New-York tribune., 1882-03-06
MONEY AND BUSINESS.

|
gan to move little more freely. Third, th
New York banks began to receive from tie in
terror n little more money than they sen
| thither.
The bank return showed decrease O
$2,964, 100 in average reserve, but the con
ditiOn for tho first time in many weeks, wa
probably better at the end of the week thar
the statement indicated. The average O
| Treasury balances for the six days end
| ing Friday was $1,65S,3S9 larger than fol
the preceding six days. indicating loss
of that amount to the bank averages il
consequence of Treasury movements. The
shipments of gold on February 25 and since
affected bank averages about $1,795,000
Hence loss of $3,453,389 in bank reserves
would have been produced had not some money
about $780, OOOO-been added to those re-
serves by receipts from the interior. While
the amount is not important, any turn in the
tide is encouraging, the outflow from this
city having continued so long without inter
ruption. But there is little reason to expect
free receipts from the interior unless the money
market here is close. The rates at Chicago
and St. Louis are not yet in favor of this
city.
Last week los, 5G2 bales of cotton were ex-
ported, against 103, ,403 for the corresponding
week last year. The gain is insignificant, but
no gain at all has appeared in any other week
this year, except the week ending January IA
The slight improvement may again be fol-
lowed, it was in January, by a decline i'll
exports. Prices have not yielded here during
the past week, nor has any advance at Liver
pool been sustained since February 23 On
Tuesday last thcro was an improvement of
one-sixteenth at Liverpool, which was lost
the next day. The receipts at the ports
have been very small for some time past,
last week only 51,9SO bales against
133,931 for the corresponding week last
year. But the stock on hand is still very
large, and the market for goods has been so
OverstOcked that an important movement to
work the mills only part Of the time COM
mcnced last week at Fall River. 1t may be
hoped that this movement, while tightening
the accumulation of goods, may so affect the
price of the raw material here as to increase
exports. But its efficacy may he lessened by
the stoppagc of large number of mills in
England for similar reasons.
Secretary Folger has begun to redeem
bonds of the 10Th call, and checks for
$2,GS1,650 were given on Saturday, which,
however, do not affect the Treasury
balances until the money has been actu-
ally paid. The banks, therefore, were to
that amount stronger on Saturday than their
statement and the Treasury balances indicated.
On the other hand, they lost by exports of
gold not reflected il their averages 1,511 900,
so that their actual condition at the end of
the week was probably about $1,1OO,O00
better than the statement. Some large blocks
of the called bonds are yet to be presented
here, for which further disbursements are
expected to-day. But there is much disap-
pontment because the amount presented thus
far is smaller than was expected. According
to current report, about hall of the
$40, 100000 called was supposed to be in
this city awaiting redemption. The presen-
tatiOn of only $2,700,000, at time when
the money market was decidedly active, lndi-
Gated that the report was far from the TRUTH
and that the amount Immediately available in
the market is not nearly so large as was sup
posed. Undoubtedly, enough money will come
out to afford considerable relief to the money
market for time. But the amount to be
made available in this market by redemption
of bonds may easily be Overestimated. Out
of $3.50, O,977.SOO extended 3l2 per cents out
standing, no less than $3.50, 900 were on
Saturday held by the Treasury for National
banks, or 47.2 per cent. A large proportion
of the remainder is held by owners scattered
all over the country, to whom the proceeds
may be forwarded upon the redemption of
their bonds.
OF another important consideration the mar
ket was reminded last week by the shipment
of 81, 700 gold to Europe. SIingency or
the expectation of stringency in the money
market here has operated to defer remittances
of gold for securities sold here, because the
money could be used more advantageOusly
here than elsewhere. But ease in the money
market, or the prospect of ease acceleratcs
exports of specie. 1t is not impossible that as
much money may go abroad within the next
Few weeks as will come out of the Treasury
in redemption of bonds. The imports of
foreign merchandise continue large. During
the last five weeks, at New-York alone, they
have amounted to $50,205,891 against $780,
461,7 for the corresponding weeks last year
while the exports from this port in the month
of February were only $25,357, ,S32, against
$50, 95S,098 in the same weeks last year.
An increase of $11, 100000 in imports, with
a decline of So, 100000 in exports, does not
promise very favorable return for the month.
The volume of business has been gradually
declining at several important cities. Boston
has been doing less for some time past than
in corresponding weeks last year, and the
for the week ending February 25
showed a considerable decline at Philadelphia,
Baltimore, New-Orleans, Indianapolis and
Memphis, with small losses at st. Louis, Louis
vile and Worcester The period of stagnation
which usually follows a speculative advance
N prices appears to have commenced for