New-York tribune., 1882-04-24
NNNEY IND RThINESS.

Commercial symptoms are not wholly favor
able, but the volume OF business is still large,
and tie hope of early and satisfactory crops
has been strengthened by the more favorable
weather 1t would have been unreasonable to
expect that, in spite the severe strain to
which industry was subjected by the partial
failure of crops last season, business could go
on in all respects as prospcrously as before.
The process which We are witnessing is one Of
distribution of losses and as they fall upon
one class after another that was at first unaf-
fected, complaints are heard. But il would be
easy, listening to these complaints without
proper reflection, to Cvercstmate the losses Of
industry and the disturbance Of commerce. y
very large proportion OF the business of the
country is going on without serious Interrupt
ton, nor is there any evidence of such rotten
ness In the system Of credits as to expose the
country TO the possibility of serious CONNER
cia rcvusi0n. Settlements have been reason
ably prompt and satisfactory, and it is the gem
eral testimony that credits have not been un-
duly expanded in any branch of legitimate
business. The fact that so severe strain
as has been borne since July last has caused
so little commercial disorder is in itself con-
vincing proof Of the general sOundness Of
the system.
The Ncw-York banks have gained largely
in reserve, in part by steady return of money
from the interior. The effect of Treasury dis
bursements during the past two weeks, after
deduction for gold received from the mint, has
been such that the specie average of the
banks should have been $3,76S,2sO higher
on Saturday last than on the 18th, whereas
the reported increase was only 81, 900, 400,
whence it may be inferred that some gold has
been shipped to interior points. On the other
hand, the banks gained $1,6S3,500 in legal
tenders, and wholly from sources other than
the Treasury. The one unfayorable symptom
in the bank statement is the retirement of
500, 200 circulation, and this may have been
in part caused by the failure of the effort to
get a hearing i'll Congress for the bill extend
ing bank charters. Until last week there had
been no noteworthy reduction in the circula-
ton of New York banks for some six months,
but the amount suddenly drops lower than it
has been at any other time since August 6.
Dispatches from Washington state that the
amount Of three and half per cent bonds on
deposit for circulation diminished 1912, 200
last week. though there was an increase in the
four per cents on deposit. Since April / no less
than 81, ,13O $50 of the three and half per cents
has been withdrawn from deposit, and
$l43, 500 of the four and half per cents, while
81 ,4o7, 300 four per cents, and $4,000 six
per cents have been deposited The net
decrease in bonds deposited was therefore
| S2.756,55O in three weeks Yet more than
three-fourths of the decrease was prior to the
| vote of last Monday, at Il time when it was
generally supposed that Congress would make
early provision for extending the charters. If
action on this subject should be again delayed,
I much more important contraction of the cur
| rency would probably be the unavoidable and
sDeedy result,