New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-30
s2se,s55,945

Total s2ss7so,4sa s2so.s60s4S
The amount of money on deposit WIN oank S
has diminished during the week only sl03,32o,
and meanwhile the bank notes destroyed nave eA-
ceeded the amount issued by s202,255. 1t Is
worth while to see that there has been no addition
70 circulation, but for the week decline OF
60 OOO O0O because the talk during the week
has turned almost entirely " the Treasury
mourning millions into Wall Street" Whatever ME-
Fairchild means to do, or may do hereafter ne mas
taken money out OF the market and into the
Treasury as the net result of all operations since
last Sunday With money here ruling at IL
per cent and the surplus OF 81 100000 In banKs'
H. is easy to surmise that the sales OF bonds may
have been mainly for parties at distant points
last wear the largest seller was capitalist at
San Francisco, and while Wall Street was counting
upon the millions for his bonds they appeared on
the Pacific Coast, where they were very much
wanted There are many points at the west ana
South where money commands higher interest ana
is more wanted for enterprises or mills, rail-
roads or real estate operations than it is now at
New-York.
The upward movement Of stocks and the down.
ward movement Of commodities have both con-
.inucd Stocks have risen an average of So IA
Der share for the past week. and S. g. or more than
| % per cent since March 81. There have been
more substantial reasons for the advance than
the emptying millions idea. The cessation OF
disastrous railroad wars ought to have some III
huence Railroad earnings continue good; OF
some very good. For the third week OF April
forty-six roads report a gain OF 1923 per ceho'
and for the second week the gain on seventy-sN
roads is a SO per cent, little more than the IN
crease in mileage. Some important roads nave
made singularly favorable reports for March,
nor is 1t to be overlooked that British reminding
ms well as American bond-buying tends TO estaD-
lsh lower rate of return for the peSt lhVesO-
ments. and so to encourage higher prices for
securities deemed safe. What was supposed to
be threatening" in the aspect Of Europe has
nassed from sight, at least for the time, and the
rates for exchange advanced early last week, put
tho tone has of late been weaker. This Is Sig
| niGcant because merchandise imports exceed ex-
| ports for ApriL Imports here have been 4'o per
| cent below last year and exports "a per cenO
| above but in April, 1887, the excess oil exports
vas sl6,Ol2s32, so that New York returns poinC
to an excess Of 81 ,O000 600, and the actual eA-
cess in March was 12,26S394. With such trade
balances, the rate of exchange indicates sone
movement of capital to this side.
While these facts make rise In securities
easy. it is equally true that the conaluon oi
! business ia not entirely hopeful. When wall
|
IN be reminded that industries do not expand as
fast as nrices Of stocks. But accounts Of injury
&c wheat grow more definite, complaint coming
also from California now, where wheat has risen
rapidlv from 81 3S to 81 So per cental while
| Central Western States seem forced to anticipate
short CROPS. Kansas and Missouri appear better
than last year, and sowing in Dakota ana hhnae-
sofa progresses with favorable conditions, bu1
the season is late, and favorable weather Will DO
required. Wheat has risen but slightly here eX-
ports being checked; corn has risen one cent
but oats have declined slightly. Cotton has ad-
yanced q shade, exports for four weeks having
been 100000 bales against 227, 700 last year,
but other prices are generally weaker Sugar
and lard are shade lower, eggs and cheese are
weaker oil has declined l rs cents and turpen-
tine 1-2 cents, while tin has fallen IL cents.
The signing of contracts by the largest producers
of copper with the French syndicate for the entire
output for three years has not yet steaded the
market: lead is q shade lower, and spelter IS
dull. The iron business does not improve; be-
sides Southern and Western iron pressed for SALE
some lots of Scotch iron have been sold at SIS
a losing price, but evidence of fading faith IN
higher prices Bar iron and steel rails both
seem weaker in tone Lake Bcssemer ore has sold
at Cleveland for So so, and the closing of the
Vulcan Works at ST. Louis is announced.
The downward tendency in pr.ces, in spite OF
the advance IN breadstuffs has produced de-
cline of is per cent in the average of all
prices since January /. The volume of business
is smaller than last year at New-York, where the
decrease in exchanges has been 81 100000 in
four weeks; smaller at cities OF New-England and
Middle States where the decrease has been $00OO,
| 0OO but larger at Western and Southern cities
where the increase has been s2O,OOO,0OO. Nor
| ,Iatf.,a
for the whole of the gain at the West, and that
section rejoces in the idea that its business is
becoming more independent of the scaboard.