New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-03
TUE FINANCIAL MARKETS.
roRElGN EXCHANGE FACTORS
CONDITION OF THE FEDERAL TREASURY
RAILROAD EARNINGS.
Sunday. May 2-p. IN.

Sunday, May 2-p. IN.
| o,.rat,ons In the security market last week
| ..,,,nued excessively duh and attracted little
ace In the financial community. The atten-
49,, NJ the Street centred upon the gold eX-
| Nv, movement, which reached the unexpected
su,ount Of Sc 537. 022. Since the end Of the last
| outward movement of gold the trade balance as
.nown by the official figures published by the
pureau Of Statistics at Washington, mas oeeh
largely IN this country's favor. and rot unui re-
gently has any attention been given TO the de-
..,onnent Of an increased import NOV ement ana
% other factors operating in the exchange mar
.et by which rates have gradually hardened ana
coached a point very near that at which goio
EXPORTS are ordinarily made at n profit me ex-
nActstion of the passage of tarin bill lncreas-
Ing customs duties has naturally stimulated the
E,nport movement, and in the last few weeks the
receipts of merchandise at this port ana me
Withdrawals from warehouse nave been very
heavy while exports have fallen on from the
large figures recently prevailing. snd al this
port aore for the last week these nave SHOWN
coding week and decrease OF 81. $4,000 as
compared with the same week year ago In
the same time Imports 81 asG the at .s
lime last year. while the excess Of merchandise
imports over exports for the last week amounted
20 S. 263374. Up to April the excess FOR the
escaI year Of merchandise exports over imports
was In round numbers S323OOO0O0. and at first
glance would seem TO preclude the possibility or
gold exports on trade balance. But allowance
should be made, as noted in 1.-THE Financia!
chronicle" yesterday, for the heavy imports or
gold In the late summer and fall, am ounting TO
SEA 492 900. and though this amount was OFFSET
in part by net exports of silver in the nine
months of the fiscal year of S249ISOOO the ell
feet upon the trade balance was reduction
from 1923 000 600 to S2S2.316.OOO, while the sys-
tenn Of differentiation on imports induced by the
Wilson Tariff law, freight charges. the move
raent OF capital from here to Europe in the way
OF interest and dividend charges. travellers cred.
i,s and the heavy selling by foreign holders or
American securities following the free silver
nominations at Chicago last summer have been
factors operating adversely TO the heavy out
ward movement of American merchandise.
These factors taken in connection with the ur-
gent demand in Russia. Austria and Japan for
gold tend to strip the present gold export move
ment Of the novelty which II at first assumed
when shipments began. and before a careful con-
sideration of all the factors in the situation was
had. II there were no onsetting factors TO the
enormous merchandise export movement In the
last nine months. gold shipments at this period
would be anomaly. Gold which is being eX-
ported now will in all probability come back In
the late summer and fall. and as long as the
present shipments not made on account OF
adverse financial conditions here there should
be no reason TO take them as unfavorable devel-
opments. 1t should be noted that the greater
part OF last weeks gold shipments went 10
France. and that the rate of exchange In Paris
on London is against the last named place while
checks here on Paris are at the gold exporting
point Gold taken here in the week was for Lon
don account. though shipped to France. 1t Is
OF little concern, however, to this market wheth-
er the gold goes direct to London or TO some
other point, the factor OF importance to the 10.
cal market being that conditions have developed
q gold-exporting situation. In view or the con-
sidera lions noted above 1t is not unlikely that
legitimate demand for the metal on trace bal.
ance as is usual at this time of the year. VIII
take considerable gold from this centre and the
recently advancing rates Of sterling exchange
have certainly indicated that the trade balance
for time at least would be against ms coun-
try. Until the pending Tariff bill is passed ao-
normal imports of merchandise will continue
When that bill becomes law gold exports VIII
in all probability be stopped, and foreign trace
again move In favor. Bills drawn against
eold exports weakened the foreign exchange
market on Friday. but the lack OF commercial
bilIs and the fact that most of the recently &C
cumulated sterling had been disposed of left the
situation open for additional shipments OF gold
This week. Some bankers predict that exports
will reach from 500 900 900 to $50 O0O0O0 before
the summer. It Is impossible TO make an esu-
mate with any certainty. The exchange market
furnishes many surprises. but from indlcatons
prevailing last week bankers estimates are not
i,kelv 10 differ materially from actual figures.
Money continues 10 come TO this city from IN
terror points and, despite the gold shipments
and the heavy customs payments IN the week,
the inflow OF currency sufficient practically
TO Offset the losses in bank holdings due 10
Sub Treasury operations, exclusive OF friday,s
: so,d exports the weekly statement OF the as
sociated banks showing loss in lawful money
of only S179.5OO. Business conditions through.
recurring the Of much additional capitaL
the result being that idle funds naturally drift
10 this centre In the local market the demand
FOR accommodation is light. and on the STOCK
Exchange money representing bankers balances
continues easy and In only moderate demand at
unchanged quotations. The position OF the Sc
curitv market reflects the dUlness prevailing IN
yeneral business and the unwillingr ess OF large
onerators TO enter actively into speculation until
business Improvement assumes more encourage
ing proportions. The general course or securlty
vaIues in the week was irregular. with prices
.iightiv lower at the end Of the week, and trans.
actions were small and unimportsnt, the total
far the week amounting 10 only oo4 III! shares.
~ which a large proportion was furnished ny
the lealing speculative favorites stocks. as a
rule are strongly held. and the situation pre-
.sn,s M deadly ammunition for bear operators
Investors. while showing no disposition TO I'M
craass their holdings. do not eVince any IN
einatior 70 part with what they nave, ana
hear efforts to force liquidation on the s,reHs1 ,n
~ ro,d exports meet with cold response oIol9
20 Tho amount Of $50 DOC. 600 could be expor.eo
without reducing the gold reserve peio" '"'
500 600 900 mark ,oroar.s ne
The following tables show the mone.i 80.
the chief active stocks and ponos III the WIN