New-York tribune., 1890-04-28
esteem of the party, while his public services
entitle him to reappointment.
MONEY! 1ND BUSINESS.

,.oausc of things that have taken place, and in
,b. etocl, market because of thing that has not
4oten blace. Rains have destroyed property
worth many millions in Louisiana. Expectation
of n silver bill has added $40 900 to the SELL
ing price Of stocks quoted here, the average OF
active stocks having risen 81 "a per share in
single week. Railroad peace is not nearer, but
rather further of than week ago. The silver
hill has not been passed by either house. and a
Senate caucus on Saturday did not adopt the
rcport to which its committee had agreed. But
the street is sure that the bill is going to pass
in some shape that is going to insure imitation,
and takes pride in discountlng" what III tnihNs
is going to happen
Executing the railroad wars, which grow worse
instead OF better, the conditions which usually
affect speculation are all favorable to rise
Money is abundant, earnings are large. and London
is a buyer The aggregate earnings Of eighty-six
roads the first, eighty-seven the second, ana
thrty-one the third week Of April. as reported
by " The Financial Chronicle. aggregate Sl1,o74,-
sos, against 3,5ss0O9 last year, gain OF
13 per cent The report of the Pennsylvania,
though n month older, had helpful influence.
An official report of coal consumption showed
,532 tons taken from first hands III The
market, against 2,O4i ,a06 last year, including
q decrease in stocks unsold. The volume OF
business as indicated by clearngs of banks out
side Ncw-York showed an increase over last year
OF "a per cent at Boston, Philadelphia and Chicago
and 30 -2 per cent at all other cities. The local
money market has been fed by receipts Of more
than 81 900 900 from the interior, besides what
the banks have sent TO swell the Treasury gain
Of 50, 600. 900 during the week, making $780,
600 gain from circulation by the Treasury and
the New-York banks. No pressure at interior
markets seems likely to check the return of unused
funds for time 10 come reports are generally
easy. with but moderate demand Under all
these circumstances belief in a coming silver bill
has free course, and lifts prices rapidly.
The markets for products have not been af-
footed in the same way. Corn is nearly cent
lower than week ago. though exports reported
reached $500, 600 bushels for the week. and
0.300060 for three weeks OF the month. May
wheat is at exactly the quotation Of week ago.
receipts and exports both having been large ex-
ports from Atlantic ports for the month thus far
cqualng 4270,0OO bushels. against 2.3s7 900
last year. Cotton has advanced l-s. receipts
for the month being 81 900 bales below last years.
exports 50 900 bales less and talsings of spnners
a little smaller. Pork is unchanged. but lard
3-I6 lower and oil half cent lower. Coffee
has fallen IA. but centrifugal sugar is a shade
stronger. and tin and lead are higher. On the
whole. the produce markets answer less enthusi-
as,ically TO the promise of more money than
they did a week ago. and have a rather uncertain
look
one Of the things which need 10 be watched
is the decline in exports and reversal in balances
81 foreign trade. The March report. just made.
shows exports exceeding imports OF merchandise
10y Sj,4529sG. with little gold moving and nearly
81 900 900 silver going out. But in three weeks
of April merchandise exports at New-lork have
been 2l.2 per cent smaller than for the same
weeks last year. while imports for four weeks here
show increase Of Is per cent. Without Other
losses or gains. these figures would point 10 eX-
cess OF SIS 600. 900 in imports over exports II
foreigners take enough American securities. tho
accounts can br balanced without outgocs Of gold.
But the silver movement tends 10 keep here
s. 600 600 per month which has been sent abroad.
csscning by much the gold balances hitherto
required. High prices OF stocks sometimes induce
fon.ign buying but not high prices Of products
Another thing which will need watching is
the eight-hour agitation, which is expected 10
eliminate May l in many important strikes
over 90. 900 men are idle already at Chicago. and
rs many more in eight or ten other trades are
expected 10 stop work there this week, while
action looking 10 strikes May is reported from
sion that all these are not likely to amount 10
much or 10 last long. but in labor controversies
the unexpected often happens. In the greater
branches Of manufacture no change is noted for
while there is a better tone at Philadelphia In
iron and Steel prices are lower again at Pitts
burg and AS low here, with continued offerings
Of Southern iron at the bottom. Signs OF i'm
provcmcnt Of woocn trade are still anXiously
awaited but some quotations for new wool at
the Southwest lead manufacturers to anticipate
another trying season
On looking over the whole field, il may he per-
ceivcd that the solid facts are mainly on the side
Of announcement. That business actually trans
acted is in volume never cquallcd, the movement
of tonnage, the earnings Of railroads. and the re-
corded payments through banks all attest. That
money is In more than abundant supply is also
clear though expanding speculation has n trick
of absorbing even an enormous surplus very rap
idly But there are possible causes of disturb
ance 10 industry and also 10 the money market
which the prudent will not overlook, and mean
while the current speculation has been pushed
both fast and far upon the basis OF expected
legislation which may not matcrialzc, or may
take such a form as TO evoke veto. or may not
answer expectations II enacted. In several Of
the forms proposed the Silver bill would probably
cause n contraction rather than any imitation OF
the currency.