New-York tribune., 1886-01-18
MONEY dND BUSINESS.

The shipments of gold during the past week
and the renewal of war between the trunk
lines have caused natural decline III stocks
and revival of anxiety in regard to the silver
question. The amount OF specie shipped was
only about $1,100,O00, and the banks in
creased their stock of gold by $1,000, 600 dur
ing the week and report surplus of
1888, 600, 600 But it lis felt that the gold came
from large disbursements by the Treasury,
which has lost since January l, 81, GOO 900 i'll
net gold, against an increase OF $1,000, 900 III
silver and 81 900 900 in legal tenders. and
that the Treasury cannot pour out specie In
that way every week. theoretically the banks
might see $50 5000 in gold go abroad and
still have u surplus. But the bankers know
that practically an alarm about the possibility
of silver payments would be likely to set in if
the outflow shOuld be continued. On the other
hand, if the banks contract loans in order to
maintain their reserves, as they did to some
extent last week, many speculative operations
in stocks, wheat, cotton and provisions must
go to liquidation.
Without waiting for any pressure, many
holders got out of stocks last week, and the
average price of the sixty most active stocks
declined 21-4, to sos So per share, against
$44 80 last year at the same date. In the more
fayOlite speculative stocks the decline was
over cents, and in Delaware and Hudson,
Lackawanna, Lake Shore, Michigan Central,
Missouri Pacific and Nickel Plate preferred,
over cents in Cleveland, Columbus, Gin
cinnati and indianapolis over cents, and in
acific Mail ever cents. No doubt many
sellers realized profits, though less than ie they
lao rot;rod hofnpa AIR Nanlorhilta death
But the return to Europe of the money invested
and the profits realized would account for much
larger exports of gold than the 81, 400, 900 of
last week, and IL the market continues to
render foreign investments unpromlsing, this
influence with the decline In exports, may
bring about the outflow OF $50, 0O0 900 or
more, of which some bankers talk. The dis
turbance between the Baltimore and Ohio and
other trunk lines appears to be growing, aud it
is now clear to all that there was not quite as
much certainty of lasting peace resulting
from the West Shore negotiations rs many once
believed. The decision in the South Pcnnsyl-
vania case increases the difficulty of settlement,
and meanwhile the depression Ill coal stocks
continues.
The decline in the price Of wheat and other
products tends to help exports. Bat tho season
is late, and British buyers are already to large
extent supplied, and the cbcapness of silver
stimulates shipments from India, both from the
last and the coming crop. Wheat declined only
cent last week, in spite of ali influences, and
is still 3 cents lower III Liverpool than IN New
York, Indian wheat being offered as much as
cents below NewYork prices. Western re-
ports were circulated last week that wheat
famine is imminent IN Minnesota, and a corn
and hog famine everywhere, but the public has
been duped SO often by such reports that it has
little crednlity left Pork declined only 20
cents per barrel and lard only cents per 100
pounds, while cotton and cotton prints ad-
yanced each q sixteenth and oil remained