New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-23
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Speculative stagnation brings mourning TO
| Wall Street, but large crops, large volume Of
business in progress, and confidence in the NONE
| tary future, keep the outlook bright elsewhere.
| The speculative stagnatiOn comes in the natural
way. The people who have got stocks are mainly
the professionals, who bought believing that the
crops and the business would cause higher prices,
and they cannot unload on each other. The
people who have not bought stocks sec that rail
road wars have not been prevented by the presi-
| dents agreement, but result inevitably from the
unreasonable construction Of competing lines.
While they wait, because wars increase ard be-
come more threatening, the market is left TO
the professional spectators. The case is just
the same in wheat and cotton. Those who have
bought cannot sell at their prices, and the pub
lie at their prices has no desire to buy. But the
country is all the better for languishing spccua
tion because that interrupts legitimate business
less than if it were moc active. With scanty
trading stocks declined only Sc cents per share
last week. though the decline might have been
larger bad the practical disappearance Of the
hank surplus been known
The banks now hold less money than they did
August -, before the large bond purchases, and
$40. 900. coo less than they did at the maximum
$40, 500, 900 since August "a, and the New
York banks have gained nothing In the two
months SOB 600, 600 has been taken from the
Treasury and the New. York banks, and it might
he reckoned that the outgo had nearly ceased
but for the fact that larger crops than usual
may call for larger supplies Of currency, while the
movement TO consumers in Europe has been
smaller than it was last year. that is much
smaller than usual. But it is also true that the
West and South hold larger supplies of avail
able money for their own needs than ever be-
fore, so that the demand upon this city and the
Treasury may be diminished. In two weeks OF
Septembcr exports iof wheat ard Hour were
equal 10 only 100000 bushels wheat from
Atlantic ports, against 100000 last year. The
exports of cotton for three weeks have been Dut
1900 bales larger than last year.
In spite of this, the aggregate value OF exports
from New-Yorl for three weeks has been 81 per
cent higher than last year, while the imports.
whether because of temporary interruption at
ondon or not have for three weeks
been only 3 IL Per cent larger
than last year At this rate exports would largely
exceed imports for September, but the sangulne
people who talk of gold imports forget that eN-
change has been selling largely for three months
or more against crops which have yet to 90 for
ward and but for such sales gold would have go1e
abroad It will take large export balances this
month and next to square the account unless new
investments of foreign capital in this country are
made.
That the volume of business is still large
though in some quarters showing a reaction from
the phenomenal activity of August, is everywhere
apparent Railroad earnings on eghty-Gve roads
for the first and forty-scven for the second week
1l,pro a nor
same weeks of last year Bank clearings at
Boston, Philadelphia and Chicago exceed last
vear's by s3 per cent for last week and A. per
cent for three weeks of September, and, as specua
ton often influences clearings at these cities, 1t
is encouraging that at all other cities outside New
York the clearngs exceed last years lO.6 per cent
for last week and 73 per cent for three weeks OF
Scptember. Nor is the difference due TO higher
prices for products. The average for all products
was per cent higher last year in August than
this year, and 3 per cent higher in SEPTEMBER, up
20 date That is, the products on when were
ased cearines amounting to sl,ll5,OOO,OOO OUT
side Ney-Yorl in September thus FAR would nave
cost s1I7:.OOO. 600 last year, but the cearings
were then only 81 ,054, 900, 900, indicating gam
Of IL per cent in quantities transferred.
The wheat market made shade stronger
nv reuorts that the Weld of winter wheat was of
inferior quality. But the official estimates Of the
cron with or without reason, obtain less con-
Gdence this year than usual, not a few believing
that the actual yield of wheat has been the largest
ever known, materially exceeding Government
estimates Corn hos dropped IA cents for the
week on more favorable accounts, and oats are
slightly weaker, both being too cheap at the sea-
ports for the comfort of producers. Cotton yielded
only Is, and the combination Of English spin
ners TO stop mills in order to break the price is
considered a continuation of their folly in failing
to buy months ago before the price rose AT all
events the English spinners in eleven months
have taken $4,000, 900 pounds less than in the
previous year. while Continental spinners have
taken IL 0 900, 900 pounds more than the year be-
fore, and American consumption has been 2,000-
600 pounds more. That would suggest a cause of
Lancashire discomfort not originating in the mis-
behavior Of spectators.
During the past week. while purchasing SO 500
900 bonds, the Treasury has managed 10 pay out
$4,000, 900 more cash than it has taken in, and
presumably most OF the settlement for bonds has
yet TO be made. 1t is an important fact that the
offers Of bonds become considerable again, when
the rates OF interest rise, though there is now no
large supply known to be held for speculation
But the narrowness OF the bank reserves renders
the market liable TO inconvenient fluctuations. II