New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-04
RUSINESS and PRICES.


| month of April is especially interesting. Ex-
cepting March, there has been no other month
since April, 1872, in which tho actual reduction
of the debt has been so large. 1t is true the
! cancellation Of Alabama bonds amounting, pIin-
cipal and interest, to SO, $780, 900, caused NOM
inal reduction of $14,107016 Al in February,
1877, but the real reduction has not been as
much as ten millions in any month since 1872,
excepting in October, 1879, and in January,
March and April, 1880. The reduction in
March and April, $2G,797, ACT, was but little
exceeded in February and March, 1872, and
never exceeded in any two consecutive months
except these since The Summer Of 1870. The
rapid reduction at this time is mainly due, OF
course, to the magnitude Of imports, and it is
some consolation for the injury which excessive
imports are now doing to many branches of
business that they serve to cut down the public
burdens so RAPIDLY. But it would be q mistake
to infer that the amount of imports is nearly as
large MS It was IN 1872 for material part of
the reduction of debt is due to the previous
payment of bonds, the successful rcfunding OF
the bonds and the dimnutiOn Of the interest
chargeable monthly. The monthly interest
charge in NJ ,Tch, 1872, was $0,O1joOO, and 1t
is now only $6,747, III, so that monthly re-
ductiOn of $2,268,000 would now result If the
revenue were only sufficient, after meeting
other expenditures to cover tho interest accru-
ing in 1872. The revenue for the month OF
April was from customs, $17,546,56O, against
81, 940,0 j2 for the corresponding month last
year, and from internal taxes $10,7G7,479,
against $7,846,513 in April, 1879. While the
gain in customs was Al per cent, the gain in
internal revenue was 81 per cent, which shows
a very satisfactory increase in the activity of
domestic trade and manufactures.
The account has its darker side however. 1t
appears that the available cash in the
| Treasury has increased only 1854 900 during the
month, and that the gold reserve has decreased
%j,227,111. But the amount Of silver dollars
on hand has increased 81, G31 1881 during the
month, only $2,3O0,O00 having been coined,
and the fractional silver on hand has increased
$777,SG7. III effect, the Treasury continues
to coin nearly four times as many silver dollars
MS 1t can put into circulation by any device, and
il succeeds in getting into circulation TG6S, 500
in silver dollars only at the expense of taking
into its own vaults a larger amount of trac-
ticnal coins. The steady decrease in the gold
reserve must sooner or later attract serious at
tcntion, and excite apprehension as to the ult-
mate ability of the Government to meet its OBJ
ligntions in gold At the present rate of pro-
grcss, the gold reserve, which has been reduced
about $19,OOO,OO within the last four months,
will be cut down to less than 800, 100000
before Congress can give attention to the coin
age next Winter so that If tho subject passes
without action at this session, as seems alto
gcthcr probable, there may be serious incOn-
vcnicncc ahcCd. The silver in the Treasury
now amounts to Sos, 1867, and will be in
creased by january /, mt the present rate Of
coinage, to nearly $SG,O0OOOO.
During the past week, the recovery of prices,
which seemed to have begun in the week pre-
ccding, has not been continued. On the con-
| trary there has been "a general decline, and in
breadstufis, iron and manufactures of iron,
cotton and print cloths, the markets closed at
nearly the lowest prices yet reached this year.
Wheat Go. 2 red Winter sold as low as 81 27l4
Oh Saturday q decline of about cents for the
week, and nearly 80 cents since january L.
Very favorable adyices from the West rs TO
the prospects of Winter wheat III Ohio, Indiana
| and Illinois, aud as to the progress of sowing
Spring wheat in tho great Northwestern fields,
combined with favorable reports regarding the
crop prospects in Europe to deprcsS prices. Of
course it is still too early to form any trust
worthy estimates as to the yield this year. either
here or in Europe, and changes of weather two
months hence may defeat all expectations, but
it is undcnablc that very largo amount of
wheat is still held back in this country, both in
the hands Of dealers and on the farms, in the
hone of higher prices. The Produce Exchange
Ucekly, though not usually inclined to favor
lower prices, states that the visible supply of
%, OOO. 600 bushels must he supplemented by
about 49, OOO, 900 bushels more IN the hands of
growers or dealers, "prOvidrd the Department
"cslimale Is approximately correct as to the
last crop. AS the exports have already been
about 15O,O00,00O, out Of 1GO,0O0000
bushcls tie estimated exports for the crop year,
according to the Produce Exchange report in
| Scptcmbrr il does not seem impossible that
! the thrn-rstimatcd deficiency may be met
without entirely cXhanStng the supply in this
! country, especially rs the returns show thar
corn has been substituted in use for wheat to
considerable extent, in European countries
Prices of metals gradually sink each week,
! also. The quotations for No. l foundry iron,
which was about $50 to %32 one week ago, is
now about 500 to $50 and Scotch pig is offered
ms low as ~ 80. Iron rails from American
mills are offered at SO to $57 per ton, while
| English rails can be bought for $J3 to 500, and
sale of American steel rails at %7j is noted,
though the price can hardly have been fixed
very recently, IA foreign steel rails are offered
! at 500 to $G3. Copper, tin and lead have also
declined, and it seems to be the general opinion
in foreign markets that still lower prices, both
for iron and other metals, may soon be realized
! foundations during the past two months have
given ease to the money market, and the bank
reserves continue TO increase, but active buying,
either for speculation or consumption, is Ic-
! t3rdcd by the impression that prices have not