New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-06
MONEY AND BUSINESS.

The usual point Of greatest money pressure III
the spring has passed without any disturbance
whatever here or elsewhere. Business IS SO uull
al many points that the demand for money Is
relatively slack though signs OF improvement III
that respect are seen at several cltles' Inc
Treasury has poured out money freely, so that
Tho octual circulation increased 100000 IN
March and S92, 800, 900 during the year ending
with March or the years increase S44,OOO,ooo
: was in gold and gold certificates, S5,OOO,Ooo III
LEGAL tenders 49, 900 in silver dollars, S3oOO,
600 in subsidiary silver, Sl9,OOO,OOO in silver
certificates, and S34,000,00O in new silver notes.
or in all $61 100000 in silver, while the decrease
in bank notes was S1s, OOO, 900. During the past
week the Treasury has added to the circulation
So 300, 900 silver certificates and $l,2O0,O0O new
silver notes. The moderate decrease of bank re-
serves was not felt as it was understood that cur
rcncy naturally returns to this city in large
amounts after this date, nor did exports of about
81 200, 900 gold cause any disturbance. The net
ontgo since the first of February has already
almost equalled the net imports Of gold since the
movement began in the fall but while more gold
has come into the country than has gone out since
the new silver law went into effect, it is proper
to remember that exports did not begin to any
extent last year until June.
With fear of monetary disturbance out of the
way, stocks usually begin to rise about the 1st of
April and did begin last week. The net advance
in average prices for the week 50 cents per
share, and the change in tone was noteworthy.
For this an especial reason was found in the veto
OF the maximum rate bill by the Governor of
Nebraska and the killing of the bill in the Senate.
Substantially all the danger apprehended from
crazy Legislatures and legislation at the West
has now been avoided, and the Street is quick to
take this as turning-pOint in the agitation, and
to assume that the danger from revolutionary
political movements in that section is over. This
may not prove true, for the defeat Of measures
favored by popular craze is less likely to put
an end TO it than practical experience of their
folly. But until next year, at all events, the
railroads in the main free from the assaults
of those who want TO own great transporting lines
without paying for them for the cost of running
them.
Railroad traffic has been smaller in March than
year ago, east-bound shipments aggregating $685.
O02 tons, against 81 1874, decrease of III per
cent. The fact that the earnings about ninety
roads for three weeks and twelve for the fourth
week in March show gains of 3.5 per cent, COM
pared with the same weeks last year, proves that
the rates charged are higher, and the disclosures
during the past week have not tended to lessen
confidence in the temporary usefulness of the
presidents association, though TO some extent in
its permanence. Decrease in traffic is not due to
partial failure of the wheat crops but of other
grain receipts at Western ports in four weeks of
March were 1857, 5s1 bushels against 26,063,-
394 last year, loss of 3s.5 per cent. This was
partly compensated by slight gain in the move
ment Of pork, and the exports Of bacon and lard
for the month were 10000, 900 pounds, against
81 900 last year, implying a gain Of $4,000
tons in tonnage The cotton movement has also
been larger than in March, 1890.
Speculation in breadstuffs has taken another
hitch during the week, lifting wheat to 81 3 "a.
a rise OF l Ia cents, to rs, rise of IL cent.
and oats TO 50 3-4, rise of "a cent. The fact
that 7,047, $50 bushels wheat were received at
Western ports in March, against 5,6j3,G2G last
year. is carefully ignored by the Spectators, and
the fact that exports from Atlantic ports were
in March but l,25s,Oj7 bushels, against ,040,-
6ls last year. The theory is still INDUCED in
that foreigners must have American wheat, and
nav lust what suecuators please to charge for it,