New-York tribune., 1884-03-03
MONEY AND BUSINESS.

Withdrawals of gold from the banks, the
bopinniny of war Of rates between North
western roads, and the decision of Congressional
committees to forfeit various land grants were
part of the influences that tended to depress
prices last week. "Buy when all is blue, ana
sell when all is serene" was the motto OF an
experienced person who might have maze
money last week. For the sickness or prices
caused by events just mentioned was followed
by an unusually sharp rally.
The specie exports, whether for speculative
ends or not, became reality and not myth
last week. for 80, ,335. 900 in gold and $397,s7O
in silver went out from this port. The with
drawals from the Treasury therefore, were noC
wholly or even mainly due to the alarm ABOUT
silver. Still it is the fact that the Treasury,
Notwithstanding all receipts from all parts OF
the country, lost during the week $l,9lo, 3oI
in cold, while increasing its hoard OF useless
silver by 1854, Its principal receipts were
bv the redemption of its own paper promises; at
the end of the week it had outstanding
SO. .S37. 800 less gold certificates than on the
nrecedno Saturday. $2SS 430 less silver
certificates, and $1.3S9,928 less legal tendt rs
The feature especially needing attention Is that,
though the revenue exceeded the expenditures
for tho week by $3,451,922, the treasury
nevertheless lost $1,91S,361 in gold Most Oh
its receipts were merely in redemption OF Its
own promises. Compared with January Ist'
the state of the Treasury Is Sll,OOO,OUO
weaker as to gold owned, and IN exchange Tor
the gold lost it has S 100000 less lcgalt TENDERS
outstanding, and holds $9,100,000 more silver.
I'm other words, its rcccI Is have exceeded its
payments $2,9OO,O00 and yet it has lost
81 900, 900 in amount Of gold owned. 1t
would be perfectly easy for Secretary Folgcr to
restore public confidence completely, by ceaslng
to treat silver as an available part of the public
reserves.
The wranges between Northwestern rail
roads do not seem TO be governed IN any hlgh
degree by q care for the interests OF owners.
If the managers were engaged in a war against
their stockholders, one could comprehend the
nolicv which some Of them seem 10 be pursuing.
Rut tbe traffic at this season Of the year is
naturally so light that war Is apt to be like
the battle near Tnnkitat, moro noise than
bloodshcd. The companies Will force each o'heI
to some amicable settlement sooner OF later, ana
in ali probability before the trailic begins TO Oe
importapt enough to make a war OF rates very
deadly From other points, the news In tho
railroad world is generally as satisfactory as
could be expected the floods in the ONO nave
done no serious harm to transporters, the
storms have interrupted traffic in various parts
of the country, but not more than they 90
nearly every Einteri the earnings generally
show gains and the decisions OF the Supreme
Court of Tennessee in the tax cases ana OF the
Attorney-G General of California in the Central
Pacific case remove causes OF disturbance. AT
Washington the butchering of Mr.. Reagan's
bill in Mr. Rcagan's Committee, the dlsembowel-
ing of Mr. Morrisous bill in Mr.. Morrison's
Committee, and the prospect that bills aSsalllng
lawfully earned land grants will not pass, are
the chief features.
People who sold property that did not belong
70 them had another lesson last week. In the
Lackawanna case, the financial graybacks who
enjoy dancing on other peoples graves and
betting on the ruin of the country were rein
forced. according to report, by members OF pool
who tried to get out before the rest. BOth hau 10
nav. and the outside public regards their losses
with complacency. AS for the property, 1t Is
really worth exactly what it was before any eX-
element began, and road that reports clear
nrofts of Il per cent with the iron business at
its worst point is not entirely valueless.
Purchases strengthened Mr. Vanderbilts roads
also. with good report from Lake Shore, and
events already mentioned helped some other
stocks The main fact in the market. however,
was that the people who had been selling most
of the property for several days were in the
position of tho parsonage who once offered all
tho estate visible from the top OF "A high noun
tain. when he did not own foot OF 1t.
In the gain market great dulness prevailed,
nartly because of the weather, but the circum-
stance that buyers for export are still wiling to
let all Europe starye had its effect. Prices did
not change much, but were rather lower. In
cotton, with only moderate transactions, the
price advanced an eighth an unfinished flood
was more potent than an unfinished strike. a
few iron works started up but no general i'm
movement can be expected until 1t Is definitely
settled whether Congress is going to make war
upon industry. The same uncertainty affects
MANY branches OF business, and under the
circumstances, it is surprising that business Is
so large.
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SMOKING ~ PUBLIC
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