New-York tribune., 1892-01-11
,foNEY IND BTST.NESS.

There has been partial reaction in the STOCK
market which everybody has been eNpectihg lor
some time. and which has not amonhtcd 10 enough
rs vet to Justify confidence that 1t - over Ifces
rose higher the first half of last week. wlth 'Sr
pccial interest in highly speculative iancleS-
which is generally sign that liquidation Is near
al hand Beginning on Thursday, there was some
decline during the last half of the week, but
mainly in the fancies. The average of prices at
the close was a trne higher than n week ago.
The tendency TO reaction has been attributed 70
continued realizing by foreign holders, ana 10 thc
CONSEQUENT advance in foreign exchange. winch Is
regarded by some proof that gold Imports are
over for the Season But this opinion seems 10
have hut slender foundation, unless it be assumed
al the same time that foreigners hold large guam
titles Of American securities which they are gong
10 sell
Exports are exceeding those OF last year, Tor
the first week of January $2,l0O,OO0 or over 80
per cent But imports are not as large as year
ago; in the first week of January $220.00O less.
or = 1-2 per cent. In January of last year eX-
ports exceeded imports by S20,3?0,32S. whence
il may te held probable that the excess this month
will 10 more han 500, 900 900. In December and
November the excess Of exports was about Si5,-
600, 900 in each month, in October $@60OO,-
OOO and in September $4,000, 600. balance
'of Sli7, 100000 in four months far exceeds
probable payments abroad. Net imports Of gold
have been $32, 100000 in OBSERVATION-DISCLOSURES,
and in December not exactly known but appar-
entity about 81, 900. .0O0. and meanwhile there have
been net exports Of silver amounting 10 s. 0OO.-
600 or more. II the net imports of all specie have
paid only about $50, 1000 Of tie balance since
September and if more than the usual allowance.
or Sl2.ooo.o00 per month. be made for interest
due abroad, under valuations and freight money,
there would still remain a balance Of nearly $60,
600, 900 merchandise account 10 be liquidatcd
by the movement of securities. This would mean
about million shares Of stock sold 10 this coun-
ltry in excess Of shares bought from this country,
and few traders Will believe that such sales have
occurred.
II imports OF gold do not continue therefore,
the phenomenon Will deserve the attention Of
investors and Investigators. Money IS abundant
abroad and "uulcndable' at London dispatches
say, while the markets here are also well sup
Piled; rates low, and bank reserves rising, with
heavy Treasury disbursements. Payments eX-
cccdcd Treasury receipts by several millions last
week as is natural Ut this season, and the New
York banks also gained S2,4O0,c00 from the
interior Tie reports OF collections from other
cities indicate general Improvement, excepting
at the South, but in that section the low price
Of cotton appears 70 have affected all business.
Receipts from plantations, including all cotton
which has come into sight since September l,
now amount 10 G,G63,27s ba.es against G,l52,07o
TO the same date last year, and the stock at four
teen ports ard thlrty-onc interior towns is
,0jG,74i bales, against i,429,33; year ago so
that banks arc carrying an unusual load and the
quantity held for higher prices on account of
planters, factors, and local traders who cannot
pay their debts until they scll must also be un-
usually large.
With these enormous receipts, and exports 70
date only j3 900 bales greater than last year, and
The takincs Of sp.nncrs $4,000 bales more, It ls
no wonder that The price dropped last week again
10 the lowest fgurc touched for forty years.
namely, IA cents, whilo January delivery sold
at III cents Tho fall of thrcc.cehths of a cent
in a week means n loss of :2,1j0,O00 TO the hold
ors of the commercial stocks of cotton, TO say
nothing Of the loss on the unknown quantity yet
held on plantations. Wheat also comes forward
in large quantities, over 100000 bushels last
week while exports of wheat and flour were
equivalent to nearly 100000 bushels, and the
price declined 3-s cents to 81 o. IL for January
From Atlantic ports alone the exports in five
weeks ending January , amounted TO l9,}SG,22G
bushels against 5,255 .900 for the same weeks
last year But the movement Of corn has also
become enormous, receipts last week having
cccdcd 5000, 900 bushels, while the exports for
two successive weeks have been about $500, 900
bushels each week. The price fell last week half
a cent oats . "a cents and pork % cents per
barrel
Concerning the volume Of business in progress
the evidence is unusually clear Exchanges
through all clearing houses outside NewYorll were
&c per cent larger in the month Of December
81 ,I.o 81 tIo md
for the first week of January at the principal
cities were u per cent larger. The increase is
especially great at centres OF wholesale trade like
Boston, Philadelphia, Baltimore and Chicago,
while at Ncw-Yorll the exchanges are further
swellcd by active speculation. Almost all the
Western cities show important gains while almost
all the Southern show losses. At tho East some
decrease appears at about half OF the towns, but
in the aggregate some increase Again, tho earn
ings of nincty-fye railroads for December aggrc-
gate 07GI, ,03l, against $780, 5?s ,Ssj last year,
gain Of O.3S per cent. 1t Is not easy to believe
that trade in any of its great branches is stag
nant or depressed while such reports are received
Among other evidences of Improvement it may
be mentioned that clearly stronger tone is seen
in the iron business, with large sales of pig iron
at PHILADELPHIA. and better demand for most
products Of iron and steel there and at Pittsburg
In the woollcn manufacture it is still worthy of
note that the sales Of wool continue "a large as
usual for the season, and there are constantly
appearing reports of new mills going into opera
ton. With cheaper material, cotton goods have
been reduced in price for many qualities, apd are
moving freely.
The Indiana White Caps are up to their pranks
lin ..1-a