New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-05
HOVEY1ND BVgTNESX

The speculAtions all had q hard time OF ~ iast
week, in the presence Of Treasury absorption OF
| money and prospective exports OF gold The
railroad strikes and the wars Of rates do not
make tho outlook brighter, and the report OF
tariff bill threatening almost every important in
dustry tends to restrict legitimate trade while it
| Is pending for though no one counts upon its en-
| actmert there are many who think It may get
| through with some amendments, while no one
! Is snre which Of its features will be eliminated
| The passage by the House Of the bin authorizing
| bond purchases served al encOu ragement for
only twenty -four hours, but the rise in foreign
| excloage and the sIrinkage in exports had more
| effect.
| The exports Of wheat from Atlantic ports for
| four weeks have been only 2,I6o,593 bushels
! against 1881. 29l bushels for the corresponding
| weeks last year. and the exports Of corn were
| ,933,s7S bushels against 3,77s, 744 last year
A decrease Of about $4,000 bales appears in cot
| ton exports for the month. and the exports OF
| lard were 2O104, 347 pounds against 25,5f7Sl7
I Last year. and Of b.i TN and hams 24,23S,250
pounds, against 45.3a4,i07 last year. The i'm
rortanee Of these facts following the decline OF
So OoO 0Oe in all exports in January, and the
increase Of $4,000, 900 in imports is perceived
in the advance Of half cent to cent In foreign
exchange because of small sales OF stocks on
European account Reported foreign purchases
of bonds this year do not seem to have consti-
| tuted o fund upon which this country can draw,
wnen any sales occur Or exports diminish, so that
bankers generally consider exports of gold proba-
bic in the near future.
To meet this possibility. the banks have the
surplus reserve Of Si2 744 700. and the prospect
of further deposits by the Treasury and OF BOND
purchases in case of need The banks lost 3d.
600 600 last week on averages, but the treasury
actually took in IS, 600, 600 more than it paid out.
1t is stated that some Sew-York banks wero In
vited by the Treasury last week TO accept larger
deposits, but declined, though good commercial
paper commands to per cent. III banks loan
the money on time which they receive upon de-
posits Of bonds. they or the owners from whom
the bonds may be borrowed have to forfeit the
opportunity Of selling at q good price. if any
momentary pressure compels the Secretary to buy
bonds so that one OF the Secretay's methods OF
relief tends 90 kill the other. As for the bond
bill ITSELF it would have more influence if people
had not seen that the amount OF bonds available
for purchase last summer was small and considered
that purchases Of Sl0,000,000 per month would
be liable 10 affect the prices current III the
money market becomes threatening, bankers who
now want no larger deposits will doubtless accept
more. and that ASSURANCE is just now the chief
reliance.
The railroad wars appear to have made some
duc.ion in East and West bound rates which WAS
announced proves effective. Possibly settlement
will come out of the Western conference, though
it only disclosed the nature Of obstacles which
could not then be overcome Earnings seventy
six roads for the third week of February show
gain of IL per cent over last year, and WIN
rates now charged this must mean some increase
in quantities transported But the instances In
which expenses have grown more than earnings
become more numerous, and on the Pennsy ana
and Western road wages have been advanced.
The Burlington strike is a threatening factor while
it lasts. and decline of 81 SO per share in the
average price Of sixty active stocks last week was
not o surprise.
After months Of extraordinary strength in the
markets for cotton and cotton goods, both show
symptoms Of yielding, cotton declining eighth
and print cloths quarter last week The char
actcr Of the coffee market shown by the re-
lapse Of quotations for actual coffee IA cent in
a single day. and the copper syndicate did not
prevent small decline in that article. Oil adj
vanced IA cents. in view Of the testimony re-
gardlng the Trust, and sugar also advanced
shade, while pork products gained but little.
The iron market Is again pronounced weak by
those who recently expressed confidence that bot
tom had been touched Considerable sales OF
rails at recent prices are reported. but it appears
to be an exceedingly good time not to revive the
combination to raise prices. some propose
Conl tumblcd % to 40 cents at Philadelphia,
and freghts to Boston as much. and the btu
mnous pool fixes prices at So 25 to So so for
New-York Harbor. In the many reports from
interior cities, there is sign Of evil. and trade
is generally pronounced fair for the season, with
collections exciting but little complaint But
the Clearing House exchanges outside OF New
York show a decline from last year at most of
the larger cities,