New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-18

reached, so that business can now move for
ward without apprehension, season OF great
activity is likely to follow.
The money market certainly offers no feature
to cause alarm. Tie banks have begun to ex-
pand their loans again, having reserve over
$6,OOO,OO0 in excess of legal requirements.
Their reported gain last week, Sl,536 9oo III
specie and $9l 900 in legal tenders, was
probably less than their actual gain at the close
of the week, though it is evident that copsid-
cradle amount of money went to the West and
South. The average of Treasury balances
after deducting $12,000,0OO gold certificates
issued and 81 100000 gold received from the
Mint indicates that the effect OF the treasury
disbursements was to add $2,SOOOOO to the
bank averages while their reported increase
was only So, AS, 800. A decrease OF $32lOOO
in circulation is due in part to the surrender by
the Bank of the State of New-York, which re-
tires from the national system in order to be
more free in regard to certfcatOns for brokers.
The Importers and Traders and Hanover also
surrender considerable amounts, but by no
means the larger part of their circulation.
Perhaps the arrangement to put over
50, 600, 900 of bonds INTO the Treasury last
week had something to do with the matter.
But the time has been nearly reached ut which
circulation is usually found superfiuous by some
of the banks.
The rcdemptiOns and purchases OF bonds
here during last week amounted to 30, l0O,4oO,
over $4,000,000 having again been presented
in lump on Wednesday Though the manner
of these redemptious indicates desire on the
part of operators to make money easy, ana
the improvement WAS in that sense artificial IL
was nevertheless altogether real I'D the actuai
supply of money thus furnished alta tine when
bonds would not have been sold at the Treas
ury price for any other purpose. The bonds
remaining of the 1 9TH cali, about SS,0OO,OOO,
will cease to bear interest next Saturday, ana
the redemption of paIt Of 'hese, with the re-
serves now held by the banks, ought to suffice
for all needs until the January disbursements
begin. Though foreign exchange is quiet, the
imports of gold which some have anticipated
will hardly begin AS long as there is tempo
| rary movement of securities to this side. A
sustained Improvement in the stock market,
how sever, following The settlement OF railroad
quarrels might cause renewal OF purchases Oh
foreign account, and give an entirely Inherent
tendency to the exchanges.
The large receipts or gram at Ihe Neoo "io
having marked effect upon prices. Perhaps,
also. producers and dealers are beginning 10
have better understanding of the slender and
besitating foreign demand, which is due Id
some measure, at least, to the fact that the
crops abroad are generally good, and to the
refusal OF American holders to accept low
prices early in the season. 1t seems as II the
old bunder had been made agaIr-tne
Yankees were so very smart, and so anxious
| to get the very highest price, that they kept
Their grain until foreigners had largely sup
piled their needs from other markets. II the
country does not have to pay for this folly III
remarkably low prices next Spring it will be
another evidence that the crop estimates OF
the Agricultural Bureau are untrustworthy'
| In the petroleum market, another swift decline
was caused 10y the reported opening OF a great
well, but whether that is the sort OF we'll that
has truth at the bottom Of it does not yet
aDDear.