New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-10-02
First. second. Third. Fourth.

The scarcity of money is due Immediately to
large shipments to the West and South, but
ultimately TO the severe drain from this mar
ket by exports of gold earlier in the year.
The decided activity of business in the in
terror, which calls for largely increased sup
plies of money, is good sign in ITSELF but 1t
has happened to coincide with strong de-
mand for speculative uses in Western gram,
provision and petroleum markets, and falls
upon banks that were unusually depleted
when the season began. The exports of gold
alone from this city exceeded $35,00O,OOO
during about seven months ending August 3,
and no return movement has yet been caused
by exports of products, though rates OF ex-
change have recently been lowered. In Sep
tember of last year $40, 524, 1913 in gold alone
was imported in excess of exports this year
the movement has hardly exceeded 100000
each way. With foreign doors closed, the
banks have been compelled to send very
large sum to the interior, and this in part be-
cause of unwse regulations by the Treasury.
Many millions have been sent to st. Louis,
Cincinnati, New-Orleans and other points at
times when the rate of domestic exchange did
not justify shipments; because the transfer
could be made at public expense, through issue
of silver certificates there.
During the last week the banks deposited
81, 700, 900 gold in the Treasury to procure
the issue of silver certificates to correspond
ents in st. Louis, New-Orlcans and other cities.
Moreover, they took from the Treasury here
So, $50, 900 in such certificates of which only
$1,S41 900 was paid into the Custom House,
so that about 800, 900 more might have been
- IL 10 oi,,fs ubnr 10 M
Sub-Treasury In addition they shipped to the
interior a large amount of currency. The
Treasury lost on average for SIX days
1888, 55S in currency, and the banks gained
$5S9, 500, but the Treasury paid out so much
more toward the close of the week that it held
on Saturday 81 ,O3G, 936 less than its average.
Ii may be presumed that the banks would not
have drawn so much currency in place OF gold
except for the purpose of shipment. On aver
age for six days, the Treasury increased its
specie by $2,132,9S9, while the banks lost
So, 595, 800, the excess shipped having been,
it is probable, mainly i'll silver certificates.
Thus it appears that larger sum than the
Treasury disbursed for called bonds was sent
to the interior, partly because the bonds were
only sent here for more ready collection and
remittance of the money. As the call has thus
far filled to attain It's object, and still slower
movement in future is probable, the
Secretary is said to be considering other means
of preventing undue stringency through ac-
emulation of money in the Treasury. His
latest call, however, inasmuch as it pledges a
surplus of $4,000, 900 this year to a paIticu
lar use, lessons very much the resources at his
command for relief of the market.
The most important change in the produce
markets last week was the fall of cotton from
12lt to 115s cents pound. This is but little
less, in a single week, than the entire decline
from August 81, when the price was 1898
cents, to September 25 when it was 1926
cents. Receipts have at last begun to exceed
those of the corresponding week last year,
and the export movement is very hght-dur-
ing the month of September only 1882
bales, against 1925 bales last year. The
decline in some stocks and bonds was also
quite heavy last week. Louisville and Nash
vile dropped 1l3i cents, Lackawanna S9s
cents Michigan Central ) cents, Oregon Trans
continental rs cents, Denver 59s cents, Jer-
sey Central and Canada Southern 8 cents
each, Union Pacific, Northern Pacific preferred,
and Northwestern, between and 5 cents
each, and Kansas and Texas, Wabash pre-
ferred and Texas Pacific over 3 cents each.
There has been great deal of liquidation,
caused only in part by tight money though
the contraction of $6,291, 600 in bank loans
last week had IN important influence.
.
PERSONAL