New-York tribune., 1890-05-26
HONEY AND BUSINESS.

The expansive or explosive movement which
answered 50 quickly to the promise of currency
cnArgcmcn, has sustained II distinct check during
The past week II is true that the average price
oi listed stocks closed an inlnii, sinai fraction
higher than the week before. with strong tone,
and that Trust stocks had an acrobatic rise and
tumble. bat mere arrest of the advance has a
| pos, bic meaning when money !, increasingly
| abundant All brcadstuns and pork products de-
oliucl. though cotton and oil advanced, and the
prices of commodities averaged ,owcr by about
per cent than week ago. Doubt whether tie
currency could be- expanded after nj might have
caused such q check bur IN fact there are current
and commonly believed report, that comblna-
iion has ot l1sr been effected 10 pass the SiNcr
! bill The effect of real or expected expansion If
| currency almost invariably wears ont presently,
| wien conditions Of trade do not sustain an adj
! vance in prices, and this seems to be- what has
! Happened IN scmc trades. Products are lower be
| cause Of most the supply equal, or exceeds tie
| demand. Stocks halted because good many
| people here and abroad have taken 10 rcilizlng.
| \ further upward movement may come, but the
average of prices Is now higher than II has been
| ~ any other time for three ycaIS and I'm May,
| 1857, when the average P.icc Of stocks last rose
| above $40 per share, the decline soon began, which
amounted % 30 per cent by the middle OF October.
| In this case the Silver bill is expected 10 make
| further rise certain, rather than any change in
| business The railroads have not made quite the
! progress expected toward adJGs ing their dll,r-
| cnccs and 1t does not seem that large earnings
have had much to do with the advance. which
| las now averaged more than So per share, or
| II IL per cent since March /. The February
earnings had exhibited great gains. the earn
ings for two weeks OF May have averaged II per
cent more than last year. Exports OF products
were then decreasing, and are now falling of, and
the crop oNtlool, is less favorable than 1t was
then The truth is that the great change has
been in TIM temper Of the Street, and that does
! not depend upon facts. large is the
chcapness Of money abroad, which Is in part the
result Of sharp reaction in some industries and
| sprcuai ons and makes American securities in de-
| mand late in the week there were symptoms
OF foreign selling, but money grows easier here, De
cause oua of 50 OOO, 900 received by the Treasury
| and the Ncw-lork banks from the Interior the
Treasury took in only ~ 500 600 more than il paid
ont leaving nearly half the gain To the banks
| Most od the interior cities well supplied with
money!, aud the disposition 10 buy stocks in other
cities and towns helps TO send money hihcr in
stead of securities.
Foreign commerce has entered upon the
| sumihcr season. imports of merchandise cN-
cceding exports in April }by Ss,4O0,O0O,
while there appeared small excess of
cold exports. II may be noted that i'm
pors outside New-lork decreased 81 zoo, 900, or
| about per cent. from last year. though the de
crease al this port over - 600 900, nearly
20 pcr cent But the exports through other ports
increased S5,7OO,00O over last year, or nearly
20 per cent. while the exports through New
York decreased 81 100000, or - per cent
| Since May began the decline in exports has been
greater here; in the last three weeks they have
| fallen II per cent below last year. But in four
weeks imports have increased at New-York l27
| per cent over last year Probably large quan-
| titles of goods have been FASTENED forward To
| pass through the Custom House prior To the
| passage OF the administrative tariff bill while
| other goods in large quantities will come TO an
| ticpate the passage OF the Mckinley bill, and it
| is even feared that scarcity OF money may be
created By the payments of very large duties
| The importance OF having early action on the
| bill is obvious
Wheat has declined l IL cents for the week
| corn ~ cents and oats "a of q cent the prin-
| cipal cause being rains at the West which de-
ddcdly improved crop prospects. Exports of
| corn for three weeks Of May have nearly doubled
| last years. and the increase in wheat has been
| 60, and in fsur 40 per cent Pork products
sympathized with corn. and the fall in butter and
] other farm products Is natural at this season