New-York tribune., 1878-04-01
N. 7. ITVVS IOHUUH
Public Sales Mar.1 Mar.3O Mar.1. Mar30.
per cents. SO, ,O56,sOO 1O5l2 lOIis IO6 IOl -
: ct. I040s 2,95S,5OO 1888 1898 lOios IOoai
irct fund'J 7556.OOO IO3 1914 1O3l2 1O4a
4io per cents. 6,627, 300 1919 1923 102l2 1884
per cents. 1,l26.5OO 1Oli9 lOl%
S27,325,1O0

Notwithstanding sales amounting to more than
$27, ,OOO,0 In open board, and of unknown
amount by the dealers outside the Exchange,
prices have so steadily advanced here that there
has constantly been profit in impOrtatiOns. Yet
London prices have followed the upward move
ment remarkably, in view of the readiness
of foreign holders to part with their bonds.
The home demand has not yet checked the
foreign dstrust and disposition to sell, but,
by pushing the price upward, has probably
increased the desire TO realize The record is
gratifying proof of the strength of public
credit at home, but, in spite of that display
of strength, sales abroad are so large as to prove
that the credit of the Government has been
seriously shaken with foreign investors.
The immediate effect of the large importatiOns
of bonds is the outflow of gold, and the advance
of short exchange from 4.S6l2 to 4.90l2 during
the month. Specie, having accumulated in the
New-YOrk banks to the amount of about
100000 900, while the Treasury made no
effort to absorb the surplus became
very "beary," and is lower in price
than at the beginning of the month, notwith-
standing the advance in exchange and the be-
ginning of exports. From ten to twenty mil
lions may yet be exported before tho supply in
the market would be reduced to actual wants,
and If gold advances materially during that time
it will be in consequence of speculative or
anticipatory movements. As yet the exports
of produce continue surprisingly large. OF cot
ton, 93,991 bales were exported during the
week ending on Friday, against only 45,G
bales during the same week last year, and on
Friday night 1O5, 900 bales were already on
board but not yet cleared, at New Orleans
and Galveston only. The grain movement
has been increased and prolonged by the
situation in Europe. and especially by the Rus
sian order closing Black Sea ports. Very large
shipments and charters were made on Satur-
day. The movement of petroleum and OF
bacon and lard is also well sustained. AS
long as exports continue unusually large, the
full effect of the events unfavOrabe to the
public credit will not be felt.
Domestic trade has begun to feel the
stimulus of hopeful and speculative spirit.
As yet, this is less apparent elsewhere
than in those branches of trade which are
directly affected by the foreign demand, and
in the prices of stocks, but the aggregate
exchanges at New-YOrk have been but little
smaller than those of March, 1877. 1t is true,
exchanges have been swelled by large bond
operations, but the shrinkage since last year
in amount of stocks sold has been n more i'm
portant influence tending to decrease of ex-
changes, and the entire decrease is proportion
atcly less than the decline in prices since
last year. Stocks have advanced with rush.
Large grain shipments favor some; the pres
cnt success of the coal combination in restrict
ing production favors others; and the opera
tors who move the market upward are
helped by the prevailing belief that gold
must soon advance, currency depreciate,
and nominal prices rise. wild furry
of speculative excitement would be bad
for the country in the end, but it is one
of tho results which were generally antici-
pated, both by friends and foes of tho Silver
Bill. 1t would be much more encouraging to
see evidence of revival of productive Indus
try.