New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-23
MONEY AND BUSINESS.

The weeks operations have turned largely upon
the new policy Of the Treasury Department regard
inc gold exporis This operated in the stock
| market exactly contrary % the expectations oil
many, who had calculated that since exports oil
gold tended to dcpreSs the market, as they Always
| do. then prevention Of such exports would tcild 10
lift the market. Instead. stocks were quite strong
early in the week, when il was known that more
gold would be shipped, and it was supposed that
| the only obstacle offered by the Department would
| br the charge for delivery of bars instead of coin.
But the market grew weaker during the latter part
Of the week, when the Department refused to de-
liver bars and supplied only coins Of various de-
nominations in accordance with Treasury holdings.
The explanation is that some people imagined gold
was about TO command a premium at once, ana that
general depreciation Of currency was unavoidable.
There was no foundation for the notion IN actual
events. but it was fostcrcd by the statements anu
opcrations Of those who were deprived OF al
yantagcs by the decision of the Treasury.
Whether in bars or in coin, considerable gold
must go abroad this spring, because prices OF
products are such as to limit exports, while great
| depression Of industries abroad tends to increase
the quantity Of goods empticd upon this marker.
Notwithstanding the increase OF duties on some
important products, the aggregate OF imports con-
tinues larger than IL was for the same week IaS'
wear; at New-York, for three weeks OF March,
81. 507sj0. against go, ji3,464 last year.
Domestic exports for the same weeks show Il
| similar increase Of 81 ,O57. 900 at New-York, it is
true. the movement of cotton being nearly equal
10 last years, and Of pork. bacon and lard much
larger than last years. while the loss in bread
s,ufTs is heavy-from Atlantic ports more than 40
per cent. Considering the other influences affect
ing the movement, il is evident that an excess OF
merchandise imports over exports in March OF
this year would imply larger shipments OF gold
| than occurred in the months April-July last year,
when the amount was about Sl3,6OO,OOO Bnt
such an outward movement gives no cause Tor
alarm, because it is only a part OF the years goid
production that goes out. and moreover the OutSo
n the spring and early summer is usually bal
anced by large imports later in the year.
The state of trade and industry is not such as to
warrant alarm. The failure of q bank at Phl!a-
delphia caused no disturbance there, ana the
growing ease in money markets at Boston and nj
Western and Southern cities generally indicates
that business is on the whole satisfactory. Col
lrcti0ns are retarded in portions OF the country by
severe weather and bad country roads. and per-
haps there is rather more complaint Of slowncss III
other regions also. but the tone of advices from
nearly all quarters is decidedly hopeful. The
South has been marketing the largest cotton crop
| ever grown, anu JnOuSn low prices HdNc tduo'u
some dissatisfaction, nevertheless the 7~,6j0,46l
bales already in sight have brought a vast amount
of money to be distributed among producers. At
the West the wheat movement from farms to
markets continues larger than a year ago, not
withstanding the short %crops-in two weeks OF
Mach 1886 900 bushels, against 2,s02 goo last
year; and the great decrease in movement of corn
is still compensated in a very remarkable degree
bv heavy shipments Of hogs and cattle. In ten
days of March, reported hospacking at the
West includes 420,0 O0, against $50 900 for the
same part Of the month last year, a gain OF 30
per cent.
The railroad earnings still show n heavy traffic ;
for two weeks OF March Sl0,363 900 earnings
have been reported, against $1,000, 900 on the same
roads last year. a gain of more than 4 per cent.
IInt as the roads arc probably charging rates higher
by more than 4 per cent than last year, the figures
| indicate some diminution OF tonnage, as would be
natural in view Of the short crops. and the cast