The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-05-02

It IL hardly probable that exports Of specie win
DO made upon n largo scale until absolutely war
rnntod by tho rates for exchange, which are now
nearly a cent q pound below tho rate at which
gold can DO shipped without loss.
Tho tendency of foreign trade movements is
indicated plainly by tho statistics Of tho
Custom House at this port. The I'm
ports OF dry goods and merchandise for
the week wero valued at S14,7e6,000,
while tho exports wero &0,522,ooo, show
Ing an excess OF imports for the week
OF Ss,284 900. Tho Custom House returns
for several weeks past have been Of the samo
character as those Just noted, with the excess Of
imports constantly increasing. In some quarters
surprise has boon expressed that the extraor-
binary excess OF exports over imports Of mer-
chandise reported for the last calendar
ycnr, and which continued we'll into tho
present year, should have boon so soon over
como or Offset. No one hns been surprised, how
ever, who has constantly taken into consldera-
ton tho fact that the outward movement Of
merchandise has not been accompanied by n
transfer Of securities to Europe. On the con-
trary, the movement Of securities, though not as
largo as during tho five years beginning with
1890. has unqucstionably boon unfavorable to
this country. In addition TO paying for those
securities, largo amounts are constantly be-
ing remitted In tho form Of interest
and returns upon various investments that
European capitalists and Americans living
abroad have made here. The situation Is not
one that should cause anxiety, for the tranfer Of
money from one side Of the Atlantic TO the other
Is simply the settlement Of internetional indebt-
edness. No question Of credit or the possible Inn
pairment Of credit 10 involved in the present
transaction, as there was In 1898 and at
other times whom the silver agitation In this
.a-,N~,, NN,ton ,~apt-a-,a mhA fnrat,Vn -
change market, which Is an infalliblc guide, In
dicates that the United States Is very close to
owing Europe something on balance. and as
there arc special reasons why certain European
centres desire a cash settlement at this time,
they are willing to pay something for 1t rather
than walt until American gold comes to them In
the ordinary course of business. There IL no
mystery about tho transaction, except among
those who are uniformed.
The weekly statement of averages OF tho Asso-
cinted Banks is an unusually interesting ono, not
because OF the magnitude Of the changes shown,
but because they are in the main unimportant.
During the week the banks have supplied
about $1,000. 900 to importers who have paid
the money into the subTreasury for duties. The
banks have also supplied the legal tenders upon
which over So, OO0. 900 Of gold have been with
drawn from the Sub-Trcasury for export. This
would indicate q net loss In lawful money Of over
$4,000. 900 The statement shows, however,
that the banks have gained $l79. 900 In lawful
money. all OF 1t in specie. The explanation
Is that tho bulk OF the money taken from the
banks to pay duty and to procure gold for ex-
port was not withdrawn until toward the end OF
the week. and therefore does not figure for moro
than a day or two In the average: and. besides,
the receipts from the interior have been unusu-
ally heavy and continuous. thus offse.ting tho
lossos- Another interestinp fcature Of tho
statement is the fact that the operations re-
ferred to have been made without materially
increasing the loans. That item Is a
little less than 81. 100000 larger than
q week ago. It Is also to be noted that
tho increase in the deposits is nearly 81 200. 600
moro than can DO accounted for by the increase
In the cash and In the loans.
To-day's stock market was an appropriate end
ing of an exceedingly dull week. Bearish opera
tions on q small scale In sugar Refining. West
ern Union. C., d. and Quincy. and Ten
nessee Coal and Iron barely saved the
market from absolute stagnation. Tho list
with few exceptions closed fractionally lower
than yesterday. a result that Ia not surprising In
view Of the almost absolute lack Of interest dis
played.
As compared with the final prices Of last Sat
urday the majority Of stocks are lower. The
more important net declines are in New Jersey
Central 37s y cent. Lake Shore Gig. Western
Union On, Lackawanna Ia. National Lead pre-
ferred. and Consolidated Gas. / each; Reading
and Tennessee Coal and Iron % each, and North.
west u y cent. Tho noteworthy advances are
in Illinois Steel 1lo y cent, American Sugar Re
filming lie, u. 8. Leather preferred %. American
Spirits y. and Chicago Gas @ y cent.
Final sales compare with those of yesterday
as follows:
april 80. May H. april 80. May /.
A.T&sFe. loh loh Lake shorelel 1907
A.T&sFep 1874 1884, n W com..lo3h 1924
Am 8 Ref liza 1884, n Pac pf... 34h 81
Am Tob.... 6oh 6ohNY Cent. 96s DSL
Am sp M. loh 1ohN J Cent. 77h 77s
Am sp Mp. go 20 Omaha com 6e,s 57at
skiyn UGAsl 1887 Pac MAIL. 27 2eh
C,C.C&stL 274 277s. Pull P Car..l67 1872
c.B&o.... 73b 72b Rock Island 2 90
Con aas...l59h 9 Reading. IT. 10
Ches 4 o.. lea l6h,Read LIST pr &C 3e1
Chic Cas-. S1S 9lls st P conn.,. 72h 7l]
D. w..14sh l4sa SO R'way p 25S p6h
Del& Hud. lo4S lo4h T C. I q r. 2ob co.,
Gen Elec... 3O5 Al Union Pac. Oh 6A
Kan q T pr. 27b 27 U s Leath p 62h 6as
Lou q Nash 43A 43h'w I'm TEL. 77h 76Ts
Government bonds easier. The Is of 1928
closed = 2 cent; lower bid. Railway and other
Chicago Gas Light OF Chicago IS, Southern
Pacific Of Arizona 1sts.. southern Hallway s.,
Central lists, I. r., and Texas Pacific Issues. Tho
more important not advances were in Chicago
soa,h a1shfp s &C aSh of &rl es; = i I cent It. to 70 s5 -;
Texas Pacific DDS, L, to 2o4, and Union Pacific
97s. 70 Q cent, to 1929. The noteworthy de-
clines were In Southern Railway 5s. 2 y cont,
to es4; Texas Pacific lists. q, to s9ia; West
Shore As. Il. to 1904, and Wisconsin Central
lists, 10 y cent. to %.
In Bank stocks IS shares Of Tradesmen's sold
at 100.
Commercial price of bar silver In New York,
6liac. Bar silver In London closed at % 8 l6d.
MRNtnnn III uAR nlln NEnrA nv M nF A q u. INHf
499c.
Money on call, ll@ll9 y cent. Time money
is quoted as follows: Sixty days, 2 v cent;
8 y cent. and balance Of the year. gle y cent,
and twelve months ! v cent. on good mixed
Stock Exchange collateral. Commercial paper
auiet. prima indaraed bills receivable ara