New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-09

EXPORTS OF MERCHANDISE.

Tuesday, OCU. o-p He
The New-York Custom House weekly returns OF
the exports of merchandise give the value oil uiie
exports from New-York last week as sI934,ooo,
against S5,SS7,11 for the week OF 1885, ana
&C os6 O72 for the week of 1887. For the period
from January l to date the merchandise exports
from this port have been S2674O9,726, against
s225.124734 inI8S8 and s23S,0l9,73S IN 1887.
These comparisons are valuable in themselves
They are still more valuable in the monetary sit
nation. when It is remembered that the country
during the expired nine months of this year has eX-
ported over 900 gold to settle the balances
of the preceding two years. With these facts IN
view. the wonder, if there is any, in the foreign
exchange is that rates for sterling are not lower
than they are Still, the last l-2 cent, either
toward gold exports or gold imports is variation
harder to make than a variation OF cents IN thc
international rates. As exchange approaches the
legitimate gold moving points the conditions OF the
money markets of the two Continents and OF bank
ers' balances become important factors. Therefore
we arc not sangune of immediate gold imports, be-
cause during the last two weeks sterling has de-
clned two cents.
MONEY MANIPULATION.
The evidences of late money manipulation daily
accumulate, so that many persons who late last
week discarded the idea now admit their belief IN
it. The wonder is that any one has doubted 1t.
since when on Monday week ago there was call
ing in of loans which sufficiently general IN It's
character to suggest the idea, particularly as the
some people who had been prominent in calling
loans early in the morning were the principal lenders
after 2:l5 o'clock on tie same afternoon at 20
and 20 per cent. Aside from any withdrawal and
locking up of funds that may have been done ny
hears at the Stock Exchange, the method OF hold
ing the rates high since the first day OF the
q. ov1 has hppn
servation OF every one. Certain banks and private
bankers who were lenders Yesterday today, In
stead of early sending to make renewals at any
RATE after 2 o'clock would call the loan 10 be
paid and thus in the feverSh condltl0n INTO WhIch
the money market had been manipulated create
a sudden demand at the Stock EXchange. lfsteraay
n single instance occurred that explains the
method After ! 3 o'clock a loan for 100000
was called in. 1t so happened that the agent
of the borrower and the agen OF the lender met met
in the Stock Exchange, and the same SlOO,O0O
called was relent by the same lender TO the
same borrower at . per cent-the highest rate
of the day. Now no one prelends that private
bankers have not a perfect night TO lend ana
call their money they please or refuse to loan
it, at any rate: but there are some Hebrew and
Gentle bankers who have for week been en-
Gagged in these methods who would not Ike th"lr
country depOsitOrs 10 see their names connected
with the transactions described. AS to chartered
institutions engaged in this kind of business, If
the moral evidence could be reduced TO legal
evidence the laws would reach them but the
failure in the Doodle" cases has clearly marked
the difference between the two kinds Of evidence.
If il had not, should be tempted 10 print
some names Our object however, is to show
tlat at all times there has been an abundance
of money; that 4 has only been question of
rates and that question could not have arisen If
rl,r sentiment of borrowers had not been first
manipulated by a studied misrepresentation of the
situation. There is something wrong IN SyS-
fem which permits such operations, only that
handful of stock SPECTATORS may raid the stock
market and a few Shylocks make double interest
for few days, at the jeopardy OF the whole
commercial interest of the country.
WHAT WAS DONE IN STOCKS.
To-days stock marlyet-weil' IN the early hours
they" made further raid upon values. and
for n little time had them from TO per cent
lower than at last evenings closing. Even tho
late buyers of Chicago, burlington ana Quincy
stood aside AID lot its price droD from los 5.S
to lO6l-8. Whether or not it was by an agreement
with the "bear" raiders or because the buyers
discovered that by q temporary withholding Of
orders the stock could be purchased cheaper is a
conundrum which we shall not attempt to solve.
The fact is that the recent buyers OF the stock
were not to-day's sellers. The market was so
la2 per cent and full recoveries and, IN few
instances, material advances on last nights price.
the total transactions in - listed stocks amounted
only 10 2S2,646 shares. There IS little doubt
that the leading bears after their early raids,
did their best TO purchase from their room follow.
ing, but the total transactions show that such
efforts met with little success. The fact il
that the average board room trader, although
nearly unit with his brothers in enlistment
ON the bear side, because of tight money"
from necessity is the equal OF the leading bears
II will not be left by It's leaders 1t must bc
bright and active, the prices Of seats at tho
Stock Exchange Will suffer sharp decline. 10
is a ease OF dog eat dog, while good stocks every
day are taken from the street and paid for.
In tho unlisted department the trusts were
active. and developed fTner tone. Sugar closed
Mt So l-s, after So k2, against 81 l-2 yesterday
30 3-S Yesterday and Lead closed at 80, against
22 "a Although it has been O bad policy for