New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-22
MONEY IND BUSINESS.

Fxports of gold ceased little more than SIX
months ago, and now have begun again. LII
outward movement Of gold IS only surprSins
cause the circumstances are exceptional. IL pe'
gan in February last year; in Marcn, lo9o NJ
continued through all the winter months OF 1850
ca but became large in March, 1885, In APRIL
1919 February, 1887; and January, 1856. buo
II was supposed that this year the enormous iner'
chandise balances created by exports OF Dread
! stntrs cotton and other products WOULD prihs "
this country o much larger amount OF soiu .n'
has come within the past SIX months or wouiu' W
least. defer much longer than usual the period OF
outgo. In the five months, August-Dccemoers
the net exports of merchandise were $l50,S2s,345,
and the net imports of gold and silver were only
SCI 81 ,0O4, leaving an apparent balance OF $751;
s5G341. In January exports of Merchandise
probably exceeded imports by about $35,0oO,ooo.
and from New.York returns, the excess In hall Oh
February would seem to have been at least IS, O0c
600 while the exports Of silver have exceeded the
imports OF gold since the new year began. mus
there would appear balance Of S1s0,OOO,oo 10
lie settled for the six and half months, ana IL
81 900 900 per month be allowed for interest que
abroad and undcrvauatons, the balance to DC
settled in securities would still seem to be Sllo'-
900 900. In the rough, this sum appears to repre-
sent the selling value Of securities sent hlther
from Europe.
Reduction of foreign debt to that extent is
good thing for the country, no doubt and 1t is alSo
q good thing to have the brakes put on the furious
speculation which a supcrabundance OF money has
engendercd During the last week the excitement
was in wheat, which rose 3 to 1-2 cents, IN
spite of accommodating stocks. Exports had de-
clned SO that instead of nearly 900 900 bushels
Der day last fall, they were from Atlantic ports
little more than 100000 bushels during the
whole OF last week, and but 3,705,672 bushels
for the first half of February. From both coasts
the shipments, including flour, have been only
l2424,S53 bushels in three weeks Western re-
ccipts are still about $500. 900 bushels at the
few principal ports. Corn goes abroad In large
quantities, last week over 100000 bushels,
and in three weeks OF February, more than 9,2O0,-
900 bushels and as receipts are remarkably large,
and the price fell nearly cent last week, foreign
purchases Of corn, instead Of wheat, seem likely
TO continue. Oats and pork products are but
fractionally lower, and oil shade higher.
The cotton movement fortunately continues
without abatement In February, exports have
been 47o,6sO bales, against 42O,O72 for the same
weeks last year, but TO the surprise Of most pco-
pie, receipts from the plantations have increased
even more 555,546 bales having come into sight
this month, against 4j2 1927 last year and Ameri-
can spinners have taken little less than a year
ago. While the market for goods is fairly active
and strong the takings OF spinners for the crop
year thus far are considerably larger than o year
ago. With 100000 bales in sight at the end OF
February, il will be hard TO convince purchasers
that the crop is to he much smaller than that of
1890. The larger exports are partly neutralized
by the very low price, and the state Of manufact-
ure abroad makes it doubtful whether the foreign
demand will continue larger than a year ago
Cheap cotton is depressing 10 trade at the South.
and cheap iron affects trade unfavorably in some
Southern and many Northern States. There has
been increasing pressure TO sell new brands, or
qualities of iron which are produced in excess Of
present needs, and though No. anthracite has
not declined, break occurred last week in No.
., and Bessemer is also weaker. The market was
less confident than OF any other time for months
the demand for finished products Of iron and steel
being smaller than expected. II The rail
combination did not restrict purchases, more iron
might be consumed in that and other forms. On the
other hand, there is clear improvement in the
demand for woollen goods not only in dress and
knit goods but even in mems wear fabrics and es-
pecialy in chcvots, and better demand is seen
for carpet wool. At the East too, encouraging i'm
provement is seen in orders for boots and shoes.
1t is not in the volume of domestic trade as a
whole that unfayorabe signs can be found. Clear
ing house exchanges outside New-York in February
thus far 1873 per cent larger than last year
The returns of railroad earnings in February thus
far exceed last years by 9j per cent Foreign
trade shows increase on both sides, imports for
three weeks being at New-York 100000, or
per cent greater than year ago, and exports
for two weeks S3,272, 900, or nearly - per cent
greater AS the excess OF exports last February
was nearly 100000, these figures indicate
considerable excess for the current month Thus
neither in the volume Of domestic trade nor in
foreign trade, is there evidence Of going backward.
The overproduction OF iron and cotton causes
whatever reaction appears. and this notwithstand-
ing the fact that the consumption of both in this
country is now nearly If not quite the greatest
ever known.
II gold is TO 60 abroad in large amounts,
well as breadstuifs, cotton and provisions, to pay
for securities returned property repurchascd from
the old world, speculation In stocks and in wheat
is likely to be checked All last week the selling
of securities foreign account gave the stock
market a tone Of depression, and yet the actual
decline in average prices of stocks less than
an eighth of per cent The great increase Of
$1O,270,7 700 in loans indicates that many stocks
have gone into the hands Of those who do not pay
for them, and the demand for money from Chicago
may indicate that available funds there are be-
ing largely absorbed in wheat speculation. The
Treasury cannot pay out money freely, as it has
done at other times; last week it prC out, silver
purchases included, only about 81 200. 900 more
than received. The departure Of much gold, at n
time when Congress is talking loudly about silver
coinage, might easily produce some conservatism
on the part of lenders and investors