New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-08-07

Since bank averages must rise as Treasury
balances fall, and vice versa, the beautiful sys-
tenn makes the banks appear to hold less
money by 1861, 900 on Saturday than they
actually held as early as Wednesday. And,
though the Treasury really held $3,OOoOOo
less last Friday than on the Friday preceding,
yet the deceptive averages made the banks
appear to hold $SG300O less last week than
the week before, on account of Treasury move
ments alone. In addition, 100000 In gold
coin was taken from the vaults of the banks
on Tuesday for export, in addition TO the bars
purchased from the Assay Office, so that a loss
of at least 81 100000 in bank averages of
specie should have been expected, besides any
amount of specie that may have been sent to
the West. Inasmuch as few of the leahing
banks had reported shipments Of $4,000 to
Chicago and st. Louis, the loss of $l,950,OOO
in bank averages is accounted for fully.
The real condition of the banks on Saturday
was altogether different. The Treasury held
only $40, $780, 1913 in specie-$1, 5000 less
than its average for six days preceding With
allowance for exports, therefore, the banks
must have held about $4,OO0.OOO more specie
than their statement indicated, but for the
moderate sum sent to Chicago toward the end
OF the week. On the other hand, they prob
ably held less legal tenders than the state
ment indicated, though considerable sums
were received last week from NewEngland.
Exchange rates are in favor of this city at
nearly all points excepting Chicago and st.
Louis. The rapid advance in wheat from
81 IL on the 29th TO 81 15l2 on the 9th
shows that there has been strong buying-in
part for export and in part for speculation.
The advancing speculation in corn and oats
will also employ some money. Cotton has adj
yanced to 1906 cents for mddling uplands,
with small receipts and very active trading.
Stocks on hand of tobacco. hides, rice and
hemp are much larger than at this time last
wear, and the stock of wheat is rapidly in
creasng The increasing activity in general
trade must, of course, create greater demand
for money, but the market still remains easy
and well supplied. Exchanges last week. eX
elusive of stock dealings, were per cent
larger than for the corresponding week last
year.
The duties paid last week were unusually
heavy, amounting to $4,137,770 for the week
ending on Friday, but were largely on with
drawals from warehouses of goods previously
imported. The imports amounted to only
So, 49S,712 against $11,752, 759 last year,
and there has been some Improvement also in
exports. Large engagements of freight room
from Baltimore are reported, as is natural, the
winter wheat in the regions reached by the
Baltimore system of railroads having been
harvested in great abundance. AS nothing else
would contribute more to a restoration of
prosperity than revival of exports, so indi
cations of such revival are of all signs of
the times the most calculated to renew conf
dence But those features of the situation
which result from legislation are less salts
factory. Last week bonds amounting to
S1.52S. 800 were withdrawn from the deposits
for circulation, in excess of amounts deposited,
which involves a contraction of currency to
nearly that extent. Also, in the six days end
Ing on Friday last no less than $1,7lO,000 in
silver certificates was paid into the Treasury
for duties at New-York alone, against
1881, 900 for the previous week, $3,400,0O0
in the month of July and $2,703,00O in June.
If such changes as these continue, the failure
of Congress to remove taxes and to stop the
issue of silver certificates may soon cause some
embarrassment.