New-York tribune., 1882-03-13
MONEY IND BUSINESS.

MONEY md BUSINESS.
The fear of monetary stringcncy has passed.
The banks report reserve III excess oi iegi'
requirements, and, moreover, must have been
i'm much stronger position on Saturday than
their statement Indicated The shipments oi
cold on the 2d and 4th were felt only in part
in the bank statement of tie 9TH; as respects
the specie movement, the banks were
81 SOC. 900 worse off at the beginning of last
week than they appeared to be. But they
were gaining every day. and largely from the
Treasury The average of Treasury statements
for the six business days ending with Friday
last is $l.545, 1903 smaller than the average
for the previous week, SO that the banks must
have gained to that extent from the treasury,
and, dcducting for exports, we find that thelr
reserves should have increased about
So. 900 900. The reported increase was
50, las, 100. Some money evidently went to
the interior; the banks report loss OF
$lGO. 600 III legal tenders, while the Treasury
has made no gain in that kind of money. The
report that the receipts from the interior eX-
ceedcd the shipments thithcr must therefore
he Incorrect though the rate of domestic eX-
changes at all tho principal interior cities
faVOrs New-Y York. The explanation Is that IN
the disbursement Of interest and pensions, ana
the settlement for bonds redeemed, consider
able sums have to be sent from New \ ork to
scattered interior points away from the prlncl-
nal commercial centres. Thus the favorable
rate of exchange Mt Chicago and Cincinnati
last week did not prevent the banks from
shining considerable sums to Detroit and In
dianapOIis
# +bn L. N Saturday
have been about 81, 800, 900 better than their
statement indicated, because though $750,000
cold had been exported, counting only one
day in the statement, the Treasury balance
on Saturday was 81, 3,l73,OOO lower than the
average Of such balances for the previous
week 1t is fortunate that the banks start the
new week well ahead of their report, for the
disbursements of the Treasury have rapidly
| decreased. the presentation of called bonds Tor
| pavment has recently been small and the re-
| ceipts from customs continue large. From this
time until about April t. the banks are usu-
ally required to send large sums into the inte-
| rior particularly to New-England, and some
| monetary pressure is generally expected about
the first of April Starting with a small sur
plus, and $3.50, 900 stronger than their re-
port, the banks can probably get through this
period without difficulty.
The situation is the more satisfactory because
| all symptoms of monetary disturbance abroad
| have passed away. The most significant event
| is the reduction of rate by the Bank OF Eng
| land from > to i per cent at single step.
That bank held on Thursday $111, 1,466, 100 in
cold. having gained nearly 81 S,OOO,OOO since
February |. The banks of France and Ger
many have also reduced rates they hold the
Bank of France $1GS, 81 200 in gold, having
Gained about 100000 since January 20,
and the Bank of Germany $13S,4SO,0OO in
gold and silver, having gained about
$4,000. 900 within the past month These
banks have added about $G0,0O0,OOO to their
store from the point of their greatest depletion,
and are in much stronger position than at any
other time for several months. If gold goes
| abroad at ali, under present circumstances, ii
must be in settlement for securities sold here,
of which there are supposed to be large
amount ON the ocean. But it is the general
opinion that sales have already been made
against them, and the remittances may have
been made already, wholly or i'll part.
| The state of commerce is not quite as favor
| able as it was some days ago. Speculative in
| Auences have again advanced the price
| of wheat. and cotton has risen to IBIS
cents for middling uplands. The demand
for cotton, however, seems to be more largely
of legitimate sort than it has been for some
| time past, and the exports last week were
| 1O1 ,2l1 bales, against 94,667 for the CORE
spending week last year. Sales Of 300 bales
were made here for export last week, which Is
larger quantity than usual. But the quick
rise of prices Oh account of moderate buying
for foreign account does not give reason to
hope that the outward movement Will con-
| time. The advance in wheat at Chicago was
due altogether to the power of the clique,
which does not seem, after all, to have lost
| control of the market. In dry goods, Increased
activity has been stimulated by lower prices
for cotton goods, the partial stOppage OF pro-
ductIon both in this country and Ill England
having given proof that makers consider their
unsod stocks inconveniently large. The
woollen market is well sustained, though
foreign prices have so far yielded that an ex-
pec.ed advance here has not been realized
| After some days of dulness and decline. the