New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-10-10

was cents for wheat and cents for corn.
Grain was shipped during the week at only
half cent per bushel from Chicago to Bur
falO by lake, and the rate by canal Is only 3i2
cents for corn and 4 cents for wheat. WIN
only 81. per bushel from New-York to Liver
pool by steam, it now costs only about lOi4
cents from Chicago to Liverpool for corn, and
II cents for wheat, in addition to New-York
transfer charges, and yet the prices here are
50 high that the export demand is very small.
The shipments from Buffalo by canal last week
were only $500 bushels of grain of all
kinds. against 1892, $50 for the corresponding
week last year, and the small quantities that
came eastward probably came from points noV
much affected by Chicago prices.
With the grain movement almost whohy
arrested by speculation, the country cannot
realize on the unusual quantity OF wheat, corn
and oats now held by dealers, and vast sum
of money is locked up. The visible supply now
embraces 100000 bushels more OF wheat
than at this time last year, and Sl3,0Oo,ooo
more in nominal value; 100000 Bushels
more of corn. and S., 100000 more in nomlnat
value: and 3. 700, 900 bushels more OF oats,
and ST, 500, 900 more in nominal value III we
add cotton. of which, though there has been
no change in price, the stock III the cher ana
interior ports is 116,3l5 bales more than II
was at this time last year. the value belnS
nearly S7,O00,000, it appears that over
&31 .OOO. 900 more money is locked up IN
these four crops than in October 1850.
Stripgency in money is not surprising under
sucb circumstances. The banks received
So. G62, 463 from the Treasury, in excess OF
.fY.t. fran
the 2Sth. TO Wednesday, the 5th, and
yet their averages show loss Oh
S., $50, 300 in reserves. TINS appears
TO imply shipments of over T6,6Oo'OOu
to the interior in q single week, and 1t Is wen
known that large shipments were made 10
Chicago throughout the week. n large part
of the loans have been made at premium
every day, and in several instances 1t Is
known that houses of the highest credit nave
been called upon for loans on Govern
ment bonds. which have been undisturbcd
for over two years. 1t is common I'M
prcSsion that much of the stringcncy was
artificial, because money was offered to-
ward the close every day at comparatively
low rates. But in view of the accumulation
Of grain and cotton, the shipments OF money
to Chicago and New-Orleans, and the loss of
reserve by the banks, It is more reasonable to
attI butte tn. So offers to n desire to create an
appearance of ease in the market.
The New-YOrk banks have lost over
$25. 200, 900 in specie, since Jnly lG, be-
sides S2.20OOO0 in lcgal-tenders. Since
July 80 the loss has been $2G,2O0,0OO,
and yet the leash balance available
in the Treasury was nearly $155, 100000
a., o,I ,pIt D Egr
1. The Treasury has taken very little money
from the Street, and can give back to 1t very lit
tie without anticipating future revenues for ITS
disbursements since October have exceeded ITS
receipts How much the Secretary of the Treas
ury may think it best to anticipate future reye-
nues in speedy bond rcdcmptions may br
known Tomorrow but it is desirable that no
false expectations should he based upon the
idea that the Treasury has on hand great
amount of money more than it il obliged to
hold. About $j,00O,OO0 was added To the
store of the Treasury unintcntionally in Sep
TENDER. owing To larger revenues and smaller
bond purchases than were expected. Sums eN-
pended in excess of about that amount must
be taken from the proper reserve III antlcipa-
ton of future revenue.
1t is not ut all clear that it is desirable for
the Treasury to make money easy, If by 80
doing it would give new lease of life 10 the
grain speculation, and prevent further imports
of specie from Europe Nothing but compare
tive stringency here will bring to this side
supplies of gold, when the rate Of tine Bank OF
England is per cent. 1t is known that
part of the Withdrawals last week. when that
bank lost $G,o74,5OO, and the Bank of France
] a.
try. The imports last week were Ss77,35l,
besides $4,000 received on Saturday. and
about 81 100000 more is known to bc on the
way. But larger sums would be needed To
save this market from disturbance, ii the dis
astcrs which are now possible in Paris should
occur.