New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-08

The extent of one change effected by the
operations Of the bond syndicate will best he
appreciated by the following comparison, show
ing exports from Ncw-York of gold and of silver
separately from January | to February >, in
elusive. practically the month Of January. ana
from February 3 to March >, inclusive, prac-
tcally the month of February:
January ........................S6 1880 SS. 10,
February OBSERVATION-DISCLOSURES. %-'Vt -'-'-V"
The ougo of gold has been completely arrest
ed for the time, and when one considers wna'
another loss Of $2G.5OO.OOO in month would
have meant. there Is certainly cause for thank
fitness and encouragement. While TINS does not
alter the fact that the same results might nave
been attained far more chcaply, there Is no r'a-
son for ignoring their value. But inc Sp''1e
movement is not the only one that needs watch
Ing. and the exports and imports Of merchandise
under the new tariff and especially the new
dutics which went into effect January |. are
;onortont The figures for New York have been;
Total import, , T2,"i eH'q is,4
January tSo $3.50 s3.g79l!, ',3sss52 s@l@N
February =. 'p.lso5s 32.757,li1 t'2S5'956 @''''4"
-Four weeks Five weeks.
The imports average per week little larger
In Iauuarv than in February this year OWING
e. hasty entries under the new duties. ana aver
aged 4 little smaller last year The export fig
urcs represent four weeks for January this year
AGAINST five weeks for February, ana for both
v.ors 4 little less for February; but these differ
cnccs are not important. II Is much more III
s,ruciivc that imports Of drygoods In five weeks
~ January were Sl7.G,o3l2. against sS.oi6fo
an increase ~ Ss.GS3.3S2; and in four weeks
= ~ against ~,
~, ou- an increase of SJ.1l03>o which tx
nlain, a great part Of the total increase III III
por,s Evidently the movement Of goods under
the new tariff since lanury has been large
enough io affect materially the industries OF
the country and the balance ~ trade. These
,i.,llrcs are for New York alone. but imports AZ
all ports in January were Sl5.6l6.'a2 larger than
last year and while the official hgures for
February are not yet out. the Increase was prop
ably more than SlOpnoo0 ON the other Manu.
Tho exports AZ al points in january dccreaSed
Sl.577.l4l. relatively much more than nj New
York and a further decrease of large amount
Is expected for February.
Tn. figures I'm licatc that in February Their"
WAS not much cXcc>s Of exports. against SD
o231 last year while in January the exports
,vero S13 siun,n larger than imports, against
s3tppoOOO last year. In the two months III
s,,,J - an excess ~ exports over imports
o,,..,r,iu,, ., $50 600 OOO last year. probably
have not far from Slj.Vn.oD this year. Such
changes continued mean an inevitable ana large
excess ~ imports in March ana every succeed
Ing month until September or October. For inns
excess Of imports and also for III" interest que
abroad undcrvaluations and balance oil tr'lSh'
money either spri" must 20. or securities must
hc placed abroad in excess of securities sent
here bv foreigners. The extent of This balance
dine abroad may be- judged frcm past experience
In thr twelve years from February |. lS". To
February /, 1891 the total excess of merchandise
and specie exports over imports amounted 10
81 ~ OS1 OSG-an average If S!'N.iJO,ooO yearly.
I'm, since February |. 1891. when the effects 81
populist victories and Legislatures NJ the West
and democratic victories throughout the coun
fry bcgan 10 be felt In Withdrawals OF foreign
c,nitol the excess Of merchandise and specie
exports over imports. In four years ending with
January. 1893. has been S7SoU22.9ll-an aver
orc Of sos. 100000 yearly.
Evidently the normal balance payable abroad
each year on account of interest on debt, under
valuations and freight money. is fairly repre-
scented by the average for twelve years before
the large Withdrawals of foreign capital began
early in 1891, namely S9SIIOO0 yearly At
that rate the excess Of exports during the last
four years would have been S39J O0O0oO and
has been $50 100000, Indicating withdrawal
Of $50 900 900 OF foreign capital in four years
The vital question, upon which the future pros
pcrity OF the country greatly depends. is whether
that withdrawal will stop or continue. But II
the new tariff Is to give us, instead Of an excess
of exports. a heavy excess Of merchandise i'm
ports. it will be all the more difficult In any
event to avoid heavy loss Of gold. which no
borrowing whatever can meet. With every en-
coura cement for the present. ii therefore re-
mains true, as Republicans have maintained
that ultimate prosperity depends upon the Ma
tional policy rs to FrccTradc and Populistic
notions.