New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-15

Durng the calendar week the Sub-Ireasury re"
deemed only SlS6 $50 of b 'nds yet It's payments
exceeded its receipts $409.792, which shows small
progress toward providing for the remainder OF the
called bonds and maintenance OF the treasury $
reserves even at their present low ebb Tne issue
of gold certificates was added to by the sum OF
S24O.OOO. bringing the total of the new issue
ND TO $50. $50 600. This is not Initiation,
because for every dollar i'd out in certificate form
a GOLD dollar must be retained in the Treasury; but
it tax upon the people for the cost of the prep
aration of the certificates and for the free
storage of $50, 100000 of gold There was
an abundant supply of money on call
all the week, and 404l2 per cet on pledges
of ordinary stock collaterals and 303l2 for
Governments were the fairruling rates. This course
of the money market at this season OF the year Is
usual and it would be remarkable II 1t were other
wise now, in view of the fact that the Treasury ID
failing TO recoup any Of is funds with which 1T 50
layishly supplied the market in the latter part OF
1882. The domestic exchanges are turning in favor
of Ney-York, but they now less favorable than
they were at this date last year. and the return
flow of money to the centre since January / thus
far has been smaller than in the time of 1882.
In the week ended January IA of last year the
banks gained Sc, oil, 900 in cash, last week they
gained 81. 493 200. The domestic exchanges at the
places named are quoted as follows; Savannah,
"a discount to ls premium; Charleston, d discount
to ls premium; New-Orleans 2505O cents discount
for commercial and par for bank; ST. Louis. 20
cents discount; Chicago. 60 cents premium; Bos-
ton, 206 SO cents premium.
In some quarters surprise is expressed at the
course of the foreign exchange markets last week
which was strong at advancing rates. One journal
says: There are the best Of asons why the rates
should decline, but contrary to general ex-
poctaIons the market remains steady and
ut this moment very strong" To substantl-
ate the opinion that rates should Decline
reference 10 made to "the November trade
figures. showing balance in our favor of about
$4,000 OOO.D and to the probability that "th'
December balance was likely to be at least equa
TO and probably somewhat IN excess of that total
and now January points TO a similar result" ~ IL
rs this reasoning seems to be of the same class al
that which imagines a spring from the appearance
of a single swallow. Now let us reason little; be
cause self-decepton as to the probable cours'
of the foreign exchanges and consequently as to tn
imports or exports of specie is not pTohtaDle I'M
foreign movement OF merchandise for the whole
year of 1880 resulted in the exports exceeding TN
imports the sum Of $192. S76,2f6; deduct from ma
the excess Of imports exports oil specie "nci
was sos, go 1923, and there, remains an excess o
1928 ,424 of exports over i'm 'orts. Dufng w
following year. 1881, We imported $49,o% ''44
more specie than we ex ported but 1t must be porn
In mind that good proportion Of that exoes
was because of exports of securities as WEI
As la settlement of the apparent balance OF $izS'
646,424 in our favor at the beginning OF tho year
In 1881 the merchandise movement resnited ID a
excess of 1888 .39e. 226 Of exports over imports
and deducting the specie movement, the excess wa
Sll4,0Gs,77o; yet Tor the eleven months oil 1857
November 10, our specie exports exceeded the III
ports $34, SIT $50 For the eleven mouths oil ioe
TO November 80. the result of the merchandn'
movement Is an excess Of imports OF $lS, 2o9.zoa