The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-05-22
THE OUTLOOK FAVORABLE.
Notwithstanding thc Large Expectations
of Gold

NEW York, May Or. G. Fun 20
weekly review Of trade says: In every
rcsnoct the outlook is more favorable, OK
cepiinc the large exports Of geld and the
advance in The Bank of England rates to
:, ncr cent. obviously for the purpose CT
drawing more gold from this country
South American finances are, Tor the
moment, less disturbing. The panlcS in
Portugal and France do not greatly AFFECT
this country, except ~ they affect the
London moncr market. But the German
demand for gold has not abatcd. nor
English, and shipments this week seem
likely to be not far from last weeks in
amount. The treasury balance in gold Is
materially reduced, and yet it is larger
than il was in 1850, when no disturbance
followed.
Receipts for customs duties at New
York arc largely in silver certificates and
new treasury notes, no less than 6l'a per
cent for the first ten days of May, but it
is proper to remember that the new treas
ury notes, being redeemable "in gold or
silver coin" with provision of law en-
towering the secretary to maintain the
parity of gold and silver paper and CON-
arc in practice redeem able in gold and in
value equal to grccnbacks. 1t is most
favorable symptom that the continued cX-
ports Of gold cause no panic in this
market.
The streets counts largely upon heavy
exports Of products in the near future,
reckoning that Europe is short of bread
stuAs and ready to buy cotton indefinitely
ut the present low prices. 1t is sl9nIii-
cant fact that the exports in April were
about double last year in value rs to cot
ton, and showed an increase in oils and
provisions, bat II decrease III cattle and
in breadstuiis. Yet in brcadstuis the
decrease was wholly in corn, and the sur
plus of wheat available for export was
Nav Isl about 390G0,D0O bushels.
The exports OF wheat from Atlantic
ports have been much smaller than year
ago, until last week, when an increase OF
10 per cent appeared. In corn the de-
crease is heavy, OF course.
The speculative markets have acted pc
culary during the past week, wheat ad-
yanc;ng 4 cents per bushel On reports, not
substan;iatcd. of injury 20 the crop in the
!, Ia IaoItnnI Z 90 N .
and oats q, cents OH moderate sales.
Pork, lard and hogs arc also lower, and a
heavy decline appears in butter. Cotton,
coffee ard oil are unchanged, and this is
mora remarkable is 10 cotton, hecai.sc 4
much larger crop tlian ever produced is
going to market more RAPIDLY than ever
before ut this season.
Foreign manufacturers appear to be
LAYING in large stock, bccausc prices are
close to the lowest known FOR forty years.
while the consumption abroad is cnor-
nous, and there are some signs that the
production will exceed the demand
Eessemcr iron is li!ie more active at
steady prices at Pttsburg, and glass fairly
active
NJ the south trade is reasonably dali,
With COTTON III iiShi !tiiiihu Ut We"
Orleans. and sugar inactive.
Iron furnaces in blast on May LIST were
OF about 2,G09 tons greater weekly capac-
it, than April lst-l $50 against ll3,iS3
a month ago. and lS0,099 a year ago. But
trade is less depressed, and the Gng delay
in The settlement OF the coke strike tends
to strengthen prices.
IN general, industries are fairly active,
except where interrupted by strikes III the
building trades, us at Sew York. The
financial prospect just now turns largely
upon the export of gold. Merchandise
exports are for the time comparatively
small-$i!, coo in two weeks from New
York, against So, 500, 600 last gear, while
Imports continue remarkably large.
Failures fer the week number 4l..; for
lie corresponding week OF last year the
figure was l3i.