New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-30
MONEY AND BUSINESS.


$4,000. 200 enabled the Treasury to pay out
81 600, 900 more than it took in, and this saved
the banks from a report which would otherwise
have shown a reserve below legal requirements.
As il is they report less than a million surplus,
against loans of S4O9,O0O,000 and deposits OF
SAT- 900, 900. The movement of money TO the In
terror has not yet ceased, but was over 81, 100000
last week and the advance of the Bank OF Eng
land rates from TO per cent, the loss OF more
than 100000 specie by the three great
European banks, and the prospect OF heavy out
goes TO South America, caused rates for money
TO rise here. The prevailing rate for loans on
collateral has been 1-2 per cent, against IL
the previous week and l-2 the week before,
and per cent for the week ending August "a,
before the large bond purchases were effected
The ratps for commercial loans have been but
little changed. and are now substantially what
they were before the $50, 600 of bonds were
bought.
At that time the merchandise balance was I'M
favorable imports exceeding exports only $1,000
900 in August but s4S,000,000 in the three
preceding months Now the exports are exceed
ing imports, and for September thus far the
excess has probably been large. AT New-iork
exports for four weeks have been S2936l 1921,
against s?3.46s,174 last year, gain of % per
in four weeks, against s34,49s497 last year, a
Gain of only per cent The wheat movement is
small once more: from Atlantic ports for Septem-
her as far as reported only equal 10 39S5,l09
bushels wheat -four included, against 7O55,77S
last year. but exports of corn were 3l13,5S3
bushels agaiust . Os4 629. Then the Liverpool
corner in cotton has helped to hasten exports,
which have been for the month thus far 2lO,ll3
bales. against l55420 last year, and a difference
of So 900 bales means over 81, 100000, besides
the difference resulting from higher price than
a year ago.
To-day will probably decide the fate OF the
Liverpool Spectator who has about all the de-
liverable cotton there, for although many mills
have closed and many thousand operatives stopped
work for half Of October in order to prevent his
unloolng at a profit if he has but little cotton
actually delivered on September contracts, and
gets differences in cash, he can smile at some
sacrifice on cotton held. With conflicting reports
the result seems uncertain here the more as
reported account of Liverpool stock makes the
ouantity on hand nearly 10000 bales smaller than
had been estimated. The price here has naturally
weakened though only an eighth, but receipts at
norris for the month have been 472,109 bales,
AGAINST 500, 93l last year. and the movement from
plantations 500.1l7 bales, against $4,000 last
year.
The wheat speculation put the price up cents
during the week. but it closed only cents higher
for spot and IL cents for October than week
ago The stories of enormous deficiency IN Eu-
rome do not consist with actual exports. which
have been, from all United States ports in July
from all principal ports in August. and from the
chief Atlantic ports in three weeks OF September,
only % $50 OH bushels. -four included. against
Tl,n mupt pOr-
Times large but good crop prospects explain
decline of IS in the price, while oats have risen
a., fraction Pork products are stronger, but oil
cent lower with decline OF tenth Of cent in re-
fined Consumers of coffee do not buy enough for
sueculators at present prices, and there was II de-
cline OF about quarter. So the slacllness OF pur
chases seems TO account for the decline OF an eighth
in raw sugar, n quarter in granulated and half
cent in crushed during the week, which consider.
ably lessons the profits OF the trust In copper, for
| September there was decline OF 3.s of cent.
and in tin OF $40. Thus all the speculative COM
binations meet difficulty. but the upward ten.
deney of other prices makes the average for all
commodities a shade higher than a week ago. and
/ l.2 per cent higher than September l.
Evidence accumulates as TO the increase IN
volume OF business. Railroad earnings for eighty
| five roads, two weeks. and forty-seven the third
week OF September, aggregate SlG,6ii,jl0 this
| year, against sl5,li2.3lG last year, gam OF
lOI4 per cent in spite Of the cutting Of rates on
| some roads Obviously the losses are not yet
commensurate with antciratiOns. and the splendid
| showing in the Pennsylvania return for August
| proves its ability TO reduce west-bOund rates to
Minneapolis as proposed, if the meeting of railroad
presidents, October does not restore peace. Clear
[ ings give testimony of increasing business also.