New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-21
MONEY AND BUSINESS.

The prosperity Of legitimate business continues,
and also the depression in speculation. The eA-
changes outside New-York exceed even those OF
last year, which for October were larger than
for any previous October by l6 per cent but
+bo nrices Of stocks declined last week almost
81 per share, as the banks in meeting the demands
II customers cut down loans nearly S5,500,O0O.
Railroad earnings for eighty-hve roads one week
and tyenty-seven tine second week of October
we're sIO,O47,ll0, against s9,OsO,lS7 last year. a
cain of 1916 per cent, though last year the gain
in that month over the previous year was sl1grt.
The movement of cotton and brcadstuffs has been
remarkably large, and the increase in foreign
trade cyer last year has been for October thus
fer 1913 per cent in imports and III Ill exports
The production of iron over Is liz per cent
larger than a year ago October /, and has since
increased These facts and many othnrs show
how splanddy the productive industry and
legitimate trade of the country are progressing.
For this increase they require use of funds which
speculation has absorbed in putting out new
securities and putting up prices, and the result
is that speculation has TO make room for some
thing more useful TO the country.
II is not doubted that spectators for lower
prices are using their opportunity IN the market
ia the best of their a'iI;y, and make artificial
rates for money when they can. The country
has no occasion to trouble itself about a change
which releases capital for more useful employment.
Prices Of commodities are not unrcasOnably in
Hated but remarkably lOw-wlthin 81 per cent
the lowest on record. The enormous expansion
of production and trade at such q low level
Of prices is one of the evidences of the coming
prosperity for which it prepares, and TO arrest
,hat expansion by absorption of the money it
requires would be u wrong to the millions of
nrcduccrs The Treasury docs nothing of the
sort, for last week it put out 100000 more
than il took IN, and within The past month
| Eas reduced it's cash 81 0,j00,000 There is more
| money in circulation than ever before but the
volume of securities issued has been enormously
increased, and the natural consequence, that the
least worthy should seek lower prices, is stubbornly
| resisted. But last week. besides tie decline Of
% cents in the average of railroad stocks, sugar
! stock fell from S3 10 ~ Ia but afterward rose
! 70 rs 3-s, and cotton oil fell 3 ID cents, which
it afterward recovered on the assurance that
bonds at for 2 were 10 be substituted for about
half the stock, and the obnoxious trust form
abandoned. Raw sugar fell an eighth, and re
fined little more
The speculation in other products was rather
! tame. Cotton gradually yielded under enormous
receipts, which have amounted for the month thus
far 20 73i,j73 bales, against 67j,3S9 last year,
while the exports have already been 4O7, 6CI
bales, against 297,644 last year 1t cannot be
said that the scheme Of Farmers Alliances 10 hold
hack the crop has met much success. and
Northern spinners, confident Of lower prices soon,
appear 70 have taken but 150,5Os bales. against
s64 TO dat last year. 81 ght decline appeared
| in spot couee, ana copper and lead were shade
lower. but tin and the pig iron warrants a
| rttle higher. Pork declined % cents. and corn
threc-ouarters Of cent, Notwithstanding exports
for two weeks OF October were 3.202 O6 bushels
| acpinst 2429.022 last year. Oats also fell ne
much Wheat speculation marked by heavy
| and hurried realizing. and the decline was cen,
| tor splt and cents for October. Exports OF
wheat and flour from Atlantic ports have for one
week surpassed last years. but for the month show
a gain of less than 100000 bushels Account,
from the Northwest agree that much OF the winter
wheat Is shrunken, but the quantity brought for
ward to farms and railroads is enormous.
The completed statement of iron production
October / shows weekly output OF l5l .05I
tons. against 81, 800 year ago. The production
for nine months must have been considerable,
larger than for the same part of any previous
wear exceeding 6,0i6.000 net tons aGains
L.3O0, 900 tons in 1888, and yet prices grow
stronger Rails have been especially strong sine
J, the great railroads placed contracts for renew