New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-10
MONEY AND BUSINESS.

The disbursements from the Treasury since
July began have been remarkably large, and
caused an increase of SIS, $4,000 in the re-
serve reported by the banks on Saturday. The
Treasury held 500, ST., $40 in specie on the
last day of June, and only $50, S51 $50 at the
close of business on Saturday. Only part of
these disbursements was reflected in the bank
averages, which showed gain of $3.50, 100
in specie the gold reserve held by the
banks at the end of the week was probably
about So, 600 900 more than the statement in
dlcated. On the other hand, the movement of
currency to the westward, which was men
toned as having begun during the last week
of June, has become quite large The banks
report q loss of $2,04G,SOO in legal-tender
averages, and as the outflow continued through
the week they probably had lost at the end Of
the week at least ST 100000 more than the
statement indicated. This weeks bank averages
therefore, will probably show gain in specie
unless the Treasury takes in about $3,000,OOO
in gold more than it pays out, but loss In
legal-tenders somewhat in excess of the amount
that may be sent to the West
The money market, however, has probably
received by this time the largest supply it
will have for several months. No large dis
bursements for called bonds are to be
expected until August I, when another call
will mature. Of the $11, 1877 $50 bonds COW
cred by the 18th call, $9,030,2OO had been
redeemed during the eight days ending on
Saturday, but only $743. $50 during the last
week. This leads to the expectation that the
renal ming 81, 900, 600 OF this call are so held
that redemptiOns will be very slow. OF the
81, los, 700 bonds covered by the 10Th call,
which were still outstanding on the 1st, only
1912, 300 have been redeemed during the past
week. and of $5,515,5OO then outstanding
covered by the five preceding calls, only
S271 800 were redeemed last week. Hence,
it may be expected that only about 81, 100000
will be disbursed for called bonds this week,
and still smaller amounts during the last two
weeks of July. In the ordinary course OF
events, therefore, the Treasury will take in
$4,000. 600 or $l5,000,000 more than it dis
burses during the rest of the month, and the
greater part of it at this point. AS the out
flow of money to the West is likely to con-
tinue, the banks will be called upon for pretty
large amounts before the next call for bonds
natures, and it is very fortunate that the re-
cent increase in their reserves has been unusu-
ally large. A decidedly encouraging feature Is
that foreign exchange is weak, notwithstand-
ing the possibility of war in Europe. Unless
the demand for money greatly increases In
London, no more gold will be drawn from us
for some time to come.
The interior movement of money depends
largely upon the condition of the crops and
the speculation in products. AS to the wheat
CROP the reports are highly favorable. Though
injury has been done in good many localities
by violent storms or by floods, it does not
seem probable that the losses have been large
enough in the aggregate to affect materially
the yield The Produce Exchange Bulletin of
Friday expresses the opinion now prevailing
as to the wheat crop, namely, that the yield
is likely to be ga little larger than the crop of
1879" which was 459,000,000 bushels,
" and somewhat smaller than that of 1880"
As to the corn crop, the same paper says 1t
is SO far an uncertain quantity. 1t will be
| "good in the Southern States In the States