New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-17
THE FINANCIAL MARKETS.
little CHANGE IN STOCKS.
IMPORTS CONTINUE HEAvY-CONDITIoN
OF THE FEDERAL TREASURY.
Sunday. Nav fG-p.

Sunday May i6-p. m.
capltal continues TO exhibit a decided tendency
% wait for final action on the Tariff bill before
ENGAGING in security market operations. In the
las, week changes in stock prices were small.
interest from important sources was not present.
and transactions were confined almost entirely
20 the small dealings Of board room traders.
At the beginning OF the week there a slight
Improvement In the character of operations, and
speculatve sentiment was more cheerful. owing
IN great part TO foreign support in the market;
but for the rest OF the week there no evil
dence that the market had got out of the
narrow and professional rut in which II has
been for so long time Renewal OF Cuban agi-
tation led stock market bears TO make greater
exertions on the short side Of the market. Oper
, atoms conducted with the view Of inducing liqui-
dation among outside holders OF securities were
not successful however, the disposition OF invest
ors being opposed 70 considering professional
traders actions as sufficient reasons for throw
ing over their possessions. Investors do not be-
Neve that efforts on the part of the Administra-
ton TO improve The condition Of American inter
ests in Cuba will lead to unpleasant develop
lnents with SPAIN and the majority Of holders OF
American securities do not see any wisdom in
sacrificing their stocks and bonds because the
business situation has not enjoyed that degree
of Improvement which the most hopeful some
time ago expected. Business is not on the down
grade The worst features of the situation have
been eliminated. and the present waiting period
reflects nothing intrinsically bad. Tariff uncer-
tantles cannot last for many weeks. 1t Is child
jsh to suppose that the legisa tors at Washington
are not working to serve the country on lines
hes, suited to encourage and expand business
undertakings.
The fact that this country is serving as great
reservoir from which other nations can draw gun
is rot creating alarm or having harihlul III
fuence upon the vast supply of the metal He'u
80 Withdrawals Of SJO000000 from the
Treasury in the current movement VIII sun ie",e
tho S100 600 600 gold reserve intact anu SOlu
taken ont now will be returned when trauc ~ ~
ditions again become more iaNoIau!e r T., tha
country; q situation which must preNut IA 49, ~.
ordinary course OF business. IL Is ut!1IhhnHo cnn
eoId exnorts this season viii reach SJVooV,V,O'
or any amount near those hGures' i NJ 80.
ment on trade balance Will not can nU' '' Gov
amount and gold will not leave the countr! loi
other reasons Foreigners are not sei!iuS 'Hvi
holdings Of American securities On 'he on
trary they are more disposed to buy anu WIN
no end az the Greco Turkish war and the OK
ransion of business here. following the passage
Of the Tariff bill a large foreign interest III tie
local security market may be expected GOu j.
moving abroad in response to conditions creaieu
nv the rush of merchandise imports INTO lhs
country and despite the fact that the iAeIc naa-
disc exports exceeded the imports Tor d pro
tracted period offsetting factors recently eNeneu
the balance. which now, by reason or the heaV!
imports. has turned in Europes FAVOR MOT
over Europe wants gold. Foreign nahHs are
willing 10 nay above the market price 10 st'
IT, and when this so-caled premium ceases -
exist exchange rates will probably advance 10
the normal gold exporting point Nolu !. h'N
exported at rates slightly below the rsual soiu
shipping point but the difference in me RAJ -
made up by the price oieied apIoi i ~ -, ~
Foof hat he
full of commercial bills and that ever! OF
fering of exchange against soid shiPHcits -
readily absorbed proves the eXlslcnIcS 1f The
debts abroad which must be settled. ii tilc
course of the exchange market rates is hot aue-
nuate proof statistics OF foreign coNliielUe "lo
Tho comparative statement for April OF mr.
hnd,so ernorfs and imports prepared by the
P,,rea,, Of Statistics in washington SHOWS an
axceSc of imports in value OF S23,1'"'1"i' anu IL
these figures did not show in recent customs ie
CENTS ii is because large proportion on ny ~
ports we're free Of duty. AS compared Win lnc
preceding April. there was an increase I ~ ia
dutiable imports of over S22.oOO,OUc. i.eSdiu
tn ,bis country's export trade. it Is OF interest
To- note the increase in value OF exports rom tliv
South Atlantic and Gulf cities, ana Inc!uelIrttF
:he Improvement in business condiuons throusH5
,rt the South and Southwest. the iaSt hdllIeu
factors being reflected in the current mp ~
rnent in Southern railroad earH 1i ,,oo COS IN
nine months ended March 81 the Hcleas IN 40
evnorts al Southern. ports compared WIN tl,e
same time in the preceding year Wc we, az ioi
lows the places named; hal,IIiV' G.
%! Sruils - IN Vewnort News Va. 90 per cent;
Norfolk and Portsmouth. 20oG6 per cent SaNdn-
nah 100 per cent: Wilmington. n. =, Dol P o.
cent: Galveston. 661 per cent: NeworItai1T NJ
ner cent; Pensacola Fla. 1iod6 per CENT an am
pa Fla 513 per cent Imports "I n.l coz
e. +b;s mort last week valued at SlZ,o.'o,O"t
sgainst 81 3S2.O l9 in the preceding Week anu
aSainst SO OI4 TS0 in the same week in 1870 ana
So loo. 1O2 in that OF 1880. For the week imports
exceeded exports (week ending May I'D by ~"
200 oo1 The local money markets do not reflect
the outward movement OF gold because losSe5
sustained by gold exports are about balanced by
REGENTS OF currency from the interior. 1here
bae been no approCiab BILE change in commercial
inonc or in the demand for time and call money
Heavy movement Of funds 10 this centre SHOWS
business inactivity, but many people see more
encoura cling signs throughout the country troP
ocnao,s AZ this early date are favorable II is
orobahle that European nations VIII be large
huyers OF American breadstuns ana the ou'IooA
FOR good prices for the farmer is encouraeng;
Tie foreign markets displayed fnarkeu Hh-
nrove,ren, last week. the more favorable outlook
FOR the end Of hostties in the East haN!lS
a generous influence upon home secCrlties anu
Tvs" Tho bank of England reduced It's mini
MIN discount rate 10 per cent, Whle opvn
market discounts ruled at is@lo-io per cent ~
ner cent yesterday In Paris the ole5 81, I n3s.
ket rate was ia per cent, and in Berlih -hu-1s
1,er cont In the local money market can money
representing bankers balances was i149its PEI
cont banks and trust companies elso quo,tn .
rbot rate Time money was per cent TOT SIN
aayc .iL nor cent for three months. Z12Wo per
cent for four months. and ) per cent LOT s IN
months. Commercial paper rates ruleu az ~
~ per cent for prime indors"d ps Iecel 80
2stM4 per cent for choice single names ana
4G5 per cent for names not 80 wei known
Foreign exchange was generally nIn Win , uo
rnand sterling at 81 Slh 10 - oi1s. -SoilIIIa.
rates yvere 81 S76S4 Ss1a for long and snort
sterling respectively. Paris exchange on Lon
don closed the week at 2Jll francs. Inc WeG VIZ
rooyements on the Stock EXCHANGE were u hInn-
portant the changes in the principal acIvo
hafr