New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-22
MONEY IND BUSINESS.

|
So, 034 800 in specie, with a gain of $Gs1, 100
in legal tenders But it should have been OBJ
served that the Treasury had paid ont more
gold than it had received at this point, the
! effect of its disbursements upon bank aver
ages for the six days having been gain to
the banks of Sl,10G,39l in gold and loss of
only 1916, G32 i'll legal tenders The shipments
of gold last week were T4,5JO,0OO on the
18th, and the effect of these and exports
of the previous week upon the bank averages
was such as to cause IA decline of $t,GG3,9l7 in
| specie. but for Treasury disbursements and
receipts from the interior. Deducting the effect
! of Treasury movements, 1t appears that about
| $50. 1913 in gold must have been received
| from the country. About $4,000 in legal
! tenders must also have come IN, OF which part
went into the Treasury. But while the drain
upon the banks was thus materially relieved,
so that the reported surplus reserve was not
! reduced below $G.OU00O0, the actual cOndi-
ton of the banks at the close of the week was
| less favorable than the statement indicated, to
the extent of about 81 100000, on account OF
the gold shipments not fully reflected in the
! averages
The Treasury disbursements for called
|
1920, 900, viz: 100000 for the bonds
called for the 18th, and $l,200,0OO for
those called earlier. In three weeks
the Treasury has paid for called bonds
| SD, 100000, and yet all its disbursements at
New-York have exceeded all its receipts here,
except from the Mint only S2,OOO,0OO III
gold, while in currency the receipts have eX-
| ceedcd the disbursements about 100000.
COMPARATIVELY few realize how constant and
large are the Withdrawals of money from the
markets by the collection of taxes. During
the week ending May 20 the receipts reported
at Washington were s., 1871. lj1; during the
previous week, $s,00S,11 and during the
week ending May 6, 50, G,9l1-Over
So. zoe. 900 in three weeks. The customs re-
ceipts alone have exceeded the amount paid
out for called bonds. Hence these payments
have had little effect upon the market; i'll
fact they have hardly returned to it each
week the sum withdrawn from it in surplus
revenues during that week. But no calls ma
tire this week or next; from the 11th INST TO
June Z, a period of three weeks, the Treasury
will continue taking i'll money largely while
| its disbursements on calls that have already
matured will probably be less than $4,000, 000
| The interest on the 4l2 per cents payable
June l, amounts to only $2,S12,5 800. Unless
the revenues decline, therefore, the Treasury
will take from the market before June
about SG, OOO, 900 in excess of its disburse-
mcnts. This circumstance renders the cessa-
ton of gold exports the more gratifying.
| bankers are quite divided in opinion as TO
the probability OF further exports at present
| The negotiation of IA railroad loan for
/ 1 I L.,
| last week, together with some loan bills, said
to be for renewal of loans on stock colatcrals
have checked the demand for gold, but there
| is little indication of Improvement III merchan-
disc exports The Bank of England has re-
cciycd the gold shipped May 10, and begins
to gain in reserve ON Thursday its stock of
coin and bullion was reduced to $l13,G 900.
| The Bank of Germany has been gaining
| largely. and now holds II II, 10000 in gold
and silver. A large amount of gold has been
going to India to pay for grain. But the eX
ports from Atlantic ports during the first half
Of May amounted to only $40, s32 bushels
wheat, G14,OG7 bushels corn, 9,9l2 bushels
oats, and 142, 431 bushels rye. In pork ba
con and lard there has also been il marked de
cline, but the cotton exports for three weeks
have been 1851 bales, against 1SS,9SO
bales for the corresponding weeks last year.
Much hope is cherished of favorable effects
in the money market from two enactmcnts,
one at Albany and one at Washington. The
State Legislature has passed and the Governor
has under consideration, bill abolIshing the
usury law as to call loans of $1,000 OF
more. made upon collateral security. 1t is
the general belief that this measure
will 20 far to prevent the payment of excess
i've rates in times of unusual pressure. IL is
difficult to see why the usury laws should be
repealed with respect to demand loans, but not
with respect to time loans on the same securi
ties or why any advantage sought should be
granted to borrowers upon cOllaterals but not
to borrowers upon commercial paper. Never
theless it is believed that the Governor will
sign the bill as step in the right direction,
but its beneficial effects may be less speedily
realized than is expected. The power of the
lender to exact high premium each day for
the use OF money when the supply is scanty.
will not be Immediately diminished by any
legislation, and if men have the power they
will be apt to exercise it as long as old GUS
tom enables them to do so. The passage of
the Bank bill ut Washington is regarded with
general favor in the Street, although serious
objections to the bill in its present form are
recognized, because it is presumed that the
Senate will cut out mischievOus provisions.
But the Senate has shown no superior wisdom
in the passage of the Three Per Cent bill this
year, or the Carlisle bill last year.
Business has been unusually dull. The grain
markets have been almost wholly under con-