New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-28
RONDS ND RESLNESS.

During the past week prices generally have
tended downward, both in the stock and the
produce markets Continuance of the railroad
war and some stringrncy in the money mar
ket have contributed to promote the reaction
which might have been expected after n period
of speculative advance. 1t is reported, as the
week ends, that negotiations are in progress
for settlement of railroad difficulties, but the
same report has been heard many times
that it has but little effect. Rumors that Sec
rotary Folgcr would announce this week his
plan for dsbursing $j0,O00,OO0 more or less,
in the purchase or redemption of bonds, had
much more effect, though they are not
supported by any trustworthy information from
Washington. The truth is that the Treasury
cannot now disburso any large sum without
breaking over the long-estabIishcd policy re-
gardng the reserve to be held against legal
tender nOtcs-a step which is not TO be cx-
pectcd from q Secretary OF conservative record
and inclinations. Moreover, Secretary Folgcr
does not see any emergency which warrants
him in taking an extreme and unusual step in
haste, with new Congress about TO assemble
In case of any real and serious strin-
gency, he reasons, bonds would probably
80 lOIhdIu III dilShtI To Ilt PROPOSAL
TO purchase three and a half per cents at par
and interest As $6,OO0,OOO of these bonds
have already been invited and 50, 900, 900
more will be received on Wednesday,
if offered, while $9,6s9, $50 of the called
bonds, upon which interest will cease this
month"; are still outstanding, it does not seem
to be imperativcly necessary to make immc-
date provision for the disbursement of larger
sum.
1t is true that the Treasury took little
money from the market last week The bank
reserves consequently declined and loans in
aid of speculation were at times made at n
premium. The banks lost $2,6l3, 900, but
this loss is almost wholly explained by the
average system and the Treasury operations
Under the system of reporting averages only,
the statement of Saturday morning rep-
reSents approximately the state of the
banks on Wednesday, and in compari-
son with their state on the Wednesday
preceding. But the Treasury held balances
amounting to $s6,4SS,273 on Wednesday the
10Th, and $8s, s59,919 on Wednesday the
23d, so that $2,37f, SAC was taken from the
banks during that period. Outside of this. they
lost only $241 400, and the return, therefore
SHOWS LilJ lilb uIdlH Ol money 10 the iutp-
rior has substantially ceased. But the money
which has gone into the Treasury since the
middle of the month is only about the sum
which it is necessary to disburse on Thursday
in interest on the four and half per cent loan.
which amounts to $2,S10,000. Hence, although
the Treasury has not received any bonds. it
cannot be said that it has accumulated any
money during the last half of the month. ex-
cept for immediate disbursement il interest.
Certainly, this state of things does not consti-
tute such an emergency as to make hasty and
unusual action by the Treasury clearly neces-
sary. If the Secretary natures such a plan
that he is ready and able to act with prompt
ness whenever any real need does arise, present
delay will do no harm.
Indeed, moderate degree of stringency in
the market is doing good, for it is checking
the excessive speculation il products. Red
winter wheat is now five cents lower than it