New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-28
9,TE- MONEY MARKET.

g - v.iun fse SOC, 346) Of merchandise imported
:. !. uavYork for the week ended yesterday was
xsge al, greater than for the preceding week. ana
q nso If,(, more than for the same week OF looo
~ arports from the port for the week ended Tues
aav February 20. valued at $6,72S,6O9' were
ae7(, 493 less than the values for the preceding
49,. but 1851. 1875 more than for the same week
- lsst year Tho total movement OF merchandise
q the port from January to the dates Named
sompared with the same time OF 1880. shows an IN
of So 800 1913 in the value of the exports and
Z ascrease of S13. 3009S3 in the value OF the i'm
ss-t. The imports of specle last week amounted to
AZ "a making total of So, 204, 1914 since January
srainst 81 ,293 70s to the same date in 1880. The
..,,orts Of specie to date this year amount to
5, o(,a 10. against $1,372,481 for the same time
80 var These changes show comparative diff
Of SIT 278 S7s in favor of THE port on the
s.-.,, ,noverlsuts other than of securities. since
January I. .;.s ,.,,s
sh.t uss published yesterday presented figures and
sbsnoea that we're not as unfayorable as generally
80 anticipated. Because the surplus reserve was
..dnced only So, 321 900 the statement is called
comparatiyeIy good. Undoubtedly the actual con-
Alton at the close of business Friday evening
was q large deficit from the rule OF
Oh per cent, instead OF surplus OF
n 4s5. s75 as shown by the averages We know
that mn to Friday evening Sl3.000.0OO had been
A.ositeA in the ub-Treasury for the redemption OF
hank potes most of which sum was drawn
Syo,n the resources Of our city banks;
4hat the sub-Treasury during the week
ended Friday gained $13.227.s3s In coin. OF
,vhieh sum less than $4.00O0OO was by
sxrsnafers.n Yet the averages of the banks
show loss of only $7.775.4O0 in coin and
: gain of $16O. 800 in legal tenders. Clearly the
hacks Friday evening held In lawful money sum
thst was at least 900 Less than tine reported
sysrage sum for the week. The wide discrepancy
d she statement between the reduction OF assets
loans and cash-and Of habilitiesdeposits and cir
culation-which amounts to $11 1884. 200, may par
tally be accounted for by the facts that when cir
cuatiot ia retired 1t Is all taken out Of the last
stateent without regard to the date Of retirement
TO that in this particular the average system
xas ignored) and that while the calls OF country
banks for their money to deposit with the Treasury
began 6 the very beginning of the week, and thus
arly began 70 affect the deposits the banks did not
heRin "a call IN loans until after the middle OF the
week. The fgares showing the average OF de-
oosits probably approximate much more nearly the
actual condition than do the figures showing the
reduction in loans and loss of lawful money.
The total average reserves for last weekspecie and
legal-tenders--ars reported at $73,122.20O, or
81, $40 900 more than the amount held at the same
date in 1880, bat an increase of $23O3S,SOO IN
loans raises the deposit that now the 20 per cent
rule requires reserve of $71.636.S25 against
H67. 900 900, the sum required year ago. The
weeks movement results in loss of 81, 321 900 to
Che surplus reserve, and leaves it at 81 ,4s5.375
against IS, s2s, 100 ut the same date of 1880 The
following are the comparative totals of the state
ln ents of February 10 and February %:
Sss $50 ssssssSS
ssSs5sSSS ssSsis$S Be- p aj71sSS
The following shows the relation between the
total reserve and the total deposit liabilities:
sp.s. gss e. e Dec SSss5ss
Yotal reserys;;;s; So1SoooV ''iSS'oV Do0 "'''0O'
ss 1ss l!s4s Dec R ssf5SS
Compared with that of the corresponding date OF
1890 the present statement shows: Loans in
creased. $23. O3s sO0 specie increased. $66O,9OO;
legal tenders increased, $S80.000; deposits in
creased, $15.534, 800; circulation decreased,
"a .992. 400 The total reserve t$73. ,2OO) now
10 1852 per cent of the total deposits against 1928
hast week and 264l for February %. 1880.
week ago we wrote Of the pending Refunding
bill, that: 1.-THE provision that banks may obtain
possession of their deposited bonds only by the pre-
sanitation of their own redeemed notes. instead of
- now By deposit of lawful money to the amount
of the notes that were issued for the bonds with
drawn, may work incalculable mischief before the
bill becomes law 1t has done so. Not alone to
stock speculators they generally are able to take
sufficiently good care of themselves and advantage
ether of Congressional wisdom stupidity but to
the whole commercial interest of the country. In
i measure business that is not speculative
ceascds The foreign exchanges were demoralized.
10 that the exports of products were checked be-
cause of the impossibility of negotiating bills. The
pcare was not confined to the great monetary
oentres of the East, but extended from
Naane to Georgia and from the Atlantic
10 the Pacific. NewYork banks suffered, not because
pf deposits in the Treasury to retire their crcu
lstiop, but because of the large drafts Of
oountry banks for deposits for the retirement Of
hair circulation. And right here it is proper to
correct an error we made in supposing that the
receipts reported Of Washington included only
hetual money received there. 1t seems that the
Washington reports include the receipts at all the
eub- Treasures 90 far they received. aud
hence are duplicates Of reports Of receipts at the Sub
9sasuries AZ the Washington reports and two
Days dates the actual at the Sub
Greasuries, the averages reported from them this
morning ere not complete, but 1t Ia probable that the
estual amount Of the contraction provided for up to
bsst evening will not exceed $20000.0e0 OF the
halle. $50 reported from Washington last even
RI the State of Eew-York figures for only
~ .357, 900, Pennsylvania, $3 464,60O Massachu-
setts. 81 i10.l00 Connecticut $1,O04.9O0; Illinois,
bS96Oo; Indiana: $s91 900; Ohio, 1891 $3.50; New
perssy $s37. oo0p and Kansas. Kentucky, Michigan.
Minnesota. Missouri. Montana. Nebraska, Rhode
1ilsnd and Virginia for smaller amounts.
And while all tho business was In progress
capital running from the threatened danger OF an
pneendiary-the House of Representatives has
quietly looked on, having committed the bill to its
committee Of Ways and Means. which seems to
pave been incompetent to appreciate the danger OF
lighting locofeco matches in q powder magazine.