New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-25
MONEY AND BUSINESS.

MONEY AND BUSINESS.
No other commercial fact is important az
the wonderful increase in exports. Last year en-
ports of breadstuff5 were small in November. but
all others large, the aggregate exceeding 5000
| O0O Thus far the movement from New-YorlS has
been 1913 per cent larger than in sss, which
would indicate exports OF about sS5, 100000 for
tho month. The imports also show an increase
for the month last years having been small and
the gain thus far of 2O.6 per cent would indicate
an aggregate of SEA, 5OO,OOO But even this large
excess Of s21, 100000 exports over imports is
overshadowed by the excess of s29541 1898 for
| October shown in official figures tclegraphed from
! Washington. The imports were valued at
Sos, 27,529, an increase of less than per cent
| over last year. But the increase in exports, over
sl8,0oo,OOO in cotton, s3,500,00O in pro-
| visions and sl,500.00O in CATTLE raised
the total TO s97,660,417, an aggregate
| never equalled except In one month,
| December, 1880, when the amount was sos $780,
| 214, and never approached in October. The
sum of 100000, 900 had never been reached in
any month PRIOR to $50, and since that time
| only in the Decembers Of 1892 and 1884, when
the amounts were considerably smaller than for
October this year.
This phenomenal movement was largely due
to the cotton corner at Liverpool, for the grain
movement, though not large year ago. was
not exceeded in October. But for two weeks
Of November il has been equal to 1888. 933 bushels
of wheat from Atlantic ports, against 1854 1870
last year, though Pacific exports fall short. and
2,3469o3 bushels corn, against l,57s,76l last,
year. The exports Of cotton continue large
thus far 6s6.307 bales for the month, against
SOB, 500 to same date last year With such an
outpouring Of American products and demand for
them abroad, the fear Of gold exports from
England has naturally influenced foreign markets.
but the rate OF exchange altered but slightly.
The banks OF England and France lost gold but
apprehensions Of a demand for Brazil were re-
moved, while the financial outlook here was
cleared by heavy purchases Of bonds by the Treas
ury. The weeks purchases were in value 81, 906,-
SO, though large part of the money had not
left the Treasury Saturday, so that its state
ment showed a gain Of 81 800, 900 in cash for the
week.
If the stock market were an honest reflection
Of the situation prices should have risen, for rail.
road earnings exceeded last years for two weeks
OF November by 1876 per cent The gain in net
earnings for September was 10 per cent The
dividends of thirtythree Fall River mills were
almost per cent for this year, against O. 6 last
Of the mills declared any dividends in ssj Do
nestle trade, moreover, continues especially active
The clearngs of banks outside New.Yorll last week
were about II per cent than last years.
against gain of per cent for the previous week
The iron business still "booms.' the only fear
being that it too fast and too far, at least
on the other side of the ocean. and that reaction
there may be felt here.
With all these cheering evidences, the average
price Of stocks fell 81 90 per share, and is now
AZ the lowest point since the end Of August It is
worthy of notice that the cOal-carrying roads are
on the whole. we'll sustained. although the con-
sumption Of anthracite in October was 315, 900
tons less than in the same month last year. The
monetary pressure the principal cause of weak
ness. and with II disquieting rumOrs respecting
action by Congress the Treasury. 1t does not
vet appear that the Administration has decided
upon recommendations about silver or the cur
rencv. but the advocates Of unlimited coinage
claim confidently to be in n majority in Congress,
and the approach OF the session naturally causes
some apprehension OF disturbance. AS to the
transfer of Government deposits from one bank to
tbe Treasury or some other banks, there is no
evidence that it will in the least degree lessen the
eunplv of money in circulation. But in proper
.iop N the enormous amount Of securities placed
unon the market within the past three years, which
have 10 be carried at the present prices, averaging
: = per cent higher than in 1888 or 1887 at
this date. the supply of money is not large, and
meanwhile the trusts and other business organlza.
tions and the great manufacturing developments,
and the building operations in many cities for the
mast few years. and the enormous speculation not
LONG ago in real estate and finally the remarkable
octvtv in legitimate trade and in the requirements
for moving the largest crops ever grown make
tho need of free capital temporarily exceed the
supply. ..ouo,o, ois
II is not situation to cause commercial us
+ust But il would not be strange, nor I'M
fortunate for the country. if some of the specu-
iative undertakings in which immense sums have
loon absorbed should be compelled to stand ASIDE
for a while. until the necessary commerce ana
industry of the country can be freely supplied
ord bcalthily developed. In that respect the SIt-
no,ion * exactly what it was when hopes OF
crcat crops started a rapid upward movement
in speculation last June. The speculation mas oeeh
retarded. because the productive industries are
more important.