New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-18
A HEALTHY FOREIGN TRADE.

TIP pFRANGEMRNTe ~ FOREIGN EXCHANGE AT AN
rNp-GARGE SHIPMENTS or GRAIN. TOBACCO, AND
PROVISIONS TO EURoPE--COTTON COMING FOR
wARD-vlEws OF BANKERs AND OFFICERS OF
STEAMSHIP COMPANIES.
The depression III foreign exchange transac-
lions growing out OF the dsrust ocoasOned by the late
financial dniutes and the trouble in negotiating al
sorts of securities has for the most part worn or
Bankers and shippers report that fluctuations IN eX
change continue but the importers arc now buying
bills Of exchange much more freely than few days
ago. and the more favorable ITO exporters
Grain is coming forward 10 heavy amounts and Is
shipped directly The block caused recently by the OBJ
stacles 60 the sale Of exchange has been ghteued.
There If still delay in the movement Of the cotton crop.
hut il is expected that this will be speedily
On account OF the fluctuations in exchange and the de-
lay in the rcesablshment OF fun confidence In business
relations bankers st charge such rates for the
aoD of exchange press hard on exporters, Dut IL il
claimed they necessary to secure the negOatOrs
against loss. o. the whole inc outlook is sufficiently
encouraging.
TRIBUNE reporter yesterday asked OF the prn.
cpa bankers who % business IN foreign exchange TO-
gether With prominent importers and exporters AS TO
the transactions Ia exchange and IN All cases received
hopeful replies. AT the Office of Duncan, Sherman
Co. he informed that transfers 10 exchange were
going on briskly and that the recent depression had
nearly disappeared. Exporters are selling bills OF
change with freedom. and importers buying readily
very good business m exchange ia progress yes
torday The sin what unfayoraDle 20
p0rters there repeated fluctuations and the differ
merchants and brokers bills sti consd
eJaby larger than before the panic. Bankers Obliged
80 keep their offers low rates u order 10 protect
themselves from account OF these fluctuations
and TN this account are making more money In ex
change than before bat the state 0f affairs daily grows
better for shippers and tho difference between brOkers
and merchants bills IL lesseniug. Grain IL coming for
ward without check The block Ia cotton is the main
difficulty in exports The firm OF Duncan Sher-
man q Co is daily sending telegraphc dispatches and
letters the Southern States stating their readiness
have large consgnments Of cotton forwarded TO the
account OF their connections III Liverpool Liverpool
houses willing to receive large consi gnments pro
yded they are secured by good margin. Taking
everything into account tho promise OF the immediate
| future Is encouraging.
The representative OF the foreign exchange bushes,
OF Brown Bros No 50 walI-s,. informed the reporter
that the reviviug business In foreign exchange Ii grow
ing better daily Commercial bills yesterday were Al
81 per cent Exporters able to work of their
bills OF exchange on pretty favorable terms, though
brokers keep their margins large reason OF the Hnc
atoms The movement in cotton is present light.
few cotton bills lwere. however, bought yesterday by
the house Grain bills are taken mp large Quantities
The grain shipments forward admirably and on the
whole both importers and exporters are not without
reason for eouTatulaton the state OF the market
Confidence stron gthens and there cause for
alarm at present
The Hon. ". f. Dodge Of the firm Of Phelps Dodge A
Co. said that the Improve Ia the .ctie, for
uating foreign exchange which succeeded the Difficult.
ties caused by the late crss had rapid and I'm tina
main satisfactory. Business in exchange had very
brisk till yesterday and to-day when there appeared
little dullness among importers Possibly the partial
revival Of alarm in the money market Tuesday baa
something 60 do with this; but the fact that a great
( 90 bad hoo Chf
few days. 90 that importers owed very much less in
| England than before, WAS 10 be taken into account
But the increase OF facilities gives matters hopeful
aspect Exporters able sell bills of erchang
easily and importers take them with confidence The
DAYS Of serious embarrassment i'll foreign exchange
| apparently over
From other Trustworthy sources repeated confru,,
tiop Of these words OF encouragement obtained
40 tina, may be fairly concluded machinery OF
our foreign trade is now moving with tolerabe smooth
\ ness $4,000 .. -.
Apunber OF ocean steamship companies were visited
and inquiries made relative TO the OF
foreign shipments which been aimee the
first OF October. All asserted that as far exports
uere concerned freight was never better although
no,. were light The former consist chiefly Of grain
cotton tobacco and provisions, and the latter OF
| aud nne goods OF foreign manufacture. This the
80 m .tated nv the repre- sentatives OF the Anchor Hoe
and Vas confirmed by Others OF the most important
| panes.
Mr. baldwin agent OF the State Line stesms'rp Com
pany sad that since first OF October they had had
applications 70 receive more freight Tor export 'han
they could carry. consisting chiefly OF gram ana hor
There had however, been n0tlceabIe iaiios ON in
| imports especially IN iron, which Is desua-
bic return freight. by way OF ballast f"f the
| eAS'"hro voyage, grain is USED for baiias''
n nj fhs MAI