New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-13
MONEY And BUSINESS.

Tho past week has been made peculiarly inter
csting Is the action Of the Senate and House on
the silver question. the passage of the Anti-Option
bill Ivy the senate, tho largo exports of gold and
th. voluntary deposits of gold in the Treasury by
N.w-Yorll banks Though over $4,000, 900 gold was
| exported, the receipts from the banks enabled the
Treasury close the week with substantially the
same gold reserve it held when the week began.
But il holds several millions more silver. and has
outstanding Sj,900.0O0 moro notes than it had
week ago. The Ncw-Yor< banks hold SEAT
500 less specie, having in effect furnished all the
cold exported, and they hold only about 81 100000
more legal tenders. But their position is 40
strong that they ran we'll AFFORD TO supply all tho
gold likely to bc exported, ut least for some time
10 come.
The decision Of the two Houses of Congress not
20 stop silver purchases at present is great dis
appointment to many, who had calculated that
this measure would at once arrest the outflow Of
gold restore the confidence of foreign investors in
American securities and in the financial future OF
this country, and bring h!thcr vast amount Of
foreign capital. Probably these antcipations
were mach oycrstraincd. Gold exports have eX-
cerdcd gold Imports in February every year but
one Of the last seven years, AMI the beginning of
the outgo in this month would he nothing strange.
What is strange il that the outflow should have
commenced in November and continued through
the winter months when merchandise exports
greatly exceeded imports Now the tiilr is near
at hand when merchandise, imports usually eX-
cccd exports, and when that is fact nothing
but large Investments by foreigners in this
country can prevent the ontgo Of gold For the
past two weeks the value of imports AT New
York las been ?s,236,9S6, against S2l ,303, 320
for the corresponding weeks last year, incrcas,
of uprp \Vhil ih,,r. wa i'm
in exports last week. it is not at all probable that
the aggregate for the month will be- nearly az
large as H. was last year. In fact. if imports
continue 10 exceed ii,OoO, 900 week az New-
York alone. there will donbilrs be a considerable
balance in February to IL, settled 10y gold ship
mcnts
In another respect expectations OF benefits T.
result from the repeal OF the Silver Purchase act
probably exaggerated. Confidence of foreign
investors in American securities, or in the iinan-
cial future of this country, could hardly b, COM
petcly restored by any action of a body which
will cease 10 exist in three weeks The question
of most Importance would still remain and as no.
body can tell what the next Congress may do
nor how soon II may begin its work, there could
not we'll he felt high degree Of security as to
silver coinage, or State bank issues, other inan-
cial matters. Nor are foreigners ignorant that n
radical change OF the taril must Affect the bust
ness and the industries of this country very greatly
and they are naturally inclined TO feel les conf
dcnce about the growth and prosperity of this
country than they felt when its Industrial policy
was that which had brought marvellous results
in,thc past.
Speculative markets affected very little
if any by the action Of the Senate on the Anti
Option BILL because its passage in the House j.
not generally expected. Wheat hollis Just the
price 1t held week ago. and exports have been
fairly large in two weeks from both coasts. -four
included. 1,0jJi76 bushels, against 1892 O7 last
year. Since January the total exports of wheat
-four included. have been about ?2,60O, 600 bush
els. against 100000 last year. Reports about
the growing grain are generally favorable, AMI
the accounts from the Western States indicate
that there is more wheat yet to come from the
hands Of farmers. Corn dropped thrcc-quarteis Of