New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-11
MONEY IND RNSINESS.

The banks reported Il gain of 81, $500
snecie and $3O5, 600 legal tenders on Saturday.
making their reserve over 100000 larger
then it was a year ago at the same date. As
usual. those who were perplexed at this large
gain had forgotten the fact that the system OF
reuorting averages only had made the previous
statement unusually deceptive. Though the
actual excess of disbursements over receipts by
the Treasury exclusive of new certificates
issued and gold from the mint, was only
s.. 900 600 from the LIST to the Sth, yet
the difference in averages exclusive OF
those items was over $6,oOO.OOO. In
other words, the effect of the large dis
bursements for bonds during the week ending
December 1st is now felt for the first time
in the deceptive system of averages to which
the banks adhere. The surplus reserve has not
been as large before Mt this date since 1879, and
Mr.. Foger's offer to purchase bonds has
suflced. without being fully filed, to tide the
market over the period of possible difficulty. 1t
Is now seventeen weeks since the reserve fell so
low in August that the monty market was
placed at the mercy of spectators, and in nine
of those weeks the banks have reported re-
serves below the legal requirement. But the
Treasury has pulled them through again, and
the mschievous tendency to rely upon its in
reference has probably been strengthened.
Had Mr.. Folger begun buying bonds IN August,
the period of dependence upon the vagaries of
speculators would have been brief.
OF the call for 500 100000 which natures
on tho 23d inst. bonds amounting to
S16144,95O have been redeemed Of the Jan
uary call for $15,000,000, only $7057500
have been redeemed of the February call for
the same amount only 1925, 600j and of the
$4,000, 900 which the Secretary offered to
purchase, So, 65S,050 have been obtained, ac-
cording to Washington dispatches. Thus out
of sc 3, 900, 900 which the Secretary has bound
himself to take under calls not yet matured,
only $32 49, 100 have been redeemed, leav-
ing nearly $33, 600, 900 to be redeemed before
the close Of February. The $50, 1l6, 100 of
extended five per cents, though really re-
deemed, are still carried on Treasury books as
cash. Out of $45, e30,250 of bonds covered by
the calls 113th-1 9th inclusive, which have al
ready matured since the fiscal year began, only
S2,225,000 were outstanding on Saturday
night. 1t may therefore be presumed that the
Treasury will have to pay under calls and offers
already : made nearly the whole of tho
$40, $50, 900 before the end of the fiscal year.
Whether the revenue will suffice to pay as
II UGH as S12O,O00 900. as Mr.. Folger expects,
may depend largely upon the course Of Con-
gress.
The cotton report for November was decidedly
favorable. The net receipts for the first quar-
ter of the cotton year were 244, liz bales over
land, against 800, $40 last year tho receipts at
norta . AOI DAT halas apainst 22S7.Ol5 last
year and tho exports 1851, 161 bales against
1,O4O,9 last year. The weight of bales is
higher also. the average for three months hav-
ing been 400 pounds against ats IL last year
The price Is about / la. cents lower than