New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-11
MONEY AND BUSINESS.

ance Come not back, and all will be forgiven
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MONEY AND BUSINESS.
Close on the heels Of the Panama COLLAPSE
which must have strained some French financial
| institutions sorely. and taken some hundreds of
millions from the value Of supposed securities
held by French people and capitalists, there
comes now the collapse of the copper syndicate
For it can be called nothing else than collapse
when the Government itself is compelled to inter-
fere and almost TO coerce reluctant capitalists
| TO guarantee enormous advances in order to save
the second bank in France from immediate ruin.
Even the great loan just obtained did not stop the
panic or the withdrawal Of deposits from the bank
and the week closed with conviction that the
danger was not yet passed. Nor is it strange,
for II is about equivalent to confession OF
| bankruptcy when the managing director Oh
great financial institution commits suicide, and
the Government has TO exert it's power in order to
avert national calamity At London prices, tho
decline in the value Of copper held By the syn
dicate was about 81 100000 in few weeks; the
| fall In copper stocks all over the world repre-
sented stu greater loss Rio Unto dropping from
6b2 liz francs in December to $50 last Saturday;
and the stocks of financial institutions have suf
fered even more, the shares Of Compton dEs-
compile falling from 1000 francs to 1916, and
those of Societe dies Meiaux from $40 in Decem-
Der to 90 on Saturday.
The American copper stocks have apparently
been sustained in the Boston market by belief
that the French syndicate must be helped through
by the Government so that it can make good It's
engagements But Calumet and Hecla stock,
which sold at 200 January 2, fell to 262 on Sat
urday, and Boston and Montana fell from II in
December TO 3s on Saturday After severe losses
in Atchison, Burlington and Quincy and other
railroad enterprises, Boston capitalists were Ill
prepared for such another trial, but the amount
of money drawn from New-York for Boston is
said 70 have been comparatively sman When the
syndicate can no longer carry its load or control
the copper market, however, the price must fall
severely, at least until the vast accumulations
have been absorbed by consumption, and In the
meantime the mining companies will be worse OIL
than IL the syndicate had never been formed.
Another depression In wheat helped also to
weaken American markets The close was about
two cents lower than the week before, but each
of these reactions since the absurd rise to 81 20
last fall has been the more trying to the patience
and financial strength OF those interested, because
each has lessened the number OF money lenders
and capitalists who were willing 20 stake anything
on theories Of scarcity As the summer draws
near, every bright day reminds holders that
another harvest viii soon begin. The exports from
Atlantic ports In February were about 1898
bushels wheat against 2,4s9,2O2 last year, and
5iO, s23 barrels -four. against soSo57, while from
Pacific ports there has also been decrease only
1881, Ola bushels going out in February, with
one week from Portland lacking, against 3,oS3,Os'
bushels last year. These hguns indicate exports
Of about 1890, 900 bushels this year. -four in
cIaded against o. 200 900 last year for the month
But of corn the outgo from Atlantic ports has
been 7643,3s7 bushels, against 2,i2e,772 last
year. and the price advanced half cent last
week, with one cent for oats Cotton was un-
changed, though receipts continue TO exceed last
year's-last week 5000 bales; for the excess in
exports Is greater-last week $1,000 bales So
far the quantity In sight is only $4,000 pales
less than at the same time last year.
The only strange thing about the stock market
last week WINS that it did not decline more. Home
and foreign influences were alike adverse. The
average Of prices declined 81 30 70 Sol Is, bub
it is still n cents above the lowest price for the
year. Earnings thus far reported for February
aggregate s15,G40,6 22 against SiS,91I757 last
year, gain OF 692 per cent, but the reports
of rate cutting become more definite and i'm
portant, while the prospect Of peace through
tho Interstate or any other agreement is consider
ably less definite than il seemed weeks ago. Last
years earnings In February were not particularly
satisfactory, aud the increase this year is little
more than the gain in mileage operated. But the
volume Of business represented by bank clearings
continues large; at New-Yorlt last week / 2 per
cent larger than last year; At Boston, PhiladeL
pha and Chicago last week 81 per cent larger, and
90 thirty-sx other towns per cent larger Though
the speculative centres have the greatest gain,
there IS nevertheless general increase at smaller
cities and manufacturing towns as well.
The failure Of one large iron establishment, che
closing of some others, with statements TO hands
that the market does not permit continuance, and
the acceptance Of lower wages in some other cases,
indicate n state OF things which would attract
more attention II the news about copper were less
striking An earnest appeal by wocllen manu-
faeturers TO the Secretary Of the Treasury for q
reversal of former ruling, under which production
has been Frustrated in some branches by foreign
imports and n weaker tone in the wool market
with slight decline in prices show that another
industry is not entirely prosperous Loans Of the
New-Yorh banks are considerably the largest ever
recorded, but the reserve is still over $500, 900,
and the Treasury last week took In not 500, 900
more than it paid out. Il is also healthy sign
that although the outgo Of wheat is insignificant,
the value of domestic exports from this port ex-
ceeded that Of last year In February and last week
over 10 per cent, while the increase in imports
here last week was hardly per cent and in
February there was decrease of 1-2 per cent
Unless foreign troubles prove more serious than
Is now expected the effect In this country will not
probably be great though there is natural ap-
prehendon that American securities may be sent
here for realization.
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