New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-09-20
MONEY AND BUSINESS.

There are 4 good many financial Balaams in
these dayS-many who went out TO curse the
signs Of the times. and who remain TO bless
Those whose temper compcls them TO look for
cmcns Of evil have a season of hard labor.
! Dangers still exist which have not really
passed, but they arc out of sight for the mo-
mcnt and ont of mind. Men of The most pru-
dent temper see that there Is not the sort Of
Improvement which lifts wheat and corn IN the
teeth Of large supplies but movement based
on larger traffic, larger earnings, larger pro-
ductOn and larger consumption, and sub
stantal escape from great evils. While rail-
road reorganization goes on, and the Treas
ury clears off the nations bonds grain, pro-
visions. cotton and oil continue so cheap that
exports are not prevented, and foreign en-
changes again permitted small shipments Of
gold this way last week. These facts are UNI
dcniaby encouraging, and if others not so
cheering exist, they are for the time over
looked.
Whatever Reading reorganization may ulu
matcy mean, il has advanced the common
stock Z 1-2 cents, or ISL per cent, within the
last week, and higher prices than the c'OSnT
were reached before realization brought nat
ufal reaction 1t is not strange that there is
some dispute as to the meaning of the new
arrangement with respect to the Pennsylvania
and the existing or threatened rival lines, since
the pulls statement Of the basis Of agree
mcnt shows that provision Is made for large
notifications of the plan, and for representa-
ton OF all parties in interest But il is safe
to assume that the asscnts already announced
have not been obtained except through bc-
lief that all the parties would bc IN some
measure benefited. The coal lines naturally
get the quickest returns, since harmony in the
anthracite trade would obviously mean great
increase of profits in the present state OF the
market, but the Western trunk lines have also
madc greater progress toward adjustment
than was generally expected b. those who re-
aizc what difficulties there were to he over
come If these difficulties arc not removed,
it is exceedingly helpful TO have them kcpt
ont Of the way for The present. Nearly All
Railroad share IN The increase of earnings,
which for hiiN-scNen roads reported for the
ihst week Of September averages ID per cent
With all these Influences at work, and gold
coming into the Street for bonds, the average
pIIcc of stocks rose over - per share
last week. closing at SOC So, the highest level |
reached since 1885.
In effect, the Treasury has begun to initiate |
the currency. The bond cali for S1O,OOO,OOC, /
which maturcd during the week, returned Of
gold from the Treasury less than was received |
for duties for the " asnInStOn report shows
an Increase of 5000, 900 III gold and > 900 900 /
in legal tenders owned, but the amount Of sil- |
yer certificates outstanding increased more than /
81 100000. BY putting out the new small notes /
instead Of other kinds of money for some time /
10 come, the Treasury will doubtless be able .
to maintain it, gold reserve, whilc adding 10
'hc circulation whatever amount It's dsbursc- |
mcnts for redemption Of bonds and other pur-
poses may exceed lis current rcccip.S 1t IS |
greatly favored, also, by the remarkable change .
in the use of gold by taxpayers last week
IA per cent of payments through the Custom |
House here was made in gold. and only I1.9
Ia legal icndcrS whereas IN August the average
was l7.3 in gold and 1915 per cent in legal
tenders. With heavy imports, and 1881 900