New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-03-09
MONEY AND BUSINESS.

The most noticeable fact in the monetary
history of the past week Is the sudden dis-
appearance Of $1,000, 900 gold. On February
2s, the associated banks reported $103,1s9,1oO
specie ON hand, and on Saturday they reported
only SlOl, GA 400. The statement OF the
United States Treasury shows that on Saturday,
February 2S, the amount of gold coin and
bullion held was 1898, 657,953, and on March
7. 1910, 55O9SS, while the certificates out
standing were $112. 1853, 230 at the end of
February, and $11i,4l9,500 on Saturday so
that the net gold belonging to the Treasury
was only $126,l ,iSS on Saturday, against
Sl27,39S, 723 on the Saturday previous. The
weekly statement of The Financial Chronicle.
prepared from reports obtained from the
banks, for the first time Omits the amount OF
gold as if none had been received in or shipped
from this city during the week. The official
statement of foreign trade shows that tho
imports of specie exceeded the exports by
5000. 900. Hence over S;2,OOO,OOO gold has
disappeared from the NewYork banks and
81 .297. 900 from the Treasury during the past
week. and there is at present no indication OF
its whereabouts. The circumstance that this
disappearance occurs within the week after the
defeat of the motion to suspend the coinage
asks @Where is the expected contractionT
Perhaps it has begun, sooner than anybody
expected.
Probably it will surprise most observers of
the stock market to hear that it has declined
during the past week. While there has been
sreat appearance of activity in some stocks,
and n marked advance with disastrous results
to those who had sold property which did not
belong to them, the majority of stocks declined,
and the average price of sixty stocks was only
SIS OF, against SlS Sc on Saturday, February
%. Three weeks ago the average was almost
precisely the same, and the rather vocifcrous
advance since then has at no time carried prices
inward more than about one cent on the dollar.
At other times, rs well as last week, it has
been n significant fact that while some stocks
we're theoretically pushed upward, the majority
of stocks were sold and declined There has
bcen no increase of confidence since the per-
sonnet of the new Administration was an
nounced on the contrary, there Is feeling
that there is too much "practical politics III 1t
to make stout fight for any financial advance.
The reduction in the dividend of the New
York Central was one of the most important
events of the past week, and, though not unan-
ticipated by well-informed people, caused
considerable decline. If n per cent stock Is
worth anything at all, however, it is worth 50,
and hnyers were found to take all that unhappy
stockholders wished to throw overheard after
the dividend was announced. The usual rumor
of an arrangement with the West Shore was
circulated without much effect. Several
Southern stocks were advanced on the pretext
that the NewOrleans Exposition was increas-
ing their business, but the shallowness of the
pretext was illustrated by the refusal to buy the
stocks of either of the roads which have in
reality been most helped Pacific Mail was
strengthened by tho passage of the apprOpra-
ton for ocean mail transportation, and some
thing closely resembling corner was developed
in Lackawanna. but the general tone of the
stock market was not satisfactory to holders.
The grain market, after considerable activity
and some advance, reapsed again toward the
end Of the week, and March wheat closed at
S75s, against STA on the Saturday previous,
though elevator wheat was 1i2 cents stronger.
In corn, on the contrary, an advance OF 1l2
cents occurred in near options, with no change
of consequence in cash. The cotton market
declined during the first half of the week on
account of more favorable weather mt the
South, but the change for the week amounted
to only sixteenth, and the receipts and
exports were exceptionally small. In pork
greater activity is noticed, and more lrmness,
though the quotation has not changed; bat in
lard the activity resulted in an advance to ia
| for Western. On the other hand the depression