The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-05-09
SATURDAY, May G.

The imports Of merchandise at the port Of New
York this week were extraordinarily large, and
foreshadow plainly further exports OF specie.
The figures are $1s,3 1885,, 900, an increase
OF 49, $685. 600 as compared with the pre-
vious week, and Of $s.6 8 900 as compared
with the corresponding week Of last year. The
Custom House returns Of imports are the more
significant in view Of the fact that the ex-
ports OF merchandise from this port for the
week ending last Tuesday were q little less
than 81, 600. 900, showing an excess of
imports over exports at this port alone of over
81 900. 900, or about SIS. DOC, 900 more than last
week. As the movements Of merchandise
in and out Of this port are n fair index
of the country's foreign trade movements as
a WHOLE, it is not surprising that the
shipments of specie during the last two weeks
foot up nearly SO, 200, 900. and that draw
ers of exchange look for further ship
ments next week. The prospective changes
in the tariff are, OF course, responsible for
the phenomenal importations. 1t is Inter
esting to note that more than two-thirds of the
imports this week were dry goods, sugar, coffee,
tobacco, wool, and hides, all Of which, with the
exception of coffee, are almost certain to be af-
fected by the enactment of a new tariff law.
The weekly statement Of averages Of the As
ISOLATED Banks shows this week the Withdrawals
III ltRul CHuSi W opiulh Oll u GA
port. The banks have lost in legal tenders
SO. 1000. In tho reserve this loss has
been offset to only q small extent by
a gain of $241 GOO in specie. The transfer of
money to Europe has not resulted in an cxpan-
sion of the loans; on the contrary. the ac-
commodations granted by the banks have
been reduced $4,000. Tho movement,
however. is pretty accurately reflected
in deposits, which are six and a half millions
less than a week ago. The banks still hold
800, 900, 900 in legal tenders, more than eighty
seven and a half millions in specie, and report
n surplus reserve of more than 81 ,OOO,-
OOO. The Treasury's gold balance is still
nearly so = cent. in excess of the 800, DOC. 900
which it is popularity supposed the Govern
ment is required to hold rs a reserve
against the outstanding legal tenders. In
tho circumstances 1t is hardly credible
that there is any foundation for reports
emanating from Washington that the Admin
~istration Is disturbed by the outward movement
of gold. Moreover, the officials at Washington
must know that the present foreign trade
movement Is abnormal. and that 1t Is
so because of the tariff discussion, for
which the Administration is responsible. The
payment of a commission on exports of specie
by foreign bankers. acting for tho Austrian
Government, is simply an incident that betrays
q desire TO stimulate q movement tnaC would
take place naturally q little later.
1t seems hardly necessary to repeat that tho
trading in stocks this week has been almost en-
tirely professional. European news has ceased
to be q factor. because foreign markets have
made no decided movement in either direction.
and, besides, London has virtually ceased to
deal In this market even for arbitrage account.
The unexpected action of the Finance Com
mittee In reporting it's modified draft of the
Dingley Tariff bill to the Senate gave q pro-
nounced upward movement TO prices early in
the week. and in spite Of operations for short ac-
count and some speculative liquidation In Omaha
common and the so-c8lled Gould stocks, a part OF
the early improvement has been retained, and In
some cases further advances have taken place.
The stocks just referred to are the only ones
that closed materially lower than last Saturday.
On tho other hand, noteworthy net advances are
recorded for Sugar Refining. American Tobacco.
the shares of the Granger trunk lines, Con-
solldated Gas and Northern Pacific preferred.
Except for n sharp selling movement in Chicago
Gas this morning. that stock would have
been entitled TO a place In the above list.
The trading In Chicago Gas Vas the only
feature of to-day's market. Nearly half the
sales were made by ono trader. Chicago was
also a moderate seller. II circumstance that re-
vived reports, for which, 30 far as can be
learned, there Is no basis, that the consolidation
measure has met with some obstacle in tho
Illinois Legislature.
The reduction of u of / y cent. in the quar-
terly dividend upon Chicago and Alton com.
mon did not have much effect. either specific
or general. Tho course Of Omaha common
would seem to indicate that a number OF specu.
lative holders OF the stock had entertained the
unwarrantod view that the dividend of 2 y
cent. declared last winter WAS n Remi.annual.