, 1873-04-01
MONEY AND COMMERCE.,
MONETARY.

MONETARY.
MONDAY EVENING. March 81.
Tho rIeo Of ror cont In tho prioo Of gold einco
Saturday is the groat feature In finances to-day.
Il is possible TINT tho revolutionary nspoos OF
hifairn IN Spain, nddod to tho OBJECT Of tho atl-
yanoo In tho ratio of discount by the Bank Of
England, may hayo accelerated tho nslvanoo Of
gold, but tho great underlying Cause Of tho 6on-
eatiyouosa Of gold Is tho diminishing SUPPLY Of
coin in this country and tho probability OF
iargor exports Of gold than usual this spring.
The lntost eBtinntoB Of tho crop Of cotton raised
In tho slmmor 1T 1879 arc largor than heretofore
malo, and much larger than those upon vlliol,
somo recent estimates in this column Of tho prob
nblo exports Of cotton this spring. The
latost ostimatos arc, that tho total crop Of 1879
vas3 7Gl 900 hnios, and that from Sept, 1879 to
Sept. /, lo1J Tho totnl export will havo been
2,d50,o60 bnlcs. Of this anticipated amount,
1,75O,0o0 bales Ind gone forward up to March
as. leaving, aay 700, 600 balos to 60 between now
and Sopt /, REanst 5@1 900 balos exported dur
ing tho sano period Of last year. But 1t must
yoar, and, notwithstanding that the quantity OF
cotton to 90 forward yet IL estimated to bn
200, 600 bRos larger than in tho Same portion Of
laat year, tho difference IN prco IN likely to cave
adoticonoy in tue amount gold bo realized for
what will he exported ms compared with last yoar
But a stiil moro important fonture in the pros-
peoivo exports Of gold in tho fact shat the loans
Of London credit, III tho Bhapo Of sterling bills.
roworn cannot sell tho American railroad bonds
which They lIayo been carrying in Now York by
means Of theso toanB thoy will hare 10 send tho
money, tho gold. Last yoar. wl,ifo American rai1-
deficiency OF our oxports Of domestic products to
pay for our imports Of foreign gooIB causod an
export of s95,000, 900 Of gold, boing at least
s25,00o,0o0 moro than our total product of pro
anar1 Go, 9ss for p ths hs e yr nat n SS s a
to 10 less than last year, We should probably
havo to export at least as much goid as Inst
IL Europe us last yoar. but now comos in ad-
tlition tliu probability that instead Of marketing
as many railroad securities as last year, the
borrowed capital to carry thc1n in this country
will hayo to 10 paid back. This condition Of
things makcs tho probability Of much larger OK
ports OF gold, and d consequent much larger
tlccreaso III tho stock of coiu this year than last.
This il tho prospect TINT has sent gold up from
ll2 at tho close Of 1872 to 1l8M to-day, and
higher this summer. Tho total stock Of coin
il, tho Atlantic Statos at the present time dooa
not exceed $40, 600, 944 100000 Of which Is
owned BY the United statos Treasury, and 824,-
100000 held by the Treasury in trust for private
Tho amount OF gold now owned by tho Treasury
is noarly s30,600.000 loss than tho ayerage
amount owned by 1t at the guno time for tho last
five years, the B1nailcst amount owned any pro-
yious year being s5s 000,o 600 in 1870.
The amount Of rrivate gold in the hnnde OF
tho Treasury Was, on the 1At inst, 924, 900.
Tho average Of tho amount, at tho same date Of
tue last four years, was e33 100000; 30 that tho
gold owned by the public wns at the beginning
Of this month, e9,B00, 900 thatl at the samo date
Of late years. With d decrease OF s28, 400 600 in
the amount owned by tho Treasury and Of 3d.
500, 900 In the sum owned by tho public, the
stock Of gold in tho Atlantic States il 938, 200,
TINT our usual stock has been depleted to tho
extent Of one-third.
With go large depletion in the stock Of gold,
1t iB apparent that no increase Of snlcs that tho
Treasury can mako from its diminished stock Of
ooin will supply tho demaud to pay duties and
for expectation. The TecaBury programme for
April ia to soil $0,000,Go0 gold and buy 81 ,000,
900. The intcrest-paym ymel.t duo May will be
about 515, 100000, or, possibly just about equal
part of tho May interest on the 5-20a Of 1852,
1876, is OF course, due to foreign bondholdors.
Tho April rocofpts for customs ale, therefore,
largely pledged to foreign bondholdcrs, autl
eftor May j. will 60 out Of the country more rap
Idly.
1ko local money market presents no special
features, except sone inquiry for funds to pay
for graiQ expected to be delivered on April op-
tiona tod Morrow; though, tho domand for this
tinuea modorutoly easy yot.
Exchange iH scarce and the prico fir1nor, with
some sales at 300 per 81 900 premium, but the
majority Of holders refusing to sell less thnn 75c.
The demand tor exchange obliges q good many
banks to ship currency to Now York.
LOCAL, sT0cK AND bond MARKET.
PrN9fnr 4. nnetA