New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-05-11
MONEY and BUSINESS.

Tho drain of cold has reached such magnitude
that nobody now tries to belittle it, aid men
only ask when it will cease. Net exports OF gold
rarely occur in February, and this year mer-
cbandise exports exceeded imports in that month
S.. 500. 1856 and in five months ending with Feb
ruary SlI7,424,2l0. This is an essential fact
because so many consider the outgo OF gold merely
a settlement of trade balances. Thus one writer
saws Eighteen months imports were made In SIX
months in anticipation of the new tariff" I'M
ports in si,. months ending with September were
S432 COS, and it is more than twenty years
since so small an amount was imported In any
full year. Including deferred payments for heavy
imports prior to the operation of the new tariff
in October to all appearances accounts were about
SQUARED when the course OF exchange shifted and
gold began to go out in February. Yet net eX-
ports in that month were S3,444,s82, and in
March S4451,5 $3.50, and there went from New
York alone S14 900 in April, and Sl0,114, 062
has gone in nine days of May. The explanation
given by the Street is the only one admissible
In ten weeks Russia is said to have drawn $780, 000,
600 from London and Amsterdam, and larger de-
mands Of unknown magnitude are still expected
But whatever the demand may be, Berlin, Paris
and London will throw much Of il as they can
upon New-York, SO that it is evidently wise not
to put confidence too hastily In reports that the
outgo has ended. This country could spare large
amount Of gold if the extent Of the demand were
definitely known, but unknown demands cause
timidity. 1t is not strange that stocks have
weakened, averaging nearly SO per share lower
than two weeks ago, in spite of satisfactory
results at the meeting of the Western Traffic AS
ISOLATION.
This meeting would have given stocks q de-
cided advance had there not been so much desire
to sell. Perhaps it would be more correct to say
that the association would not have decided so
easily If monetary approximations had not made
some people anxious to sell largely The unani-
nous decision TO establish joint, instead OF separ-
ate agencies at competing points will revolution
ize the whole railroad business, if ever carried
into effect, but excepting Professor Totten, there
is no man known TO believe that the Millennium of
Peace is coming this year The progress toward
reasonable restriction Of competition, attained by
the discharge Of freight official of the Missouri
Pacific for disregarding association rules is never
theless important, and in other respects the har-
monious meeting of the presidents would in
ordinary circumstances have had a larger in
fiuence.
The crop outlook is as favorable as il has ever
been at this season. The severe frosts and even
SHOWS of the past week do not appear TO have
lessened confidence in the outcome next fall as
respects any of the great crops, and some off
cial reports Of increase in acreage of wheat are
almost incredible. On the whole, the Western
farmer is having good time just now: he can
sell at high prices; freight rates are low on the
lakes the lowest ever known. for wheat only
cents from Chicago to New York; and he is pay
ing lower prices for what he buys than ever
nefore. Cotton goods Of some staple grades are
lower than ever, and many grades Of woOlens and
silks. while the farmer pays less for tools. impe-
ments and machinery, and great deal less for
sugar. 1t is also true that in large parts of the
West the price Of farm lands has been rising
The industrial prospect at present depends
largely upon the results Of numerous strikes The