New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-18
MONEY AVID BUSINESS.

The outgo OF gold the past week has not proved
greater than was expected. Nor are estimates
for this week very large. but 1t is supposed tnat
the outgo will continue from time to time until
the movement OF merchandise changes 1t is
useless to dispute about the nature Of this outgo.
BEGINNING with Februar:. there was an excess of
merchandise imports over exports In every month
until October in declared value amounting to
s5s 1856. 900 Bankers in the syndicate and out Of
IT, hoped the fall would bring great crop exports.
and so arranged postponements But by July
the rise I'm prices made II vain 10 hope for large
exports Of wheat or cotton. and over s35OOO.OOO
gold went abroad The outgo was temporarily
checked by the collapse Of cotton speculation and
the decline In wheat. and bankers again made
calculations upon an excess OF merchandise ex-
ports But in October the declared excess was
only s11 800 92s so that the real value OF imports
closely approached and, with securities. exceeded
the value Of exports In November imports here
have been Sc. 1853 046 or &C per cent greater than
last year exports being but slightly larger. Add
ing the large allowance required for under
valuations. there appears probable an excess Of
actual imports over exports Of merchandise. be-
sides sums payable on securities. Gold there
fore goes out. and cotton exports OF 3oOo6o bales
this month. against 500 to the same date last
year with imports Of merchandise at New-York
900 075 1922 in two weeks against sj,1o 236 last
wear go far to explain the movement.
Wheat goes more freely since prices yielded, and
for the first time this season Atlantic exports
have been a trne larger in November than last
year Western receipts since July | have now
exceeded by about 900 bushels those Of last
year to date Exports from both coasts. 5,s9l,59l
bushels i'm November. against 5.5990H last year.
-four included and 4l.672.373 bushels In the pre-
vious four months. against 53O97,7Sl last year do
not keep pace with Western receipts which in
dicate a crop considerably larger than either the
official or current trade estimates The price de-
clned only a fraction. Exports Of corn are rela-
lively large. over H. OOOO 600 bushels since Septem-
Der l. and when this food supply is abundant and
cheap it cuts off part Of the foreign demand for
wheat
The main difficulty is with cotton for though
the bales exported this year bring over $40 each.
and last year less than $50 the value for two
weeks Of November W s i3.200O0O less than last
year Months ago II was shown that the unusu-
ally heavy mill and commercial stocks abroad
would terd % prevent free exports from this
country, even II prices were not unduly advanced.
but this month the decrease OF 45.3 per cent In
exports Is but little more than the decrease OF 435
per cent In quantity coming into sight Widely
conflicting reports. mary palpaby mendacious.
make IT hard To judge how far shipments are
affected by the systematic efforts To induce
planters 10 hold back all the cotton they can but
II ls To be assumed that such efforts have some
effect Takings OF Northern spinners have been
$50 per cent less than last year and foreign COM
mercal stocks OF American cotton have slightly
increased in two and n half months although the
exports from this country have been 672.3ls bales
less than last year From Mr.. Ellison's figures,
mill stocks would seem to have been drawn upon
for consumption somewhat less than log. 900 bales
American weekly.
The most striking Improvement is In iron pro-
duction. which rose to 1906 tons weekly Novem-
her l. according To THE Iron Age" which is 1901
per cent greater than the largest output ever
known In any previous year. At the same rate
for November and December the production