New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-19
MONEY IND 81 NINESS.


to borrow. The advance in the price Of gold by
the Bank Of England is in effect the request to
lend. Kafir speculations have made France a
creditor. Russia draws for expected emergencies
and Japan calls for Chinese indemnity money,
and London cannot afford to be weak with vol
cano breaking out in Macedonia. British capital
lists can OF course obtain gold from this country.
Notwithstanding the heavy commercial Indebted
ness Of other countries to this on the trade OF the
last nine months. 1t happens that New-York
banks and the Treasury have plenty. and some
outgo would only please many bankers. Nor
would 1t in the least disturb the Treasury. which
holds over $154 100000 free gold. and is taking
in larger revenues because OF the increased i'm
ports. Thus there is nothing to hinder loan
Of gold to London IL it is demanded. although
on current exchange account New-York could
draw millions from that market.
The increase in imports for two weeks at New
York has been S590OO0O compared with last
year, and 100000 compared with 1890. but
more than half, So. 1OO000 and 81 100000 for the
different years. is in drygoods. which are to a
large extent consigned and not to be paid for
until they are sold, months hence. Imports
AT Boston should show an increase on account
Of wool and at some other points on account OF
sugar. but all this Is OF insignificant amount
COMPARED with the immense balance due on
trade account. The last exports OF gold were in
July Exports since then have exceeded imports
of merchandise, gold and silver by S26J6OOOOO
in eight months, and II 1t he supposed that Sc
curities returned from abroad exceeded the
known large sales Of bonds TO Europe by as
much as S15OOO0OO0. which bankers would
reckon highly improbable. and that dutable i'm
ports, S216,000,0O0. were undervalued about %
per cent. or $72O000OO. there would still remain
a balance Of $43, 900 900 apparently unliquidated
Whether less more, It is at any rate enough
and If Europe wants gold II borrows
This Of course, exclusive Of sales OF American
securities held abroad, which might come back
in considerable amount II war should involve
the great Powers. But a fight between Turkey
and Greece, even II other Balkan States were In
volved, would not necessarily cause any financial
disturbance, except among the hand-to-mouth
SPECTATORS from whom there came sales OF
about 10000 shares here last week. The small
ness Of the movement was as significant as the
quiet and comparative steadiness OF the stock
market which declined for railways only half a
dollar per share for the week sales of less than
800 900 shares. Two trust stocks, Sugar and
Chicago Gas. not international, furnished sales
Of $50 395 shares, with a fall averaging SO per
share the ten most active railroad stocks fur
nished sales OF only 347.212 shares. and OF all
others Of both kinds sales were only 10000 In
three weeks the average for railroad stocks has
declined only 81 cents per 500. and trust stocks
70 cents. Earnings are rather better than for
months past. though not particularly cheering
Such are the influences which make for de-
preston. But on the other side is the increase
in foreign demand for American products, which
p+o1 arica Of iuc nva 70 In iaI
price OF wheat last week. with two cents more
added after call Saturday. Just eight days
have passed since May wheat 71.37 cents,
end it closed Saturday at 1915 cents. Part Of
this was the natural reaction after the heavy
fall caused by liquidation. but part also
due to hurried foreign buying as war
became a certainty. The Balkan countries i'm
mediatey adjacent to the strife, which may be
drawn into 1t. produced in 1896. according to
Dornbusch. 146,500,0O0 bushels wheat; Turkey.
100000. and Greece, 100000; but the sup
plies of Russia and Poland, 3l93OOOO0 bush
els, so far they remain, would also be to
some extent. withdrawn from Western markets
by prospective demands in the region of
Perhaps less than sixth OF last years crops
remains available in these countries. but there
will naturally be smaller supplies for Western
Europe. While Western receipts for two weeks
have been practically the same last year.
3,S20,0O0 bushels. and Atlantic exports. flour
included have been but 10000 larger. 2,397 S41
bushels, both the opening OF navigation and the
foreign demand now tend to produce larger
movement at a higher price.
Cotton has been snguarly irresponsible to in
fluences ordinarily potent and. though receipts
from plantations fall below last years. and for
April have been less than half those of 1885,
rr.
side the flooded districts at the South seems
to have more influence. The demand for cotton
goods has somewhat improved since the great
auction sale resulted in prices averaging less
than 10 per cent below previous open quota
lions. ut some qualities have been reduced and
others slightly advanced In price. Wool is still
advancing Coates Brothers showing a rise
averaging cent more since April for 1O4
quotations; but trading is mainly in foreign, Of
which 1000 bales are said TO have been landed
within a week at Boston. Manufacturers are
doing less being far more fully supplied than
usual at this season. and the market for goods
improves but moderately. not as yet affOrding
ground for confidence far ahead. So the buy
ing Of boots and shoes for the fall season Is
still small, although some qualities have been
slightly reduced In price. and most manufact-
urers OF mems wear are near the end OF orders
while for women's shoes there are generally or
ders for some time ahead Shipments fall be-
low those Of last year or in 1890.
The output Of pg-iron decreased in March
3.7G4 tons weekly. according to THE American
Manufacturer" OF Pittsburg, but slightly in
creased according to THE Iron Age" the diff
ference being mainly in districts near Pitts
burg The unsod stocks but very slightly In
creased but were the largest ever known
1.02J.S31 tons-and the demand, all told. in
Guiding the consumption OF the great steel works
I'm rails and beams orders taken some time
ago should now he nearly up to the supply, and
IL is also very large In nails and wire, In plates
for timing and In shpbudng materials.
though I'm other lines much below the capacity
OF works. Bessemer pig rs little lower at