New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-06
yOyFy AID BrSLNESS

The little business done after Centennial fes-
,.i,,s Ics, ,ycel WINS az higher prices for stocks
and lower prices for products. To infer TINT
,o.,iry tendencies Of the markets thereby fore
shadowcd would bc unsafe, for the large exports
NJ cold at the close OF the week disclosed forces III
cremation which may wholly change Tie SITUATION
Il was generally supposed that Improvement III
stockS indicated less foreign selling and moro
foreign buying. and that the reduced prices OF some
cSportable comm. ,dities had brought an increase
of .yports The shipments OF sAS00O0O sold
suddenly disclosed that thcrc hhu oeeh soipe'nilS
wrong in this reasoning
II IA not that exports arc shrinking. The move
mont from Ncw.Yorh is still htte larger than
last year aud $4,000. 900 larger for April, winch
With increase NJ tho sumo rate elsewhere would
mean exports Of So, $4,000 for the month
Imports NJ New York Increased per cent for the
month. which would imply an nggrcGnt" OF
se2 - ,. Op. THIS the large gam In exports
potnts 70 n probable excess OF not moro than
-. OOO, 600 for the month in imports. against
nearly 81 >. OOO 900 for the same month last year
Imuorts Mt Ncw-York last week were relatively
little larger But tho greater fact Is that the
resource which compensated last year ami III 1887
for a heavy excess Of merchandise imports namely,
Investment Of foreign capital IN American 80
ruritics docs not serve at present 20 make good
,rg an enormous excess Of merchandise imports,
there were also imports OF gold from May to De-
oapbqr In 1893. while the excess Of imports
WAS nearly ~ large. gold vert ont little in
Apri and $1,000. 600 in May. This year. with
scarcely any excess OF merchandise imports, gold
hns been going out In every month since October
s. zoo. 900 IN March. S2.3jj.OO0 for four weeks
of April from New York alone. and now 81 100000
in the first week in May. The unavoidable in
ference Is that the current Of capital has changed
instead Of coming in, il is going out
The advance in prices OF stocks sc'enty-three
cnts per share last week on the average, doe"
% disurovc this. With the whole force OF local
speculation 10 :asc prices, foreigners might nave
sold, since the recovery began two weeks hgo
more than $40, 0O0, 900 worth, and yet that would
nos have been q quarter OF the stocks solu
Whether sales have been large or small, at any
rnte the gold movement indicates sales exceeding
foreign purchases and it is we'll enough known that
a withdrawal Of foreign capital now invested here
might easily become large enough 70 Ovcrshadow
other influences Hence conservative bankers,
who see no reason 20 apprehcnd much withdrawal
at present, nevertheless consider IL entirely pos
Sible American securities have not really grown
In favor abroad since the Interstate aot wa
amended and the association OF railroad presl'
dents was formed. Earnings IN April showed an
increase Of 8 Ia per cent for tie first ''eclo
Q "a for the second week, T"r cont for tho
third and IL per cent for the fourth week,
averaging a gain Of 53s per cent for the month
Prices OF commodities still go lower, having
fallen / 3 per cent on the average in April, and
GI per cent since January /. Wheat dropped
last week IA cents, although exports increased ;
for four weeks Of April Atlantic exports were
,0oS,i4l bushels, against ,554 ~ Inst year, and
52G334 barrels -four, against s?a4i3. While
exports cQuallng 3.9j3,644 bushels wheat from
Atlantic ports is an improvement IT leaves moro
than so 900 900 bushels remaining expOrtablc this
year, against only l2,OOO, 900 bushels exported
after this date In the last crop year, while new
wheat Is expected earlier rhhn usual. Wheat Is
now more than o cents loser than ut this date
in 1888, an, below the lowest point reached at
any time that year, bub is also cheap, having
risen only ia cents last week. and exports for