New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-02-03
NEw.YoRk DAILY TRIBUNE, TUESDAY, FEBRUARY s. 1880

concerning the effect Of this change upon the
supply oil specie and the condition OF tie money
market. As yet, exchange remains low ana
the money market is easy. Some apprehend'
however, that the enormous increase of imports.
if continued, may presently cause exports OF
specie and threaten the permanence Oh re-
sumption.
The summary of foreign trade for the year
1879, just issued by the Bureau OF STATISTICS,
shows that very extraordinary change VIII
be required to extinguish the excess OF ex-
ports over imports. In 1879 that excess
was 1851. 350,477, the value of exports
of merchandise being $765, 13O.493, and
the value of imports 1913, 7SO,O16. 1t Is
not to be apprehended, for obvious reasons
that the increase in imports and exports ior
the entire year at all the ports will besthe
same as that for the month OF January
at New-York but even if the increase in all
imports throughout the year should be 81 per
cent. and the increase III all merchandise ex-
ports only % per cent, the exports would still
exceed the imports IN value. each amounting
to about 100000 900. No one anticipates
that the foreign commerce will attain such
magnitude this year. and it is well understood
that imports have recently been very much
swelled 10y temporary causes, while the out
flow of domestic products has been checked
for the time, particularly by the hlgh
price of wheat. 1t is probable that
the markets for goods chiefly imported Will
become overloaded by very few months OF
importation at the rate of January, and that
the evil in that direction will limit ITSELF just
as the holding of products at an unwarranted
price would soon work its own cure.
One other fact is to be especially noticed
in connection with this subject. This country
is exporting, instead of grain, great
many high-prlced stocks and bonds. Very re-
Gently il was announced that the greater part
of 200. 600 shares of New-York Central
stock had been taken by London bidders, and
now $4,000 shares of Central Pacific stock have
been sold in open market after large offers on
foreign account had been refused. Ii Is not
known how large n part of either of these sales
was to foreign purchasers, but if only half. i'm
ports valued at more than $15 100000 have
been Land for temporarily by the trans
fer OF these securities to foreign owners.
Every day, too, reports are current OF
other large purchases of American secu-
rites on foreign account and it is known
that other sales of large blocks of established
stocks, through syndicates Of bankers, are now
in contemplation, and that market has been
found already, or is now being sought for
bonds amounting to many millions issued in
connection with the Building or reorSaniza-
ton of railroads. The truth is that the
wonderful recovery of this country from the
long-contnued prostration of its industries has
very strongly impressed foreign capitalists,
and has caused great desire to invest in
the securities Of well-estabished and sue
cessful enterprises. The effect Of these
Investments so long as they continue, will
he in many respects greater than that of
an extravagant initiation Of currency though
they will not work the injustice as between
debtors and creditors, that initiation and de-
probation of currency would cause, they will
tend to lift prices here with great rapidity,
and to stimulate every sort of enterprise and
every branch of business. 1t seems very prob
able that this influx of foreign capital will
continue for some years, unless the public
credit should be successfully assailed, or the
currency dcteriorated.