274 



FINANCIAL REVIEW OP 1892. 



stocks at the beginning of the years 1891, 1892, 

 and 1893 : 



The following shows the highest prices of a 

 few of the speculative stocks in 1891 and the 

 highest and lowest in 1892 : 



Foreign Exchange. The imports of mer- 

 chandise for the year ending Dec. 31, 1892, were 

 $47,877,236 above those for 1891, and the exports 

 of domestic and foreign merchandise were $32,- 

 089,753 less. The excess of merchandise ex- 

 ports over imports for the year was $62,221,714, 

 against $142,188,703 for 1891. The excess of 

 exports over imports of merchandise, coin, and 

 bullion for 1892 was $135,516.820, against $185,- 

 805,303 for 1891. Gold exports were $59,045,524 

 in excess of the imports in 1892, against $34,116,- 

 471 in 1891. The market for foreign exchange 

 was generally strong in January, influenced by 

 a demand to 'remit for stocks sold for European 

 account, by investment purchases of long ster- 

 ling in order to make interest, and by a scarcity 

 of commercial bills. The market opened at 

 $4.82 for sixty-day and $4.85 for sight, and it 

 closed at $4.85 for 'the former and $4.87 for the 

 latter. Gold to the amount of $272,800 arrived 

 from Europe during the month. The inquiry 

 for exchange to remit for stocks and the scarcity 

 of commercial drafts continued throughout Feb- 

 ruary. The market opened at $4.85 for sixty- 

 day and $4.87 for sight, and it advanced to $4.86| 

 for the former and $4.89 for the latter, closing a 

 little easier in tone. On the 20th, $500,000 gold, 

 and on the 27th, $2,250.000, making $2,750,000 

 in all, was sent to Europe on special order, in re- 

 sponse to a demand from Austria, which was 

 then making preparations to resume gold pay- 



ments. The sharp advance in stocks during 

 March encouraged large sales of securities for 

 European account, and the market was strong at 

 from $4.86 to $4.87 for sixty-day and from $4.88 

 to $4.89 for sight, and gold to the amount of 

 $3,280,000 was sent to the Continent of Europe. 

 In April, while there was some buying of stocks 

 by Europeans, the selling for this account was 

 large, and exchange advanced to $4.88 for sixty- 

 day and $4.89! for sight, and the exports of gold 

 to Europe amounted to $7,555,000. During the 

 early part of May $3,000,000 more gold was ex- 

 ported, exchange continuing firm, but after the 

 15th the gold movement ceased for that month, 

 to be resumed in June, when the shipments were 

 $16,000,000. Exchange opened in June at $4.87! 

 to $4.88 for long and $4.89 for short ; it moved 

 up to $4.88i for the former and $4.89 for the 

 latter by the'lSth ; it fell to the opening figures 

 by the 22d, but it closed firm at the highest 

 point. In July the market was dull and firm, 

 it being affected by the pending antioptions bill 

 in Congress, which checked speculation, and to 

 some extent the movement in staples, and af- 

 fected exchange by diminishing offerings of bills 

 against future shipments of cotton and grain. 

 Rates were $4.87! to $4.88 for sixty-day and 

 $4.89 to $4.89! for sight. Gold to the amount 

 of $6,000.000 was sent to Europe during the 

 month. In August the market was firm at $4.87} 

 to $4.88 for long and $4.89 to $4.89! for short, 

 until the 23d, when rates grew easier in conse- 

 quence of dearer money, but by the close of the 

 month there was a reaction caused by a scarcity 

 of commercial bills, due to a check to exports by 

 the cholera in Europe. Gold to the amount of 

 $5,450,000 went to Europe, and nearly the whole 

 on special order. In September the market 

 opened at $4.87 to $4.87! for sixty-day and 

 $4.88^ to $4.89 for sight, and $2,000,000 gold 

 was sent to Germany on the 3d, and only $900.- 

 000 went forward for the remainder of the month, 

 as the movement via Liverpool was too expen- 

 sive, and Hamburg was practically a closed port 

 by reason of the cholera. On the 13th, exchange 

 declined in consequence of liberal offerings of 

 loan bills, induced by dearer money, and on the 

 20th there was a fall to $4.86 to $4.86! for long 

 and $4.87 to $4.87! for short, and the tone was 

 easier for the remainder of the month. In Oc- 

 tober the market opened at $4.86! for sixty-day 

 and $4.88 for sight, but there was an immediate 

 fall, followed by a recovery caused by a demand 

 to cover loan and commercial bills; but when 

 this inquiry was satisfied rates fell off again, and 

 by the 20th they were $4.84 for long and $4.86 

 for short. Dearer discounts in London caused a 

 decline to $4.83! for sixty-day on the 27th, but 

 the tone was firm at the close, in November 

 exchange was strong by reason of a demand to 

 cover loan bills, and there was a scarcity of com- 

 mercial drafts, in part due to the check to ex- 

 ports of cotton, caused by an advance in the 

 price above the parity of Liverpool. The market 

 opened at $4.84! for long and $4.87! for short, 

 and it gradually advanced to $4.86 to $4.86! for 

 the former and $4.88! to $4.89 for the latter, 

 and $600,000 gold was sent to Paris on the 26th. 

 In December rates opened at $4.86 to $4.86! for 

 long and $4.88! to $4.89 for short, and on the 

 3d ^$ 1,300,000 gold was sent to Europe. The 



