New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-14
MONEY AND BUSINESS.

Tagging along week behind the great in
crease Of bank reserves by Treasury disburse-
mcnt5 comcs the recognition Of it in the state
mcntot bank averages. The increase reported
on Saturday, $L21290 gold and FS03,5OO
currency, exceeds 10y S2,22S, 600 the difference
naycrdgc of Treasury balances for the lasttwo
weeks, For the previous week the loss OF
Treasury balances exceeded By 10000 the
gain in bank reserves, rs reported, so thatabont
$500, 900 may have been received by the
bank, from the interior But 1T is ight to observe
that the published statements Of money received
from and shipped to the interior by the New
York banks ac proved to be altogether erro-
ncous Since March 81, for example, the assO-
ciatod banks have increased their reserves
$9,95o, 100, accordingto their statements. The
official reports OF the Treasury show that
during the same time its payments have Cx-
cccdcd its receipts by Sl3 52N. O2j, for, not
withStanding the transfer of 50, 100000 gold
certificates to cash, its balances have declined
SIO.22N,O25. But the statements published
by The Financial Chronicle Of receipts and ship
ment. by the banks have represented the ex-
cess of receipts from the interior TO be as
follows Week ending April 6, $1,074O0O;
April -. 81 ,391 900; April 20, $l,50l, 900;
April p, 81. so, 900; May !, $2,3IGOOO
Nav II. S3G9o. 900 total for six weeks,
S11,s12, OOO-whch is absurd. The banks
have evidently received no such sum, nor for
the whole period any sum whatever from the
interior in excess Of their shipments thither.
II they had received nearly So, 100000 from
the Interior IN addition 10 the $13,00O,000
which they have actually received from
the Treasury, their balances would have
increased S25,OO0000 instead of less
than $lO,OOOOOO. 1t is important just
now to notice that these published state
ments are entirely erroneous and misleading,
because the fact is that the return of money
from the interior which usually appears at
this season has failed altogether this year, the
banks having gained in reserve less than they
should have gained from Treasury disburSe-
ments alone. The return of last Saturday in
dicates that a small movement toward this
point may have commenced, but it should con
tnue and grow much larger if the banks are
to attain desirable position before the fall
business begins
For the present the banks are amply supplied
and the money market has been easy. Leglt-
mate business has been moderate in volume.
with some improvement noted in the cotton
goods market and in the demand for w0Olens,
| and in corn for export But the speculative
| movements have been extraordinarily large.
Sales of cotton exceeded S3I 900 bales, without
material change in the price of actual cotton for
delivery Sales of wheat were about 81 ,OOO,O 600
! bushels. against 10000 900 for the correspond
ing week last wear, aud of corn 13,O00,000
| bushels against 5000, 600 last year. The May
report of the Agricultural Bureau, which had
been awaited with much anxiety, caused little
change in prices when it appeared the spccu-
lators had apparently guessed its tenor and in
tucnce pretty correctly. Dealings in oil were
also very large, with fluctuations between 90
and % cents, attributed to the reports from
new wells. The great fire at jersey City had
no pcrceptble effect upon the price of refined
OIL In lard there has been considerable activ-
ity, with tendency toward higher prices, and
sugar has risen a little, while coffee and wool
have seemed weak. The great operations in
grain, petroleum and cotton however, have
occupied a large amount of capital and
threaten to require still more as the season al
yances.
In the stock and bond market the successful
placing of West Shore and Lake Shore bonds
has been followed by some decline In prices
For this various explanations were given, but
it is not unusual for large operators to tighten
! themselves at this season. Though the nego-
tatious OF bonds show that there il c0nsdera-
bic capital available for mortgages that are
deemed safe, there has been little indication of
public disposition to engage in stock specu-
laton, and the dealings are still mainly con-
fined to the professionals. The Unsatisfactory
crop prospects seem to have moro influence
in the stock than in the grain market The
prospect of the completion of the West Shore
road, and the formal withdrawal of Mr.. Van
derblt, in part account for some weakness in
the securities with which he has been con-
nected. The earnings of AZ, 400 miles of road
in April were per cent larger than those of
the same companies in April, 1882, but hey
then operated only 1920 miles of road, and
the largest gains, made by St. Paul, by Mime
apolis and Manitoba, and by Northern Pacific,
have been attended by large increase of mile
age. In general the Northwestern grain
carriers have made gains above the average,