New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-11-20
MONEY IND RESLNESS-


The initiation of currency by the issue of
gold certificates has now reached $30,000,000
in six weeks. WHAT amount of silver certif-
Gates have been retired during the same time
is not exactly known, but only $3.50, 900
have been paid in through the Custom House
here and the amount elsewhere cannot have
been so large. On the 30th of September the
Treasury and the banks held at this point
Sl36,297,524 specie and S25,935,795 cur
rcncy. After receiving from Washington and
adding to cash 100000 gold certificates
and $1,000,000 legal-tenders the Treasury
began to " issue the gold certificates and add
them to cash, the gold received IN place of
them, only as fast as they were delivered to
the banks. The result has been tint the
Treasury and the banks reported on Saturday
Sl54,O9 ,015 specie and $23,962, 657 cur
rency. The apparent increase is due to the
fact that $50, 10000 gold certificates have
been issued since October l, of which only
about $5600,00O have been received back
into the Treasury-On the l6th the amount on
hand was $500, 800 Thus the Treasury has
virtually inflated the currency and has added
$2f, $50, 900 to the reported supply Of money
here though the increase in specie balances held
by the Treasury and the banks has been
Sl7,798, O9l. The difference, about SIS, 100000,
is due in part to the shipment of mutilated
silver certificates to Washington for redemp-
tion-perhaps 81, 100, 600 in the seven weeks.
About So, 100000 appears to have left the
city, in excess of all receipts from outside.
Owing to large disbursements for bonds a
week ago, the banks report an increase OF
So, 493, 900 in reserve. 1t happens that on
Saturday, the 10th, there were issued to them
for bonds 50, 5O2, 900 gold certificates, so thai
the various changes since that time have had
no effect upon the average. As there were
taken last week large amounts in gold certif-
Gates to be delivered at interior points, and
the banks appear to have paid out more gold
than they received during the week, their con-
dtion on Saturday was probably less favol-
able than their statement indicated. There
have been sixteen weeks since the end of
July and the banks have held less than the
reserve required by law just half of that time.
The deficiency reported on Saturday was only
1878, CTS, but the reserve in 1851 and in 1880
declined largely after this date, though large
amounts of gold were being imported in both
years. This year the prospect OF gold impor-
tations is rather remote, for though the rate
of exchange has declined it is still consider
ably above the shipping point, and the
London market shows unusual constituencies
to movements here. Twice within short
time. hardening in this market has been
quickly answered by an advance in rates at
London. The specie reserve of the Bank Of
England is only about $l01, 900, 900. having
declined over $15,0O0,OOO since July. The
amount of bonds redeemed during he past
1;ttI a.. On
According to the usual course, receipts from that
source must now decrease, until the Secretary
gets ready to anticipate tho February call,
and it is only ten days since he anticipated
the call maturing January 10. The immediate
future of the money market, therefore, is not
very clear, and sharp fluctuations are not inn
probable.
The condition of foreign trade has been
improving, but exports were quite light again
last week. The cotton movement continues
large, I60,S65 bales having been exported
last week, against III, 800 for the correspond
ing week last year. But the value Sc all e1-
ports from this port was only $6,95S 1923 for
the last week, against $7,0052l9 for the cor
responding week last year. while the imports
for the week ending Saturday showed an in
crease of $l,0l5,000. The breadstufs report
for October was favorable, showing an in
crease in the value exported in comparison with
October, 1881, but the exports of provisions
and dairy products were only $4,000, 042,
against $685., 759 for tho corresponding
month last year. The great advance in petro-
leum, within tho past fortnight, has checked
exports materially; for the week ending the
18th the exports were 6,937,S12 gallons,
against 9,765, 131 for the corresponding week
last year, and tho report Of cargoes loading