New-York tribune., 1885-08-17
MONEY IND BUSINESS.

MONEY And BUSINESS.
There are some decidedly favorable symp-
toms in regard to the general business and
industry of the country. One swallow does not
make summer but it helps. The sort of
Improvement which is now to be seen, ii it con-
tinues long enough, will help honest producers
and legitimate traders materially, though it
may not bring that financial millennium which
some spectators in the Stock Exchange appar-
rcntly hear knocking mt the door.
One Of the best signs Is the decline in the
prices of products which are largely exported,
at the same time with sttiening in the prices
of products of home manufac lure. Last week
grain declined 45s cents for elevator wheat
and III cents for August, III cent for August
corn and l cent for oats. Bacon also declined
10 cents per 90 pounds lard 5 cents, cotton
Ga. talow 12l2, and turpcntine 3s of
cent per gallon. On the other hand. cotton
prints advanced Il of a cent and standard
shcetings pig per cent. refined oil IL oil
cent pig iron 30 cents u ton. bar iron and
nails about 3 cents per 100 pounds, and
Bcsscmcr rails about 81 per ton. Ii is true that
the combination to check the production of
rails caused the sales at SOS, which are not
therefore an evidence OF entirely healthy
improvement that the advance in cotton
goods was helped by the combination to curtail
production, aud that the clique controlling oil
put up the price of refined partly To help the
advance of III cents in crude certificates. Bnt
tho changes are i'm the right direction they
promise productive industry lower cost of
living, and so does the decline of Il cent
in sugar, X cent in coffee, Il cent in copper,
of Is, cents in tin. and % to 30 cents in
anthracite coal The effect of these changes is
helpful to manufactures, which have been
more depressed than any other branch of
industry, and if that branch could rely on
freedom from legislative disturbance, the pros
meet would be more hopeful than it has been
for a long time.
II is also a good sign that the Treasury con-
times to strengthen its position. Last week
il gained $2,295,2iS in legal tenders, while
losing only $134, $40 IN gold, and the increase
in silver owned was 81 ,O32, 12O. The receipts
of silver at Ncw-YOrk which exceeded % per
cent OF the customs receipts in July, have been
only 1877 per cent for the first half of August.
The Improvement in the Treasury Is not due to
the fractional silver device, for II appears that
the efforts made have only lesscned the amount
held by $500, ,09i, really insignificant result
for more than 1000 circulars to banks and
bankers. Nor is it due to the borrowing of
cold not yet needed; on tho contrary,
the alarm caused by that operation did
more harm than the visible increase Of gold IN
the Treasury did good. But il is due evidently,
to adherence to sound principle which The
TRrpuNE has recommended TO the Secretary.
namely. 10 refusal to put out silver certf-
Gates without regard to the provisions of law.
Some houses complain because their business is
no longer favored in that way, and predict that
gold will 20 out from this city. Ii would be
Infinitely better that gold should be sent out
than SILVER. There is too much gold in New
York, because a plethora OF silver has driven
gold out OF the channels of circulation in the
interior. The bank reserves declined moder
atey, aud tho-surplus is still over P59, 100000.
AGAINST S31, 900, 900 last year. while the high
est held at this date in any other year was
about 20,O00.000.
One of the best signs, perhaps, is that the
speculation in stocks, Notwithstanding the
long g-contlnued advance III prices, is still con-
fined to the Street, aud does not enlist the in
tcrcst or capture the cash of the public. There
Is n substantial basis for some advance, in so
far IA the controversies between the railroads
anproach a settlement and lower prices for
grain favor larger exports, and better prices for
manufactured goods promote larger domestic
But these are not reasons for the
advance in " cats and dogs" which have really
risen more and faster than the best stocks
Nor are they reasons for the exhuma-
tim of all tho dead stocks of the
past FIVE years. These arc signs familiar
To the Street indicating that the move
ment is probably not far from reaction. Last
week the average of sixty active stocks at the
closing was $50 81, aud about 50 12 above the
average of the previous week. Thus prices are
a little higher than they were Mt this date near
the end of the great use'a year ago. when all |
political influences combined 10 produce an adj !
vance which did not stick. The actual advance |
in some stocks has been much greater than the
average. But while Northwestern preferred |
has advanced 5ai, Burlington and Cedar Rapids |
advanced seven points; Lake Shore gained 37s, |
and Lake Erie and Western 534; Western Union |
gained 23s, and Louisville and Nashville 6i2;
Michigan Central 4os, New-YorlS Central 2i2, |
Richmond and Danvillc s, Omaha common 4, |
and Ontario and Western 43s. IL is true the |
course of the grain market at Chicago indicates |!
some belief that the advance In rates will hold