New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-28
MONEY and BUSINESS.

n, Saturday the Treasury reserve Of gold
reduced 10 sj5 $50 9o5 which Is t2.lSSss6 less than
IL was November e. tho day the last bids for
bonds were opened With the proceeds OF those
bonds the Treasury has lost $so6Sb,Ss6 gold IN
ms, forty working days The net exports OF gold
in December were s94l2i27. and exports from
New-York in January have been sl9.262fS6. so
that about S32 900 900 II the gold that has gone
out OF the Treasury has not been exported the
loss Of the New-York banks in the same time
si $50 900 specie and s3.477.90o legal tenders In
dIcates that about half the gold sent abroad was
drawn on legal tenders which they furnished
while over S32 900 900 more Of the gold has gone
out OF the Treasury. but has not gone into the
hanks Safe deposit companies and interior banks
hold If EXPORTS OF $4,000 600 gold in single
month have happened before. but never exports OF
that amount In January when the merchandise
cxports naturally exceed imports. This month
tho exports appear to be fully large az last
wear. or about ss60oO.O0O. while the imports at
New-York alone are 100000 larger than last
year. perhaps amounting for the whole country TO
,ss 600 900 The phenomenon of $40 OooO 900 exports
of gold In the same month. with s2o.O00.oOO excess
Of exports over imports Of merchandise. has but
one explanation
4 woman who hesitates and a Government
which borrows without any reason invite the
same fate Since the new tariff went into effect.
the deficiency Of revenue has been si3 900 000 in
Guiding about 80 900 900 IL January. But 1t was in
January that the new duties wOollens were
expccted to swell receipts for the first time. and
have indeed raised them by about S5.0o0.0O0
through withdrawal OF goods from warehouse.
Yet customs receipts for the month have been
yl47lssss. against $l9.9s5,6s5 to the same date In
January 1893. and but for the Withdrawals from
warehouse under new duties the decrease would
have been over half AS 1t Is. customs receipts
are not quite three-quarters OF receipts In 1898.
and internal revenue receipts not quite 10 per
cent and the total receipts are about 20 per cent
A Government which mulishly refuses to raise by
taxation more than 81 for every $40 1t expends
must expect to borrow with some difficulty. and
tho offer OF 4 per cent bonds which will presuma-
bly, be made this week may show some change
since Secretary Foster refused proposition to
place ga per cent bonds Still the call will prob
ably alay much anxiety After thirty years OF
steady debt reduction. nation does not lose all
its credit by the foolishness of an Administration
which the people have already rcpudiated
The stock market evidently expects that rally
will follow for after declining an average OF 81 II
for railroad and 81 IS for Trust stocks. prices
grew steadler and showed what some call sur
prsing strength. There Is not much in earnings
to show encouragement. for all reports for Janu-
airy thus far show decrease compared with last
year. and decrease OF l5.4 per cent on United
States roads compared with the same roads and
weeks in 1898. In part this is because the wheat
movement is slender though the actual receipts
at Western ports since August have been about
los 900 900 bushels against 100000 bushels last
year. Other shipments are 80 light that Chicago
eastbound tonnage is little more than third Of
last years for January thus far. But the cattle
movement is large. and the cotton movement
heavy for the season
Wheat fell last week 3is cents. and corn 2
cents I'm sympathy. though the exports OF wheat
for four weeks have been "A little larger than
las, year. and Western receipts over third
smaller The controlling fact Is that stocks Of
grain In sight are greater than In any previous