New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-07
MONEY AND BUSINESS.


Secretary Farchd has bought Sl0,495,400
bonds during the past two weeks, paying sl2,-
473O47 for them. His announcement OF the In
tcntion to buy was made three weeks ago, and
pricos have risen since April IA 3 IA cents for
the coupon fours and 1S cents for the registered
fours The bank statement shows that
the gain last week was large-nearly S4,-
600. OOO-and during the two weeks OF bond buy
ing the banks have gained se,00o.Ooo. But the
published accounts show that s3,615,OOO OF this
gain came from the interior and not from the
Treasury The Treasury lost s5,l0O,oOo cash last
week. but gained 81 .9o0 900 the week before, so
that since bond.buyi began it has paid out
a. 900. 600 more than IL has taken in, and this
includes the settlements Of May l.
With nearly 81, 900, 600 added to bank reserves
and nearly So, 100000 to bank loans during the
mast week the prices Of stocks declined and also
the prices Of commodities. In stocks the declne
was small for the most active sixty only three
eights of dollar per share The fall in CON-
modities was greater, notwithstanding some adj
vance in cotton, sugar. lard and OIL and tile
st,fcning in breadstufs resulting from reports of
injury 10 wheat. Taking all commodities to-
rether. prices are about lie per cent lower than
a week ago, though wheat and corn lost only
quarter of cent, oats gained, sugar gained SIX
teenth and cotton and lard an eighth each. But
the Welding in prices had not any Of the character
of n manic. II the collapse in tin be excepted,
though the gradual disappearance OF values was
perbans on that account the more significant.
Tn looking for causes, one finds that the demand
for building materials, for the many articles which
enter into the construction OF dwellings and stores.
Inns sensibly diminished. Last year there was q
rage for building all over the country; now there
is a reaction, as the following figures from The
Real Estate Record of this city show:
Building: projected. April e''. .aa,,a7o A., 200 90,
con~sssae eos April coHsaera- $500,
put HSn months. cost d. iS5S2sIs s$es9 5SS
Conveysnees months 7e'o2s797 6s,55o,l07
Definite figures for other cities cannot be
given. but accounts indicate that the reaction
has been general and, where building and specula-
ton were most active last year. greater than at
New-York For the decrease In railroad building
after the extraordinary record Of last year. all
were prcnared Connected with this is the de-
cline In iron manufacture. AT this time last
year the weekly output was 1854 tons, aud
though We returns for Nay have not yet been
made. {. is inferred from published accounts that
the output IS not larger than ll0,760 tons, the
amount according to the last statement OF The
Iron Age" But prices have weakened. notwith-
standing the shrinlSagc In output, so that No.
foundry is now quoted at 81 o 3d. and steel rails
at $40 So with continued depression In the market
for bars. structural iron and nails.
Rains in California and in the Northwestern
States have affected tho wheat market materially,
and IL Is hoped have helped the yield at least
% much. The export demand has 80 far ceased,