New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-20
MONEI IND EENLNESH

Ihings on the whole are in "A better condition
than week ago. The moncY market il clsi,r
the prospects for gold shipments ar, litt, les
Tncd. stocks nr" somewhat stronger though not
Tor substantial ar permanent reasons. and the gold
rscrv" OF the Treasury il somewhat increased
ard likely for a time 90 be- while the great in
dus;ries doing we'll on the whole al ar,
exhibiting some improvement.
II il not 10 be understood that the improve.
ment in the money market is sure 10 be- per
manrnt. Oh the contrary. it Is likely that
there may BE- bad setback before long. and
.:'rhaps tis week Cheaper noucy will in
"vi'aby cause II large outgo OF gold unless for
cign investors see ft 10 buy American sccuri-
ties. reign capitalists choose to advance more
largely On Am' rican products But the foreign
markr; for Amcri ~ securities - not cncour,g-
ing. though in quotations somewhat stronger.
Prices AZ Ncwlork have declined bat slightly
during the week. nhont 81 per share until
Thursday last. ard aftcrward advancing. in some
cases quite sharply. short sellers being in trouble
Yet there is no substantial reason for greater
confidence in American railway stocks. or III the
future of American currency. than there a
week ago. Meanwhile. the averag" of trust
stocks has declined about II cents per share.
The Readinc report was distinctly unfavornblc
Against m enormous floating debt there il rc"k.
oned 90 the value Of materials on hand. nearly
p, 900, 600 while coal and credits against coal
sd which must necessarily shrink. in view OF
the action Of the agents reducing prices 4? cents
average per ton. must, at any rate. realize
for the company somewhat uncertain amount.
Northern Pacific stocks have advanced not for
particularly good reason. while most of tn" coal
stocks have grown weaker. for reasons which
are Obvious. The average Of all stocks is
al, sl,oJ. than
Some industrial stocks are stronger. il il true,
but there Is not better reason for Investors to
purchase Railroa earnings show decrease Of
o per cent in the month Of January. while the
gross earnings in the month of February have
considerably decreased. II is trnc that railway
traffic has been largely disturbed by storms AZ
tlo West but the loss of some companies is
serious
II foreigners do not buy American securities IN"
state of trade il not such a. To prevent large
exports OF gold. II il true that imports dining
the last wee, have boon decidedly smaller than
for the same week a year ago. though those who
watch such returns are well aware that this is no
safe indication 81 4 change in t"c general course
Of foreign trade. since the aggregate Of imports
for the year thus far shows m Increase of -
per cent The exports Of principal products dur
ing the month Of February were S2j,3i 900 less
in value than last war. and the advers" balance
for the month is likely 10 be about 81 O0O. OOO
there being Us yet no reason 10 expect decrease
in imports TIE people huyng enormously
of foreign goods, and the imports Of coffee All
india rubber are greatly increased in value on
account of higher prices. Ii is said by some that
lower prices of products vii! induce large cx-
ports. but the foreign demand AT any price seems
10 he langud and small fer the season.
In cotton, for example. larger exports can
hardly I've expected, in view Of the fact that
foreign stocks are from zoo, 900 TO 900, 900 bales
larger than usual. while only three months re-
main of the present crop year, and the American
cotton in sight is enough for the consump-
ton Of the entire year remaining The receipts
during the week and the exports are only about
half Of last years. Wheat is weaker but largely
controlled by speculation AT Chicago. which seems
vcnturcs)me in view Of the enormous, stocks in
sight. There was considerable liquidation during
the week. though IL il nothing like complete
There is no evidence that foreign markets will
require large amounts from this country during
the rest of the crop year. and il wheat goes at all
IL may De at very low prices. The prospect is
not essentially different a. to cotton, lower prices
being essential 10 Il large movement.
The great industries appear exceptionally favor.
able, and this is one strong feature of the COM
me cial situation Manufacturers are cautious. not
producing beyond their orders and therefore full
production in nearly all branches il a good sign
or textile goods the stocks on hand are very low,
while the demand for consumption is beyond all
precedent, and the sales Of raw materials are
large. or iron and steel prices are
the lowest ever known, Oh the whole. and yet
there Is a stronger tone for the week. and
little better demand for finished products Tho
Of hootS sud sisous v beyond VII pgees