New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-17
war has been manipulated. and Is still being
n'aintained, behind the scenes.
MONEY AND BUSINESS.

exceed exports, ana yet tneTe 10 Ho
Of the money market. All observers OF the
situation perceive that the outgoes or gold are
but temporary. that they can be stopped by the
Senate in one day II II pleases to act on the
Tariff BILL and that meanwhile they only lessen
by n little an enormous balance due by other
countries to the United States on merchandise
account during the last year Certainly there
never has been 80 large an excess OF Imports
over exports in any previous year, the imports
amounting to S30444 1l6 for the first half OF
the month OF May: nor have there been In the
whole history Of the country imports as large
as appeared In the month OF April-Sl0l .3oo.iol
and the apparent trade balance in that month
was S23579 43l Yet even this large sum must
be increased by nearly 100 per cent II actuai
values OF dutiable imports are to be consoereu'
and the great excess Of imports during the
month must he attributed to a large extent 10
the unwillingness OF Senators to shut out I'M
ports by the plan proposed by the House
The persons who insist that business IL not
really improving have rather difhcuit TASK
on hand this week. The actual payments
through clearing house returns outside New
York are only 81 per cent smaller than those
of the corresponding week last year. ana TOT
two weeks of April the exchanges outside New
York have been only per cent smaller than IN
the same weeks OF 1892 when business was
larger than It ever had been previously. The
investigation by "Dun's Review a week ago
indicated that payments during the month OF
April had been only about 10 per cent smaiier
than in 1892, so that the figures thus far indi-
cate some Improvement in May. Nor Is 1t TO be
ignored that the difference in prices since lo9-
affects the calculations materially. Reckoning
April against April. the same quantities when
cost $4,000 in 1892 would cost SI2,2oi at the
lowest point in 1897, and about SI3.l3S for the
month Of April The truth is that In quantities.
all business considered there is really more
done than in any year Of prosperity IN the last
five.
II was properly stated by The Tribune week
400 that the balance Of foreign trade was no
longer in favor of this country The ofnciai re-
mort lust made public shows that in April tee
aggregate value of imports was for the hrst
time more than Sl00000OO0 in a MONTH
amounting to SOL .305. l31. AS the exports
were in that month comparatively small WHICH
Is TO be expected for this season, the excess Vi
merchandise imports over exports in value was
500 57943I. But. in view of the fact that the
imports were in value about Soo,33l,33o more
than exports. and in all probability were heavily
undervalued. being mainly OF the classes which
were most affected by ad valorem duties, it may
during the month Of April was probably greater
than the value OF exports by SSO,0OOoJ0 or
more
This IL not a pleasant statement. The plain
truth is that il looks very unfavorable for bus-
moss In the coming months and while Inc
Tribune would he much better pleased TO oHer
q more encouraging account, the fact has 10 pe
stated without shading. There Is In TINS couh-
try many millions worth Of dressgoods, OF other
forms OF drygoods and OF manufactured prou-
ucts generally. brought In for the express
purpose OF anticipating the new duties WHICH,
arc expected TO be imposed. Probably IT Is not
far from the truth TO say that halt yedi
consumption in these branches has been anticl-
pated by imports during the last three months
During the four years under the CieVeiaho
tariff the imports OF such products were won
dcrfuy large. and yet within the last month
they have been greater than at any previous
time.
The advance In the price or cotton from "a
cents to ~ cents is supposed to be warranted
by the evidence OF destruction and decreased
production in overAowed districts Yet the re-
turns published by the Government show that
in the counties most affected the less Is not
nearly as great as official reports indicated,
and that the actual acreage OF cotton has been
only moderately diminished. Even in Mississippi.
where the overflow and destruction have been
preatest the decrease in acreage cultivated does
not exceed 1 per cent, and the output THIS year
has been far in excess Of the demand for con-
sumption Mr.. Ellison makes the crop held by
European mills $4,000 bales. against IS2,ooo
April l. and the receipts from plantations IN
this country are about as large as last year.
with takings OF Northern spnners not one-haif
as large.
As to wheat the conflicting statements by the
Department and by the various state organlZa-
tons are not easily reconced. NOBODY at
taches much Importance to the report OF the
Government regarding acreage OF wheat, ana
vet the discrepancy between its statements ana
those Of the various State organizations causes
this wear more uncertainty than usual. Per
hans the best that can be said Is that the oiii-
ciaI reports are probably about far below
the truth as their estimate Of acreage month
ago was below the probable quantity sown, so
that we may expect something like I'D per cent
greater production OF winter wheat iran the
official statement indicates.
The condition of the chief industries is not
AZ the moment encouraging. In the iron in
dustry there Is a struggle to meet the necessi-
ties resulting from a cost OF material much
below what has been known in past years, and
the disruption OF the beam combination during
the last week will probably result in much
lower prices for structural products and also
for billets. In the woollen and cotton manu-
facture there has been no important change dur
ing the week. both are waiting for the out
come OF action at Washington. and there Is
disposition to restrict production as far as pos
sible until 1t is known how far the tariff is to
be advanced.
Weyler's declaration some time ago that Cuba
was pacified appears to have beer remark made
,rhh lie lnaf