New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-30
MONEY AND RESINENS.

ton One makes specially important the opser-
walton that last weeks wheat exports were
actually 2SJOO bushels less than last year,
fact which does not go far to balance the
record Of the last four weeks. y. IO3.o32 bushels
exported including -four. against l7.o33,lol last
year so that in seven months the heaviest eN-
ports ever before made from this country nave
been surpassed Another finds that New-York
imports last week were S1141I536 against
SO O30 last year, the circumstance being
omitted that four weeks increase OF S4.2Oo,oD
in imports is surpassed by three weeks increase
of So 400 600 in exports from this city. In every
time OF great activity there is sure to be Mn
drance or reaction for some branches OF trade
or industry which have been pushed out or line
or beyond reason But the lame ducks In
legitimate business are harder to ind TINS year
than usual and less lame.
The volume OF all business settled through
clearing houses has gone far beyond any pre-
vious record in January even SURPRISING De
cember. With two days yet TO come, exchanges
| have been about $T931 900 000 against 81
80 900 600 in December $G.414.0O,O0O In No
vember. and $6O34, 100000 In the largest
month before that. December. 1S92. Trans
actions OF two more days. when the last
six average G0G0O.000 each, should put
the mark still higher. The month has thus far
exceeded January OF last year by ~ per cent,
and January. 1892 by iS.1 per cent. A large
part OF the gain is due to activity In stocks,
as New-Yorlt payments OF 81, 494, 100000 last
week bear witness. and yet outside NEW YORK
the months transactions 20 far have been b.
per cent larger than last year. and 300 per cent
larger than in 1892 1t is not possible to dispute
. the meaning OF such great gains when the rail-
roads also show tonnage records such as 3y. l IL
eastbound from Chicago in three weeks, against
$40 92l last year. increase 244 per cent, and
$50 go in 1892, increase GGS per cent.
Reported sales OF stocks last week were
72O5.52S shares. A little while ago II was
shown that in many years there had been only
ten months in which sales had been over 10
600 900 shares the largest then having been
about 130OOOOO in any month. but they have
been larger than that in the last two weeks, as
II was found impossible to record part or them
last week The change in character has been
striking More than half the business was done
In two or three trust street railway stocks
not long ago. but last week less than a sixth Of
the total in six such stocks. while over
100 600 shares each sold Of eighteen rail-
road stocks in all 3,S24,00O, while OF l95 other
stocks 2190 100 were sold. After the shaking
ont early in the week the upward march was
resumed Just as II there had been no halt. The
average for railways rose 81 A. per share, and
for trusts 81 ~ per share. The stories told
ere peculiarly fresh and suggestive, such as the
one based on the idea thai minority holders can
prove TO the satisfaction of Pennsylvania courts
what are improvements" on a road run by the
Pennsylv ania Company. When stocks really
good and have also such ingenuity 10 lift them,
they ought to rise
The wheat market made itself interesting by
A rise of to y cents, rather than by enormous
dealings There Is visible excuse for fearing
that the supply will run short. when Western
receipts in four weeks OF January have been
Il. @W257 bushels against iOO09053 last year.
But the exports in four weeks have gained
! 100000 bushels as above and In four days
less than seven months ave been 149OO0OUO
bushels against 131.O0OOU last year and l4S-
400 S21 net I'm the full seven months Of 1S3l-92.
when wheat exports were the largest
known in a year This is the more remarkable
because corn exports fall OF but little. and
for the seven months have been l0l ,WOWn
bushels against 1O3.OOO,OO0 last year, and the
price has also advanced about cents In the
same months OF 1912 exports OF corn were
less than "a, OOOW bushels.
Cotton scores another eighth advance and al
Ca. cents is much better supported than when 1t
was cent lower substantial reason for
some gain is that only l.O49.RW bales have come
into sight in January, against ,224J.'S last
year. and proportonate loss on the quantity
yet 10 come would leave the crop little smaller
than the last II does not at all follow that a
crop OF over | 900 900 bales would not be too
heavy FOR the markets, since stocks OF American
in sight here and abroad are now 5i3 900 bales
greater than year ago. besides a known in
crease in mill stocks American takings from
this crop have been 2,039,57S bales already.
against .964 100 to date last year. and 330OD
bales larger than this month last year, but dur
ing several months the consumption by mills
was not full Nevertheless. while foreign buy
ing continues 10 take. as II has In January.
9G3 3J1 bales against 81 $40 last year strength
in markets IL natural.
Foreign trade continues TO show n heavy
cess Of exports In four weeks imports have
been S3s. i9s. 354 az New-York against S34.
253.GO3 last year when receipts excep-
tionally light because OF anticpatory imports.
but I'm that month exports exceeded imports by
SCI. 5aS. JtO and in three weeks OF January
ports from New-York this year have been S34
IT59sS against S2S.3j6.627 last year. But be-
sides the large increase in cotton not "A fifteenth
OF II going from New-York. liz now supplemented
by a price slightly higher than last year so
that the increased value due to cotton alone
should be over SjOpWO making more than
81 OOO.OU for the month. These figures would
indicate over xGi.OO0OM excess OF exports
against which gold net imports have been 81
U9l 100, but silver net exports S34lO922
Bankers find exchange perplexing In such
ditons with past balances Of unknown magni-
tude accumulated In favor OF this country. II
the selling OF stocks foreign account had
been twice large any one imagined. IL
would scarcely make II perceptible impression
on the known balances payable. to say nothing
Of the larger unknown. Meanwhile the fnal
statement of iron production shows an output
~ 934 tons in 1903, and the reduction OF
known stocks far exceeds net exports. % that