New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-04-17
MONEY AND BUSINESS.

The Disbursements of the Treasury have
placed the market beyond the danger OF seri-
GUS strngency for some time to come. Either
the full effect of disbursements prior to the
Sth was by artificial means concealed in the
statement of that date and now appears, or a
large amount of money was sent out of the
city early in the month and has since returned.
Apparently, the latter explanation is the cor
rect one in part at least. During the week
ending April the banks lost $7S4,3O0 in
legal tenders, and during the last week they
gained 81, S25, 100 the Treasury having, mean
while, taken in rather more than it paid out,
so that fully 81 100000 in currency more than
went out about the first of the month has now
returned to the city. According to reports OF
leading banks, the receipts must have been
much larger than the increase in average, or
about 81, 100000 more than the shipments.
On the other hand, more gold was shipped to
the interior than was received thence, for the
effect of Treasury disbursements upon the
specie average of the banks was such as to in
crease it ST. 1913, 653, but the banks report an
increase Of only 1851, 400 in specie. Both
in specie and in currency the banks held much
larger reserves at the end of the week than
the statement of averages indicated, and the
course of domestic exchanges, as well as the
low rate of interest, show that season of
plethora at this point is with reason expected.
Foreign exchange continues close to the
shipping point and yet no gold goes abroad.
1t is the common impression that this state of
things is due to operations in securities on
foreign account. The Chronicle believes that
"stocks have been sold in London and covered
"here. and the bankers have drawn demand
"bills for the proceeds the price of Ameri-
can securities having been relatively higher
in London than in New York. But this ne
cessarily implies that somebody else has been
bidding up American securities in London, for
the sake of the effect on this market because
any genuine investor would be advised by
his bankers to buy in the New-York market
rather than in London, when prices are in the
state described. III this Is so, the exchange
made by those spectators here who buy in
London ought to about balance that made by
those who sell in London. But the truth is
tbat there has been some real buying of Amer
lean securities here by foreign investors, though
the amount may have been exaggerated by
ru,nor. The entire excess of merchandise i'm
ports over exports has at no time been greater
would balance, and transactions of that mag
nitude, though not very important in the stock
market would suffice to make quite differ
cnce in TIE exchanges, 50 long as they con-
tinue.
The only noticeable Improvement in exports
j. in cotton, of which 97,77S bales were shipped
last week. against 80, 1872 bales for the
corresponding week last year. There was u
little increase in exports of wheat during the
week ending April II, but decrease nearly
three times AS great in corn, and a decrease of
one-third in flour. In comparison with last
wear. the shipments arc gnifcant-55S,21
bushels of wheat against 1874, 800 bushels,
and 4Oi. SOP bushels of corn against 2,032, 40S
last year. But the remarkable advance in
nrices has not ceased, and must tend to dimin-
ish exports still further. The statements of
tho Agricultural Bureau. wherever they are