New-York tribune., 1882-08-14
lfnNEY IND RESINESH.

MONEY IND BUSINESS
Wall Street deceived itself again last Satur
day by overlooking the peculiar effect OF the
banks system of reporting averages only. The
fact that, in consequence OF that system, the
banks had held about SO, 1000, 900 more on the
9TH than they then reported was so overlooked
that some of the leading bankers expected no
gain in the reserves last Saturday. They were
aware of large shipments of money to the IN
terror. and saw that the Treasury balances
were SS6,326,9OI on the 11th, against
&S7,OG1,52S on the 18th instant But the
acreage of specie balances for six days ending
last Friday was smaller by $4,335, Cos than
the average for the previous six days
and, as the banks report averages only, cor
responding gain in their specie reserves should
have taken place had no other change oc-
Cured. The Treasury sent $16O,OOO silver
certificates to Washington, but its other dis
bursements went to help the banks. The re-
ported gain of the banks in specie was only
81, IA, 500, so that over 81, 100000 may have
been shipped to the interior. This would not
be a surprising movement for the season,
especially in view of the partial recovery III
the price of wheat and the large receipts re-
ported at the West But it appears that the
banks have also deposited at the Treasury
here, within the week ending on Friday,
$3.50, 900 to secure an issue of q like amount
OF silver certificates TO their correspondents III
Western cities This has the same effect upon
bank reserves as Il shipment of gold, while 1t
adds to the balance in the Treasury here. In
Guiding this tho banks may have sent to the
interior as much as S3, 100000. The change
f0nf IIt
fact that the loans increased 1851 500 last
week, and over $l2,OO0.OOO since july ID,
while the reserves held have declined from
S91 ,OOOO TO about $S4, 100000 indicates
an expansion in trade which may before long
cause money to command better rate OF in
terest. On call, the rate on Saturday was
from 81, to per cent, and some money Is
still offered below per cent for two months.
The disbursements last week in redemption
of bonds amounted to $2,4S9,15O, of which
81, 500, $50 was under the call which matmed
August 1. Only $3,250,000 of the bonds COW
cred by that call are now outstanding, and over
So. 900. 900 are still unredeemed OF the ll2th
call which matured June 7, more than two
months ago. 1t may be inferred that the re-
demptiOns prior to the maturity OF the next
call. September 13, will not be large. Re
ceints from customs at New York last week
were nearly 81 900, 900 less than for the pre-
ceding week, and yet the amount of silver GER
tifcates paid in was larger, $l,7sO,OO0, against
SI.417.OO of all other kinds of money.
As the banks of this city took out from the
Treasury here only $9S0,000 silver certificates
during the same time, 1t appears that they
virtually compelled the redemption In gold OF
about $500, 900 during the week. This change
is likely to become much more rapid when
Secretary Folger is ready to issue gold certiil-
Gates. perhaps this month. The banks may nat
urally prefer the kind OF certificate that Is
everywhere acceptable, and represents 100
cents on the dollar, to one that represents 50
cents and by many is refused.
1t is satisfactory that the exports OF mer-
chandise from this port have at last risen
above those of the corresponding week last
wear once more. 1t is not improbable that
this app9rent Improvement will continue, be-
cause the exports of grain and provisions
began to fail off largely about this time last
year. when the upward rush in prices took
place. AS yet, however imports at this port
exceed those of the corresponding week last
year, though no longer largely. The state of
than it has been, though exports must still in
crease or imports decrease materially for
months before the balance due since January
| can be cancelled by the merchandise move
ment. Though no gold went out last week,
and the increase of exports brings Il
good sriDply of bills into the market,
the changes in foreign banks are not
wholly encouraging. The Bank of England
lost S3. 100. 900 last week, and the Bank OF
Germany $l,3S5,00 while the gain OF the
Bank of France was only $295,000 in gold,
and was exceeded by the loss in silver. For
some time after the outbreak of war French
sales Of Egyptian and Turkish securities oper-
ated to draw money from London, but the
loss at London in consequence OF distant oper-
atoms with Il large army and navy must tor
some time be considerable.
The crop prospects, though less favorable
than they were before the late heavy rains,
are improying again. Some injury to wheat
in stack is reported officially in Illinois, and
commercially from other States, but the re-
ports from the spring wheat region are de-
cidedly good The situation rs to corn,
though improving, is still unsatisfactory. Ac-
counts as to cotton have recently much I'M
proved, and the price declined sixteenth last
week Notwithstanding very small receipts ana
rapidly decreasing stocks. The termination OF
some important strikes at the East, and the
success of some Western iron establishments
in resumng work with nOn-unlOn men, also
make the industrial prospect more encourage
ing.