New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-21
MONEY md BUSINESS.

MONEY And BUSINESS.
The banks lost heavily again last week. and,
as before close the week with actual reserves
considerably below their reported averages.
Nominally, the excess of reserve over legal re-
duircments is 50, jG6, 57j, but of the specie ex-
ports, amounting to $5,jl1,572 during the
week. So. SS1 49, was sent on Saturday, affect
ing the averages only $4S0,OOO. and the rest
affected the averages only about $l,2OOOOO.
rs the actual Outgo of specie was $3,s6l0OO
more than it, effect upon the averages last week
could have been, it seems reasonable to assume
that the reserve at the end of the week was not
above the - per cent rule. But loans do not
decline rapidly; they were only about
100000 larger at the maximum month
ago, and have been IA large only four weeks
this year. The banks find no reason for con-
tracing loans sharply when money Is offered
abundantly at l;i to = per cent year. The
long-continucd low rate Of interest is called by
some an evidence of prudent refusal to invest
in doubtful undertakings or securities. But
there is another side The supply being far
beyond the requirements of the country, money
accumulatcS H. great amounts at the financial
centres no longer for investment in any i'm
loans on stocks or products held for speculation.
Unhappily, the proof is not wanting that this
accumulation of unproductve money, and the
excessive speculation which il feeds, mutually
increase each other.
One week ago there was reason 20 hope that
exports might be quite largely increased. For
the week ending April y, the exports of wheat
from Atlantic ports have been l,212,5Ol
bushels the shipments Of the largest previous
week for a month had been less than half as
great, and the average had been less than
800, 900 bushels weekly. Then the spectators
began their work again, and with unusual cX-
element the price was crowded mp from 993l
cents for May wheat, on the 10Th, TO 81 O3a4 on
Saturday last Transactions were enormous,
both here and at Chicago and other markets,
and i'm corn and other grain as well as in wheat.
Whether exports are likely to revive under the
circumstances may perhaps be best inferred from
the fact that most of the speculative houses ad-
wise their customers not to buy on SO rapid an
advance. The same idea is likely to influence
those who deal for export. The agricultural
report shows larger acreage Of winter wheat
than w9s harvested last year by per cent and
an average of % in condition, against so per
cent in April 1888. Nor are there any evil
dcnces as yet of decrease in the sowing OF
spring wheat. Future disasters may cause
scarcity of wheat, but there is nothing visible
now to Justify such an expectation.
The stock market has not moved in sympathy
with grain. The causes controlling that market
at present have very little to do with the i'm
mediate or prospective earning power of rail-
roads. 4 week ago the prospect was good for
larger exports and movements of grain, but the
stocks of grain carriers have generally fallen.
The coal companies have agreed at last upon a
suspension of nine days each month"; but the
decline in coal stocks has been considerable.
There has been substantial progress toward
settlement of controversies between far western
lines, it is stated, and yet Union Pacific took
another dive on Saturday. and all the stocks of
that class show losses for the week. The Mis-
souri, Pacific and Wabash were especially de-
pressed. OF the Union Pacific it is said that the
loss in earnings for March will be large, and
that the pending settlement with the Burng-
ton and Quincy will leave the road in no better
position than it held before the tripartite al
lance. But these statements, whether correct
or not, are after all only masks to hide the main
fact, that the controlling forces in speculation
seek or permit lower prices, while the public
does not buy.
In the other markets there has been no great
change Iron is rather stagTant than weak,
though $33 is quoted as the price made in a
salc of steel rails in Pennsylvania. Coal, not
will standing the new agreement is dull a
Guoration of 50 10 free on board at AmbOy for
bituminous is named as evidence of the prevail
ing decentralization. There is thought to be
reason to fear another great strike among the
iron workers but the small demand for railroad
iron causes depression. Though sales last week
exceeded SEQ, 900 bales at New York alone, the
price of spot cotton did not materially change,
the receipts and exports being less than half
those OF the corresponding week last year. The
Standard Oil Company moved its markets up,
and down, and up again. Sugar and coffee
were a shade stronger, tea and cheese dull, and
butter and naval stores rather lower. Failures
decreased in number, and the reports of collec-
tons were generally quite favorable. In the
dry goods business u rather better tone was
observed, in part because of the contemplated
curtament of production by the cotton mills.
But the floods in New England also seem likely
to affect production considerably.
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