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These great variations in the value of imports from
year must naturally very great fluctuations
in exchanges. Our exports are very regular varying
but small amounts from year another and in only
year out Of the above six the balance Of trade in
our favor and then--ls42 but a few thousand dol
lars. The balance of trade being against u.s. specie
went forward annually in large amounts. During the
years of large imporaons exchange very low not
whstandng the great balance against the imports
Or l.~.h..aa-s. i- or tAs
sales Of stocks in London, against which bills
freely drawn and the rates kept down From 1910
to ls44 the imports INTO this country smaller than
the exports consequently the balance Of trade has
in favor, and exchange will be from the fol
lowing table, has since been below specie point -
QUOTATIONS STERLING BILLS NEw YoRK.


july 7ssss S I 7sas @ ssss ssssl M s ssss sissi ssi


will be seen that sterling exchange is higher now
than it has been in July in either Of the herein
given The balance Of trade is against The i'm.
ports thus far have been much larger than the exports


and exchange rules high In consequence Of the dis.
credit that recent ents in the cotton market have
thrown cotton bs there very few prime bills in
the Market and they rule just below aspece point Par
ties engaged in stock operations, III this market
making great esrts to keep exchange below the specie
standard They 60 far as to buy up bills Of good
d and sell them loss to prevent specie going
forward and the panic that would follow such
ment Sh pments of specie to any great extent would
have very serious effect the stock market and large
holders Of stocks shrewd enough to make sacrifices
keep down quotations for exchange From present ap.
pearances do not how it is possible to prevent
specie going forward All the efforts of stock pecu-
a,ors stay the tide from setting the precious metals
towards Europe. We not only indebted to foreign
nations for their manufactures but large amounts Of
stocks have been sold in this country foreign
besides which, the semisnnusl dividends stocks held
abroad adds millions TO indebtedness The tables
Of selling stocks to foreigners, they
constantly returning the stocks purchased Of
ago, for SALE the payment for which must be made in
specie or It's equivalent


We do not any change in the quotations for Ameri
in Iondon onerationa lirnitad