New-York tribune., 1886-08-23
NONFY And BUSINESS.

Jmnorts of gold and calls for bonds have
made a material change in the tone OF spccua
ton within the last week. Stocks declined
carly in the week, but so nearly recovered
after Wednesday that the average at the close
was S63 OF, against $G319 at the close OF
the previous week. The money market was
greatly relieved, and few were found who in
dulged the anticipations of disaster which had
90 much influence a week ago. The danger
now is that reviving confidence may 20 too
far: that the expected help may be discounted
for mo1e than it is really worth, and that the
ugly dcfalcaions and failures at Boston ami
elsewhere may receive less consideration than
they deserve.
Two calls for bonds will return to the mar
kct part Of the money that the Treasury has
taken from it since August l, but only part.
There are some who estimate that, out oil
S25, 900 900 bonds called, as much as $1,000
600 NAV prove to bc not held by the Treasury
for the banks, but the estimate is probably too
large. Now the cash in the Treasury has in
creased So, 100000 since August | the legal
tenders having increased $9,52J,G37, includ-
ing about $4,000, 900 last week, while the sill
yer has decreased $500, ,239, Including 100000
last week and the gold has deceased $1,3S5,
l75, including 100000 last week. Thus
the Treasury has taken out of the market il
three weeks mOIe than the bond calls maturing
| September 15 and October l will restore to il.
| Meanwhile. the Ncw-York banks have reduced
| their reserve from $107, 100000 July 81 to
| S96,269,0O0 August 81, showing that, apart
| from all operations of the Treasury here and
| everywhere esc the banks have lost $500,
| 600, which is but the beginning of the move
| mcnt to the interior that should be expected
| at this season. Treasury absorption and West
| ap movement will continue, unless foreign I'M
I ports or the marketing of stocks should he dis
astrously checked. The supply of gold already
| shipped from Europe, said to be $5S00000,
would be absorbed by the Treasury at the pres
| cnt rate about as soon as it could arrive, and
bond calls help TO lessen the accumulation there
only when money is tight and good interest
is paid. If the supply from Europe could be
considered incxhauStblc, that would be differ
cnt matter. but The London Economist on Sat
| utay warncd the Bank that LONDON cannot
| afford to let gold 90 to New York" and n
| charge of rate may not be long delayed. Al
| ready the premium demanded for bars, Amcsi-
| can coin being hard to find abroad operates a.
some check TO the movement.
Foreign imports show no sign of abatement,
and for three weeks Of August have exceeded
lho.e of last year by per cent, but domestic
exports fell OIL more than 20 per cent last wecL
| and for August have been barely $1,000
! larger than fE the same weeks last year.
| Receipts AT the Custom House already Indicate
a scarcity of legal tenders, in a decline of the
proportion paid in such currency from S5.s
| per cent D the iirst half of August TO 10 Der
cent last week, while the proportion Of gold
certificates rose from 8 to ~ per cent Much
| is said in some circles OF the relief which il is
supposed the new silver certificates will give.
| but dispatches say that these will not bc ready
| Tor issue, be the effect good OF bad, until No.
yembcr. With large imports, the Treasury must
| continue to take in gold or legal tenders rapd-
| ly, but if exports should decline, or foreigners
| BEGIN to sell American stocks, or the ratc of
interest be sharply advanced abroad the sup
| ply Of gold from that quarter might be al
scsted
The movements ia markets for products last
week weie generally healthy, but looked TO
higher prices Yet the sales of wheat for the
week cndHg Friday reached the absurd aggrc-
gate OF 50,6l2,OO bushels Such a market
usually marks the elimination of some opera
| lion, and the dulnc,s "a Saturday resulted il
| lower prices, with only 10000 bushels taken
| for eXpOT'. The close was i IA cents above
| that OF the pre- ,ious week, with con "A quarter
higher and oats 3-S lower. Cotton was also
active, closing an eighth lower, while lard
butter, cheese and eggs advanced little. and