New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-28
MONEY! IND BUSINESS.

The exports of gold last week, and the large
| holiday traffic, nearly balanced each other IN
| immediate influence. One can hardly conclude
| that the industrial and commercial situation Is
altogether melancholy when sales at holiday
| time are notably large. But it cannot be SAID
| that the situation Is quite wholesome when
exports of gold begin in the very season in
which merchandise exports usually most exceed
| imports Last year the excess of exports was
over $40, OOO, 900 in December, and we have
| to 90 back ten years to find, IN 1873, Deem
| Der in which the exports of gold exceeded i'm
ports.
The explanation is not to be found in the
condition of foreign trade though that is
unsatisfactory. During the past four weeks
the increase in imports at New York, compared
with the corresponding weeks last year, has
| been 29.2 per cent. During three weeks OF
| December, for which exports from New York
| have been reported, the amount has been 1913
per cent less than for the corresponding weeks
last wear. These changes are not in the right
direction. Yet if the entire movement for the
month should show changes in the same ratio
the exports would still be about $50, 100000,
| against imports amounting to about
500. OOO. 600 II the trade of previous months
|
| balance in favor of this country. BIT specula-
| ton here and industrial depression abroad have
| diminished our exports greatly, while the
active trade within the past two months has
| brought hither unusually large imports. In
! addition, great purchases OF American securl-
! ties were made for fUieisn account during the
summer The advance in prices has since been
80 great that it has strongly tempted purchasers
TO realize profits Prior to the death of Mr..
! Vanderbilt, it was thought that some were
| doing SO, and since that event the realizatiOns
| probably have not diminished. Virtually this
country borrowed n great many millions By
salrs of securities in the summer, and it is
having back rart of the amount with 30 per
cent pr0fltadded. But not even the concurrence
of all these causes would occasion any disturb
ance, if there were not apprehension regarding
the continued coinage of silver. Though
excessive speculation has done much harm, it
| has been far less hurtful than the evidence of
continued unwisdom in Congress.
The exports of cotton last week were n little
larger than in the corresponding week last
year, but for three weeks past have been only
| 1876, OS5 bales, against 51S,Ol7 for the same
weeks last year The price for spots did not
! further decline last week. though futures
declined an eighth and print cloths sixteenth.
| The price of wheat yielded further carly in the
week, but was again lifted by stories Of injury
ut the West, and closed only half a cent lover
than for the previous week The exports for
three weeks have been 10000 bushels
| against 2S37, 600 for the same weeks last
wear. The foreign demand for corn is an
| indication of the reduced consumption of
wheat abroad which industrial depression
| produces but the exports of corn have been
only 3, 100. 600 bushels in three weeks, against
| 2IOO. 900 last year, and with n remarkably
| large crop on hand the price has been sustained
within Ii cent of last weeks closing. Oats
yielded u of n cent and bacon closed . cents
| lower per 100 pounds, and lard % cents Lowell
though pork rose II cents per barrel Butter
also advanced ! cent and cheese ll2 cents
though eggs declined II cents. Oil rose ll2
cents and turpentinc L. cent, and the price of
sugar advanced sixteenth and coffee an
eighth. Tin was lifted ID cents per 100
hounds, while lead was held near the importing
point, and the price of copper was sustained
without regard to British prices. In addition,
last week there came an advance in tobacco
caused by speculative combination to put up
prices. In short, it seems to be the object of
American dealers generally to make gold, if
they can, the cheapest thing in the country
with which 10 pay foreign profits in stock
speculation.
These are not satisfactory symptoms, but, on
| the other hand, railroad reports were generally
encouraging. Shipments from Chicago last
week, in spite of the advance in rates, were
81, 573 tons, or ~ per cent larger than for the
corresponding week last year. Earnings
reported are generally better and it is noticed
rs an especially favorable feature that the
PENNSYLVANIA at last reports an increase again
| The pooling arrangements seem to work better
than many expected. Prices of stocks were
well maintained, in spite of some decline early
in the week, and closed at an verage of $50 81
for sixty stocks, against $50 SO the previous
week. though most oil the gain was on Satur-
day, and in many stocks, especially the more
speculative in character there remained loss
for the week. The exchanges also show that
there is a large traffic, not only mt New York,
where the increase last week compared with las:
year was $50 per cent, but mt Boston, Phila-
delphia and Chicago, where the increase,
estimated from the returns of The Chronicle,
| was 2S.3 per cent. On the other hand, tie
increase at st. Louis, Baltimore and New
Orleans last week appears to have been oaly
3 of l per cent.
Treasury movements last week were not inn
portant. There was n gain in gol and legal
tenders, and further loss in silver owned
through the increase in silver certificates out
standing During the month the net gain Of
tho Treasury in gold has been 1878, 900, and
in legal tenders $2, O27,O00. Much of the gair
appears to have been due to the withdrawal oil
~