New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-11
MONEY AND BUSINESS.

Having better business tnan 10 perform as
puppets for political trlcksters. sundry persons
supposed to be OF adult age and cane mind have
been going about expressing the fear that the
nomination OF that unsound man Mckinley"
would cause gold exports. No power can pre-
vent men from telling nbs when they have the
habit. and political or financial axes 10 grind:
but the truth has bee perfectly well known for
some weeks that operations OF German lnancIers
In providing for monetary demands OF the Rus
sian Government were taking and would take
some millions Of gold from the country. When
Russia arranged the Chinese loan for the pay
ment Of the japanese indemnity II caused the
gold movement which men now pretend 10
ascribe 10 local causes The one local cause
which does assist an outgo OF the metal from
this RI Their than other countries Is that business
n much depressed because OF excessive foreign
competition In industry. and that evil the sue
cess Of the protective policy Will In due time
remedy But there Ia yet to be paid. and the
country Is yet paying. the cost OF Democratic
success.
The shipments OF gold S5.0l6,2OI. lest week
and of silver. SD61 ,O95. with those OF May and
. make about $780,. sos gold exported this
month. and last year the syndicate was still Inn
porting gold to pay for exported mortgages on
the United States. In 1904 the net exports OF
gold In May were $23 l24 05s In 1893 they were
Sl5. 2O5. go. and In 1902 only S32G3Ws}. but
even In that year Sl0291 .S45 went out In April
and May. and this year in the two months so
far Sl0GGSOO0 The outgo OF gold may be ex-
pected TO cense when foreigners want more prod
ucts or securities from this country or when
business here II go active that money can again
be used more probably her, than elsewhere. 1t
Is not improbable that such better conditions
may begin to prevail shortly. The Presl-
Dental nominations will remove great element
OF uncertainty and probably give To most pro-
ducers and merchants greater confidence regard
ing the future This would naturally find cx-
preston I'm larger transactions. especially In
those branches In which orders must preccde de-
liveries by some months. SO far the crop pros
poets are unusually favorable. aid II there
comes no serious there will begin before
long considerable buying and ordering In antci-
patton OF the much increased demands next fall
Indeed that increase already appears In some
lines. and Is highly encouraging.
Apparently II has come at Fall River In time
to check the accumulation OF goods. which had
already gone much too far, and TO prevent further
depression Of prices and stoppage OF mills The
shrinkage OF production In the cotton manufact-
had already been quite large. Within the
past two weeks the American Print Works, of
Fall River. had stopped. having. 1t was said,
million pieces on hand unsold: the Lawrence. Of
Lowell, had permanently gone out Of the bust
ress with It's 1000 looms; the Amoskeag and
many others about Manchester We're still idle
because OF damages by food; the King Phillip
had stopped 1884 looms; Ave other mills had
failed; two Others were burned two others were
stopped by high water and two by strike
which had lasted over a month. while about a
dozen others within as many days were reported
reducing hours OF work. 1t Is therefore simply
childish TO talk as II the consumption were now
or had this year been equal to the maximum
But 1t Is gratifying to all that no greater de-
crease seems probable II the stagnaton in con-
sumptivc demand has been broken by more
active buying.
In the woollen mills there is also n better
tone. but only because the curtailment OF pro-
duction has been much greater. The sales Of
wool do not cover half full consumption, and
much OF the business done has been at further
concessions in price. Unhappily, Western buyers
again imagine that rise is coming In prices
here. and are taking on wool much above prices
which the seaboard can pay. A few goods In
which production has been heavily reduced have