New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-27
MONEY AND BUSINESS.

Plenty Of money and plenty Of crops, good
abroad earnings and volume OF business hardly
ever surpassed, made the stock market 40 buoyant
last week that heavy realizing sales on Friday
and saturday did not prevent clOEc about 81
higher per share than that OF the previous week.
Stocks have advanced on the average 81 81 per
share for the past two weeks, and IN published
comments on the weeks events there Is q tone OF
anxiety Lest this, like many other hopeful be-
ginningS OF improvrme NJ, should meet with
speedy reaction. IL public desire 20 buy and
hold stocks were the basis, there would be small
OCCASION for anxiety. But though the market
has ysibly broOdrnel 20 some extent, che strength
Of the public demand has yet % be tested So
far, most Of the work done Is In the nature OF
marking up goods on the Shelves bnt the eX-
ports Of 100000 gold were known mainly on
Friday. and the resisting power OF the market WAS
found ample
The exports Of gold from January 10 May
Ind been only about 100000. Nearly ~
much more has now gone out from this city dur
ing the month OF May, and while bankers naturally
regard with satisfaction movement tending 10
make loauhble funds command hettPr rate the
ardor OF speculation Is often checked BY modcr-
ate rise In interest The enormous exports Of cot
ton prior 20 May l had kept exchange compare
lively steady, although net exports Of $4,000, coo
sIecie had left probable merchandise balance
for the year Of about S2s, 900, 900 yet 70 be
liqudntcl In May, exports OF cotton have been
l4D,6il bales against 223,607 last year, making
n difference OF So 100000, while exports o. bread
stuns have been but little larger than last years
In spite Of the continued Increase Of minor cX-
ports, which was over $4,000, 900 In April, and 10
which is mainly due the increase Of per cent In
exports from Ncw-York for three weeks OF May, it
81. \. 1.
creased NJ New-Tork : per cent for the past four
weeks, will probably exceed exports about as
much as in May OF last year, when the excess was
over sl3, 600 900. Under such circumstances, tho
outgo Of gold would naturally be quite large nm
loss securities should be bought rather than sold
on foreign account
The Treasury has taken in only sl,7OO,-
600 more than Il has paid ont during the past
week, and for tho month about g, ZOO 0OO, mainly
in silver and lemltcnders. Payments AZ the
Treasury in silver and silver certificates continue
small and In view Of approximations expressed by
some il may be mentioned that the National banks
Of this city hold Of silver and certificates only
about e., OOO, 900, against g., 0OO 900 year ago
IL Is fact that the Treasury has not found Offer
ings Of bonds rs liberal ms they were u year ago.
and while IL has been paying n higher price, has
Of late obtained few bonds But a different con-
diton OF the money market might quickly bring
larger offerings. With money naturally flowing
toward the city at this season, confidence prevails
that the supply will be ample nj least until fall
even though the ontgo Of gold should he cOnsid-
CRADLE but u selling OF securities on foreign ac-
count and u withdrawal Of their value In specie
might nevertheless alter speculative prospects
Tho industrial situation has altered during the
past week only for the better All accounts
prospects, which are decidedly good, except
that drouth has harmed cotton in some local.
ties. Wheat dropped 20 about 80 cents
in elevator on Wednesday, and after some
recovery closed cent lower than q week ago,
with corn and oats each FRICTION lower. Cotton
md pork products have risen shade and oil
about l.? cents, with sugar steady, lead higher,
hut copper and tin lower Prices on thr whole have
gained but little fur the week but harvest draws
near q lover level is 10 be expected. New wool
begins 10 como forward in Michigan and there as
elsewhere somewhat better prices are JSiScd, while
the increased hOpctunCSs OF manufacturers Is
evidenced by the change Of one hrgc mill from
woOlcn 10 wOrst"d goods and tao beginning OF
worl, on an enormous new worstcd mill AZ PaSsnc.
The market can hardly be said 10 have changed
materially but in view Of the expected decision
worstcd duties there is much more confidence.
II is hard % say what iustincS thc advance IN the
price OF coal which has been ordered for June |.
since the stocks on hand NJ the end OF April were
nearly million ions, and the consumption In that
| month was $50, 900 less than in 1898, Perhaps
the exlgencies of the stock market explain the
matter clearly better feeling in iron has for
justification stronger demand for bar, structural,
plate, boiler and pipe iron, and continuance OF
steady demand for the better or better-known