New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-07

| amounted to only x36,ZS3, 100, againe'
$44, 291, 6s3 in 1880. AS the increase In ex-
ports has been smaller-from $23. 7o3.73|
| for four weeks of January, 1851, 10
| 1927, 654.197 for four weeks of January, 1851
it does not appear that the volume Oh
foreign trade at this port is as largo a. IL
was one year ago. Still there has been re-
markable increase in exports OF some lih-
pOrtant articles; in cotton at all the ports
from 427, 900 to 100000 bales: in bacon ana
hams from 100000 pounds to 9O,OO0,OOO
pounds in lard from %, 100000 pounds to
| 81 400, 900 pounds; in flour. from 4O9.OOO TO
| 727 900 barrels, and in wheat from 3,867,O0O
| to 4, 854 600 bushels The lower prices obtained
partly neutralize the increase of quantities ex-
ported but there still remains an increase
of 1918 per cent in value Of exports from
New ork in January. The failure OF grain
house in Baltimore and II dry goods house in
Philadelphia, during the past week, were not
surprising; indeed the fact that the prolonged
d cline from the speculative values or year
ago has caused so few disasters il proof that
the condition of business is, on the whole, re-
markably sound
The fictitious and fraudulent character of
the recent speculative advance in the markets,
known as "thc three per cent BOOM" was forcl-
bly, shown last week when the Senate Com
mittee agreed upon u reasonable, safe and
practicable measure of refnnding. The Three
Per Cent bill, which could not have passed,
and, if passed, could not have been executed,
was made the pretext for great speculative
excitement. But the strong prospect that
retundng will be actually accomplished has
caused no stir. The rea 'On is that the passage
! OF the Three Per Cent bill was contrived and
used by set of spectators who cared only to
sell ont at high prices The pretext was
fraudulent, because there was no reason to
believe that money in any large amount
would have been dislodyed from invest
mrnt in United States bonds by sales of
three per cents. But no one doubts
that the proposed three and n half per
cents would be very quickly taken. More
over, after the wonderful success of the four per
cent lOan it is not unlikely that the entire
loan proposed might be taken at once by a
combination OF dealers, so that the amount
OF capital temporarily threatened with ds-
Judgment might be nearly $6OO,ODO, 600.
Undoubtedly a perfectly unprecedented rush
for other good securities OF all sorts will fol-
low. as soon as the success OF the new loan Is
certain because. in any event, at least
$250.00O,000 now invested in United
States bonds must then be content with
short-telm three and half per cent notes
or find a restns-place in other seculi-
ties. Tie class OF investors who hold the
bonds will not be content with notes that are
likely to be speedily called in. The funds for
such note, must he gathered mp from the
small savings of the millions. This will set
free AZ enormous sum to seek permanent IN
vrS;mcnt elsewhere. Had the spectators who
pushed forward the Three Per Cent bill been
a little wiser and more patient, they would
have urged better bill, and waited for Il
larger ~ well IA more Legitimate profit.