New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-02-06
com IND GRAIN.

con- And GRAIN.
Last week passed with much less monetary
disturbance than was apprchcnded. ne SET
Element at Paris was effected with colhpitd-
tively few and unimporant failures. Inc
movement of GOLD from London To Pans was
slammed during the week, and exchange rose
10 centimcs above the shipping point indi-
eating that further shipments are not deemed
probable at present. Exports of $3,4loS4o
in gold and 100000 in silver were maze
from New-YOrll without greatly disturbing TIC
money market. A decline OF about li2 Genus
in the price OF wheat gave nope
that the market would not long remain
in such condition as to prevent liberal exports
Fnouoh progress was made toward settle
of thc railroad war TO bring about an advance
of messenger rates which takes effect to-day.
All these are favorable indications. 1t would
mo = mistake not to recognize their Importance.
But if would be as great mistake to suppose
that the danger OF financial ulS'"i'
ance in consequence of events III Europe
has altogether passed. While payments
ut the Bourse have been met with lew Iah-
ures. 1t is stated that this has been done
only by extraordinary assistance from tle
Bank of France and the Government ITSELF IL
such a state OF things had arisen III New DIX
that the Treasury had been moved 10 iend
$50. OOO, 600 or $50, 100000 to bankers ana
spcculators, nobody would doubt that the dlln-
Guilty must be of the very gravest character
Thor. can he no excuse for the steps taken III
France unless the situation was such that re-
ru.oI r. Interfere would have involved WIDE
snrc,d DISASTER and prostration of the industry
and commerce of the country. But help given
i'm such circumstances can hardly ne Oh more
than Temporary service; loans made must be
met. losses sustained must be borne; and the
admitted necessity of help gives direction
and force to public distrust Thus 1t Is tele-
graphed that several large institutions, even
after the Government had interviewed, were
able 10 make settlements only by marvellous
financial agility, and are left in very pre-
cartons po,ition. If the liquidation is partly
deferred, it does not necessarily follow that 1t
has been escaped. or that the results viii he
lees serious tor the delay.
While it must he recognized, therefore, that
France is in very doubtful condition, and is
likely TO be for some time to come,
tbe full effect Of Withdrawals of gold
from England may not as yet have been
IT,.
SO 900. 900 in less than two weeks, and the
coin and bullion held by it have fallen below
| 500. OOO. GOO. for the first time in many
years. The statement of last Thursday left 1t
at 1913, SIC. 900, and, while making no change
in ihe nominal rate the bank was demanding
| per cent for advances. No one sup
pose, that the bank will be content to leave
| its supply of bullion as low as it is, and il
! will be some time yet before the gold which
has been sent from this country can be
actually received. Part of that amount, too,
| gocs to Italy. and the amount going to
! London is less than a third Of the
banks recent loss in specie. But its stock of
specie prior to tins disturbance was eXtraor-
| dinarily low. and efforts to raise it without
drawing gold from this side had been made
| for some time i'll vain. 1t is wise 10 infer that
| England will strive to obtain not only the
amount Just sent to France, but enough more
| to guard against the very probable contingency
| of more serious disorder on the Continent
Gold exported on Wednesday, 1t will be re-
| mcmbercd, was out of the banks on only four
| of the days covered by the weekly
averages, and $1,s7s,775 went out on that
day Gold shipped on Saturday counted
only one day in the averages. 1t
| follows that the Withdrawals of gold for eX-
port can hardly have affected the weeks
average more than 81, 5S3,0 but the banks
| report decrease of $l,73j, 700 in specie and
5000, POO in legal tenders. The Treasury
| took from the banks, during the week under
| consideration, less than 100000. II follows
| that large amount must have gone out of
| the city, Notwithstanding the hardening in
rates for money The symptoms are unfavOr-
| able and domestic exchanges continue adverse
! to this city nor is it surprising that some in
terror banks prefer TO get a larger amount of
their reserves into their own vaults, if the
markets here are TO be subjected to any press
IRE by exports of gold. The speculation at the
| West has absorbed more money, 2,19S,9 $40
bushc ;sof grain having come into Chicago
during the week against 1,35j,5 10 bushels in
the corresponding week last year, and 5Sl, LOSE
bushels into Milwaukee last week against
2lO $50 last year The heavy receipts, how
ever, helped To arrest the movement for an
advance in prices, and gave hope that this
obstacle to free exports of products might
soon be removed. The shipments of cotton
from all ports last month were only 1851
bales against J1S, 1j7 bales of greater weight
in January, 1851, and the difference in value
OF exports of this one article for a single
month is about $j,OOO,O0O. But no decline in
prices appears.
----------------------~-