New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-26


than it was for the corresponding time in 1881,
and the changes though small, are both IN the
wrong direction. The movements IN leading
products, though not generally unfavorablc to
increase of exports, seem 10 have but little
effect as yet. The great foreign banks are not
overlooking with gold. Though the Bank OF
Franco has gained about sos, 100000 during
the year, neither the Bank of England nor
that of Germany has increased its gold reserve
to any extent since Christmas of 1881. The
condition in France year ago was altogether
exceptional, and WAS followed within a month
by great collapse. Since that the Bank has
been recovering safe reserve of gold, and viii
hardly be in haste 20 let it go again. The
movement of securities, too, so far as 1t is
known, warrants no expectation OF speedy ship
ments of gold from Europe to this country.
The money market here is we'll supplied, and
tho banks have a surplus larger than they
have held ut this season for several years be-
fore. Since December 8 they have been cx-
banding loans, and their loss in reserve last
week was small. Large shipments to the in-
terror have been made, but they were mainly
covered by disbursements from the Treasury
which did not appear in the averages for the
previous week On Saturday the 9th the Treas
ury had paid out So, 100000 more gold than
there appeared III averages, and, had it not
been sent away, an increase would have been
seen In the bank reserves last week. AS 1t was,
though further disbursements made the differ
ence in Treasury averages $4,474,OOO specie,
the banks report gain OF only 81, 292, 400. In
addition, they report loss of 81, 900 legal
tenders, though the Treasury averages also
show a trifling loss. On Saturday the Treas
ury held, exclusive of coin deposited for GER
tifcates, $418,O less specie than the aver
age, anu $467, 900 more currency, so that the
condition of the banks at the close Of the week,
if better or worse than the averages, was not
rendered materially better or worse by Treas
ury operations. Probably their reserve was
actually lower, and as much the 81 100000
obtained in the form of certificates, with some
thing more, went to the interior. AS the
Treasury paid only $1,367,000 for bonds last
week, and the $50, 900 900 call matured Oh
Saturday, the further disbursements this week
may neutralize such shipments of money to the
interior as have not already been felt in the
bank returns Next week large payments for
interest should begin to swell the reserves.
Apprehension of change CT tariff has not
pected, though it has undoubtedly checked
operations in some departments of manufac-
ture and trade. Perhaps there is increased
doub5 whether both Houses will be able to
agree upon any bill. The talk of repeating
the tobacco tax has been followed, contrary to
predictions, by an advance in prices; the
grower and the manufacturer mean to leave the
consumer no advantage if the repeal occurs. 1t
is inevitable that embarrassment will result in
many bran ches Of business, so long as Congress
deferS action on these measures. The large
coal traffic of the year, only 1922 tons of
anthracite less than that of 1881 to the same
date, approaches It's close with a feeling Of UNI
certainty because of the state Of the iron trade.
Provisions are likely to be affected to some ex-
tent by the German decree prohibiting i'm
portations Of pigs, pork, bacon or sausaRes,
except upon compliance with restrictions not
yet stated. As to the cotton manufacture, the
considerable reduction of prices on many kinds
of brown sheetings caused an increased activity
last week, and the lower price of the rlw
material gives additional encouragement.
The small decrease in takings by Northern
spnners 10 December l, only $4,000 bales, is
more than balanced by the increase in exports
in single week; the quantity shipped last
week was 172, 145 bales, against $3.50 for
the corresponding week last year. Between
conflicting reports about new wells, and the
mysterious movement Of cliques, he oil bust
ness is in a puzzlng state, but closed last week
with lower prices.
The volume of business, exclusive of specu-
lation in stocks, was quite small at New-York
last week, probably covering not more than
$555, 900, OCO out of the 1928, 100000 of ex-
changes effected. But there WAS perceptible
improvement in the exchanges at other cities
for the preceding week, and the pause in whole
sale trade which usually accompanies the hOli-
days is not an unhealthy symptom. The best
symptom observable Is that the speculative
fever in most branches appears to have abated.
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