New-York tribune., 1879-06-02
April Exports.
April Imports.

1otal-- H. $3.50 3p,-Vo' 'ol
In consequence, instead of the excess OF
500, ,927,3 1856 in exports over imports III April
1878. we have an excess of only 81, 1889
in April, 1879, and the prospect Is that the
change in the same direction will prove to
have been even greater in May. AS yet we
have only the reports for New-York. but the
increase in imports here during the month OF
May has been about $2,000,000 while the
exports of domestic produce have been nearly
s., 900, 900 less than they were IN May OF last
year. If the change at other ports has been OF
corresponding character and magnitude, the
excess of exports in May has been small.
Sterling exchange was nOminally advanced
ON Saturday TO 81 90 for demand, with small
transactions at about 81 80, and the exports
of specie last week include $6S.00O in gold
- an amount exceeded in only one week this
year, the week ending February 10. Prior TO
last week the exports of gold were only $780,
O33 from January /. The exports Of silver
continue moderate, amounting for last week
to $2S4, 100 only. There is no present rea-
son to anticipate an important out
flow OF specie, because the market
is largely controlled by the movement
Of securities back and forth. For some
time past, this country has been buying
back its bonds and its railroad bonds aud
stocks in large amounts, and the effect has
been to make the prices IN the London mar
ket depend largely upon the prices here. Be-
fore specie in important quantities will 90
abroad, it is likely that a change will take
place in the relative appreciation OF American
securities i'll the different markets, and that
American bonds will go abroad again i'll con-
siderable amounts.
There has been, in fact, q marked change
during the month in the relative value OF
securities dealt in, both here and in London.
During the first part Of the month, the price
of United States bonds rapidly advanced, and
the London prices of other American securi
ties were steadily pushed upward by strong
purchases here. During the past week, how
ever, q sharp decline occurred in the price of
Government bonds here, mainly from causes
peculiar to this market But a similar de-
cline in some other securities which are largely
held abroad had preceded the decline IN
United States bonds, and continues though
the price of those bonds has begun TO
advance. 1t is probable that the relative
prices of such securities have been affected by
the condition of foreign trade. The imme-
date cause OF the decline, however, was the
closeness of the money market which resulted
from the great demand for four per cent GER
tifcates AS these sales have virtually ceased,
and the market has been nearly cleared of
Government bonds held on speculation, the
sharp advance in the price of these bonds is
natural. and may be reasonably expected to
continue. On Saturday there were few offers
to sell, either here or at Boston, and
many demands to purchase, and the
| "shortn sellers were observed to be bor-
rowing Government bonds with some diff
Guilty. The Syndicate holds its remaining bonds
steadily at prices considerably above the mar
ket, and the rapid purchases by permanent
! investors must soon leave the market without
any other important supply. We find upon
! inquiry that there are still about $4O,
| 10000 of ten-fOrty bonds held on de-
| posit for circulation, which have yet To be
replaced by purchases and deposits of other
! bonds unless the banks surrender their circu-
lation. 1t appears, too, that the amount of
| fve-twenties not yet brought in for redemp
ton Is large well-infOrnled bankers estimat-
| ing il at $40, 900, 900, while the amount OF
| tcn-forties yet to come in is fully $l20.000,
600. These facts seem to justify the conf
dence of holders in higher prices for the four
| per cents.
The bank statement of Saturday showed a
decline of only $1,212, 600 i'll the surplus
reserve, and was undoubtedly made upon ris-
| ing averages The chief drain on account of
certificate sales ceased on Tuesday. and the
| Treasury Department gives notice that the
! last of these certificates Will be sent out to-
! day. The amount not yet reported sold is
about $6O00.000, but the sales of
which the Department is not advised
must amount at the close of each day to a
| large sum- Virtually, this operation has
| ceased 1t has not proved a credltable nor
| a proitabe arrangement for the Government.
| The money market will doubtless recover its
accustomed ease and quiet and the prospect
of An active business in investment securities
during the Summer is strong. The danger
| that the desire TO invest may degenerate into
| a fever of speculation-has been in some meas
ure lessened by the monetary reaction during
| the past week. which has swept away large
part of the supposed value of some securities.
| But the domestic trade of the country con-
tinues TO enlarge. During the month of May
the exchanges at New-YOrk have amounted
| TO Sab, ,S49, ,531, against only 81, ,664, ,45l,-
| Ol3 in May last year, an increase of AZ per
cent. Less than half of this increase has
been due TO greater operations in stocks, and
the increase of exchanges at the other COM
mercal cities, especially during the latter