New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-27
MONEY md BUSINESS.

The temper OF the money and the stock markets
ha. COMPLETELY changed Money IL easier, anxiety
about the future seems to have disappeared con-
dence in better prices for securities prevails ana
from current talk in the Street ono might sup
pose that il was nothing but "A silly ana scns"-
less scare when eminent bankers besoueht the
Treasury 10 is,lie bonds the only way 10 avoih
panic Undoubtedly there was Il large proportion
OF unreason in tho alarm then prevailing, but
there NAV be- something besides reason in the
confidence which now prevails The real ana SUD-
stantial causes Of apprehension at that time nave
not becn removed, though the force OF them Is
for the present felt but little. 1t is true now, as
il was then, that the business Of the country is
,hout IN. largsht ever transacted at this season,
lint the excess over that Of last year is not as
crcot now as IL was in January, and there are
some indications that trade is no longer steadily
expanding.
IL is not a bad sign that prices are tending
downward in nearly all speculative markets, Tor
II AZ least increases the chance OF exports. But
wheat il about as low AZ it can be, one would
think. and certainly low that farmers VIII
hardly be encouraged to SOW AZ much spring whea'
az usual. Receipts at the West are not quite as
large "a they were last year, impossible roaus
bcipc the rule but were, nevertheless, s,6'0,Ooo
bushels in the last three weeks, against o,4oo,ooo
in the same weeks last year. Exports nave III
crca ,cl from Atlantic ports, and yet IN iour
weeks including flour, all exports from ooth
coasts have been only 1l,707,06v bushels, against
13.aa7043 during the same weeks last year. Inc
nowcrful cli,uo operating at Chicago holds May
wheat over a cent higher at Chicago than at Now
York. When water naturally runs uphli tho
operation will have a justification which Is now
lacking Corn and oats both declined cent ana
n quarter and pork products little
The end of the twenty weeks strike OF cotton
SINNERS in Lancashire encourages some 10 De
leve that the price OF cotton may now DC ad-
yanccd, though it closed Lie lower than u
wccls ago But stocks OF American cotton in
Europe and afoaf are now g,25s, 900 bales, against
2.4O2 900 year ago, l,667, 900 at the same date
in 1891 and LAOS, 900 in 1900. 1t will DO seen
that from 600 900 TO 100000 bales moro than
usual in ordinary seasons are now held and as
the actual consumption last year OF all American
cotton outside this country averaged 10000 BALES
weekly, the European supply Is only 10000 baes
less than enough for consumption until tho end Of
the crop year. The manufacture may be larger than
usual the rest Of the year. TO make up for lost
time. but the great decrease In exports Of goods
from England does not seem TO support that idea
Actual exports Of cotton this month thus far have
but the price is s.04 cents, against 6.75 cents.
year ago, so that the decrease in value OF cotton
exported may not be 100000.
The decrease in produce exports from New
York for three weeks has been $5,50O,0OO. or
almost 20 per cent II therefore seems probable
that the aggregate for this month will not be
over S75.OOO,O 900, il so much. But imports again
exceeded Sl5 100000 last week, and in four weeks
have been $5s,65o,5s7. against S47,776,sO4 last
year This is the more striking because imports
in March Of last year were the largest ever known
in any month-$s6, $40, 900 so that the aggregate
this month seems likely to exceed S07. 900, and
the excess OF imports over exports would then be
more than 800, 100000. In January and February
the excess Of imports was nearly $4,000, 000 and
in three months it will probably be more than
$50, 0O0, 900, whereas last year the excess Of OK
ports in the first quarter was $54,OOO,0OO Practi-
caly Europe is trusting this country for some
thing like a third OF the PRODUCTS imported. I'M
less securities have been largely bought on foreign
account, and while some foreign buying has been
observed there is no evidence that the amount
is anything like 10000, 900 per month. Possibly
products sent over here for exhibition at the
Worlds Fair may be included in the value Of i'm