New-York tribune., 1884-02-25
UOVEY md BUSINESS.


The feature of last week was the beginning
of gold exports. The amount shipped was
insignificant, and it is stated that even this
$l25,OOO sent out by the British Bank Of
North America was in transit for Canadian
account MOle has been withdrawn from the
Sub-Treasury for shipment to-day, when it is
said that $1,000,0 900 will 90. But for popular
ignorance as to the effect of these movements,
there wOuld be little temptation to the
Exaggerated stories about them which have been
circulated for q week or more. If deposits and
gold amounting to $25,0O0,000 should be
Withdrawn from the banks this forenoon, they
would still hold not merely larger reserve
than they did year ago, but larger reserve
in proportion to deposits than the law requires
National banks to hold. Or if the $2j,000,000
should be wholly withdrawn FROM the Treasury
this forenoon, for the purpose of export, the
Treasury would still hold $26,000,000 more
gold than it held one year ago, and $1S,O00,000
more gold in excess of certificates outstanding.
Nor is there any reason whatever now to look
for withdrawal of such an amount this season,
unless the natural course of the market for prod
ucts and securities should be fOrcibly inter-
rupted. 1t may be noticed as one of the
curiosities of international exchanges that, just
as the steamer which recently took out
81 ,OOO,OO gold from England to Australia
crossed on the voyage another steamer bringing
gold from Australia to England, so the vessel
which took $125,OOO from this port on
Saturday will pass on the ocean another bring
ing hither money from England to pay for
American securities. The unhappiness In
Egyptians and Turks" and the depression
in British manufactures, have conspired with
the improved prospect of many American enter
prses to cause considerable money from
Europe to be invested in the better class of
American securities.
The so-caled failure of McGinns Bros. g.
Fearing has seemed in the Street more like a
case of punishment. The firm was not able
to deliver several shares Of Northern Pacific
and Oregon stocks for which certified checks
were rendered i'll plain English, we suppose it
had sold them, or loaned them to be sold.
Possibly the fact came to the knowledge of the
people who rendered cash and demanded
delivery of their stocks. They could hardly be
blamed for preferring not to have their property
used in the market to depreciate its own value,
and the holders of some other securities, if they
should at any time conclude to take them up or
at least TO look at them, would probably put
sudden check to the raids upon them. If il is
fact that good securities have been depressed
in this market below their legitimate value,
those holders have themselves to thank for it
who, by allowing their stocks to DO freely
loaned, have encouraged many spectators TO
believe that it pays better TO sell the property
of others than to hold any property themselves.
The general course OF the market last week was
one of steady recovery after the depression Of
Monday, but tho coal stocks were remarkably
strong and made handsome advance. Arrange
ments for greatly increased traffic especially
helped the Reading, and the statement of
President Sloan that the net earnings OF the
Lackawanna had exceeded Ia per cent, with It's
admission to the trunk line pool on Ito own