New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-07
. sIO,sO5, CTS 1890, 547

south america ........ 2lI487 4l595
o Sf1e% ssaars. 1885, 1888 4BSt
Total ... slOsO5675 sl.2GO,547
Last year we exported no gold to speak of
during the first quarter and about 81, 100000
silver. The financial ruin in Cuba has created
great demand for some kind of money that
can be expected to have q value in the future.
and so Cuba draws gold from us, and we make
our supply rs large as before by issuing more
paper. TO some people these are not pleasant
facts. To Congress they evidently represent an
onward march toward the financial millennium.
There is no reason why money should not be
abundant here. Our printing presses have not
broken down. Last week the Treasury put out
81 ,604,322 in paper promises of various kinds,
and so lost only $97, 124 in gold, while gaining
1854 ,05S in silver. We have now i'll circula-
ton mot actually nor cOnstructvey in the
Treasury $S0S, 1921, 1902 Of paper money, ac-
cOrding to the statements of Saturday, VIZ:
500 140. 40 gold certificates, 500, $50, s5l sill
yer certificates, S299,0S0, 1913 legal-tender
notes. and $343. $50, 1913 bank notes. 1t is not
strange that money liz abundant and cheap
so cheap that it goes to London for choice. The
banks lost 80, DAG, 700 specie last week, accord
ing to their staCement-which represents in
part previous loss not recognized i'll the preced
ing statement-and gained $841, 900 legal
tenders. AS they had no other employment for
all their funds. they loaned part without in
terest to the Treasury. The reserve in the
banks, though it has now declined So 600, 000in
less than two months, is only back to the point
from which it started January l, and is larger
than ever before at this season. We are a little
past the date at which there usually begins an
increase of reserve lasting until midsummer.
The collapse in grain continues, and, though
some rumOrs of failures have been current, it is
really surprising that the decline of over twenty
cents per bushel has passed with so little dis
turbance. In two weeks the drop has been over
cent day, and it is not yet certain that bot
tom has been touched. Those who saw strong
buying on Friday, and heard Of some export
demand were disappointed when lower prices
yet were recorded on Saturday. In that melan
choly October, 1878, when the lowest range of
prices for forty years was seen, wheat sold here
at 973l for No. 2 Red, and at II at Chicago for
No. Spring. No prices apprOxiInating to these
have since been made until last week, but
wheat closed here on Saturday at 965s, seller
April, and sold at Chicago at 77l2. Thus far
initiation and prolonged debauch of specuia
ton in products have brought u.s. and now he is
a bold man who dares to buy In the belief that
the lowest price has even yet been reached.
The confidence in an upward movement might
now be strong if II were October, but such
prices near the close of a season, with an enor-
nous quantity Of grain unsold, may not be
readily followed by recovery.
The stock market has not changed its charac-
ter. Though most of the trunk line managers
profess to be ready and anxious to restore rates
as soon as an agreement can be made with fair
prospect that it will he effective, the Pennsyl-
yania and some other companies seem resolved
to prevent any more sham agreements which
embarrass some but do not restrain others at
ALL The Pennsylvania, it is fair to remember,
has sustained itself only by the enormous
growth OF its local traffic, having been COM
pe.led to abandon competition for through
traffic so far that it transported last year more
than ten tons of local for every ton of through
freight In such circumstances, the company
may naturally insist upon compact that binds
somebody. or none at all.
Business in the various Wholesale depart
ments was fair In amount, but far more active
in speculative than In other branches. A heavy
decline in lard and provisions was natural in
connection with the fall In grain. Coffee has
also been weak, as well as sugar. Steady prices
and moderate trade are noted in tobacco, and
the speculation in naval stores is perhaps less
active than might be expected, in view of the
extensive condagratlOn In the turpentine
"orchards" of the Carolinas. An active specu-
lation In cotton is in progress, without any rea-
son visible to the naked eye Dealings In dry
goods have been larger, the advance in raw
cotton helping little the sale Of cotton goods
that are still offered at prices much below those
of one year ago, while the price Of cotton Is
fully liz cents higher than it was then. The
position, it Is evident, can hardly be prOmis-
ing one for the manufacturcrs-if the specula-
tors can hold prices where they are.