks, IN
excess of its disbursements 10 the banks,
during the whole period of nearly FIVE weeks.
Nevertheless, there is general Disappointment
at the course adopted by Secretary folger.
Spectators had persuaded themselves that he
was going to provide some way for the inn
mediate disbursement of many millions. Many
persons of this class seem To thank IL the prin-
clpal dnty of the Secretary to furnish all the
money that they can absorb IL speculation,
whether lac has withdrawn any from the
money market or not, and men are growing
because hc does not pour out money more
freely who would bc the very first. II he
should do So To attribute his action to IA cor
rupt motive, and to suppose that hc had been
buying stocks. his not the business of the
Secretary to supply all the money that Is
wanted whether gamblers want much or little
II his operations have unnecessarily depicted
the money market at any time, he should make
early provision to diSburse the money thus
Withdrawn. Beyond that, he ought To leave
all sorts of spectators to look out for them
selves. I'm his call for bonds, he has gone
fully as far as 1t was proper or sale to co.
and this step was taken, no doubt, IN or
der to open a door through which diaburSe-
mcnts might be made toward the close OF
tbe month, if money should then begin
to accumulate in the Treasury beyond its
needs. rather than with any expectation that
&. fl'Y.... rtst
or any belief that it was really needed IN the
market at present Even i'll that precautionary
stcp. it is doubted by many conservative
persons whether the Secretary has not gone
further than the surplus revenues within the
next two months will fully warrant
Stlingency in the money market was caused
last week rather by considerable sales OF Sc
curities on foreign account than by any ship
ments of money to the interior. The quick
rise in exchange stopped imports of specie,
and served as a reminder that the movement
of products was still unsatisfactory. In the
one item of cotton, the decrease in exports
for the month of November must amount to
nearly So, 600, 900. For the reported exports
were only ASS, $50 bales last month, against
55S.522 in November, 1880, and the bales
averaged lighter in weight this year by about
9 pounds each. The movement of petroleum
has been large, but at comparatively low
prices; in four weeks of November, 43,S75,275
| gallons were exported, against 2O,59739l
gallons during the corresponding weeks last
year. Unhappily, the export trade pre-
sents no other feature as encouraging
as this. OF pork, bacon and lard, the ex-
| ports from November 1 to November 26 were
| SO, ,956,6S2 pounds, against SS,92O,737 fol
the corresponding weeks last year, decrease
of thirty-two per cent. The shipments of but
ter and cheese have also been small. AS to
exports of breadstufls, the following com
parison for four weeks ending November 2e
shows how great a change has taken place.
| 1881. 1880. Par Cen
| Flour, bbs s.......-....-.. 4S2s2S 8A99yi w