Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1889-04-17
stlB Q.ttcllternrrr.
LANCASTER, Pa, APRIL II, 1859.


<Es 1ue frOUV vi MONEY!
We note that Lancaster city five per
eents, reslccmable in 1895, sold at auction
~ Philadelphia at fraction over l0s
unpposing that one per cent. of interest
~ accumulated upon them the pre-
lnium would bc over two per cent. and
+ 11viding this into the six years they
slmuet run lefore they can be redeemed,
1hey will not net the purchaser much
ever three and a quarter per cent.
New York city bonds, the other day,
& we're taken at slight premium, though
they only offered two and n half per
cent. These money rates show both the
cheapness of money and the confidence
a investors i'm the security Of the invest
lment Of money In the loans of the cities
of at least this section of the country.
It has become one Of the great difficulties
. uf capital to find an entirely safe invest
3 ment in this country, where there is so
I much unfair dealing,i in the great mass OF
corporation securities, that comparatively
few Of them can he classed as entirely
safe. The demand of trustees and guar
llians Is for security that will relieve
K them from responsibility. The bonds of
states and cities are the main reliance for
this use, now that the United States Is
withdrawing its bonds; and will become
all the more i'm demand for this purpose
~ the federal bonds disappear from the
financial horizon.
The rapidly lowering rates for money
show how swiftly this country is mp
preaching the condition of the older
nations of the world In the abundance
0f their capital. The value of capital Is
sinking more rapidly than that of labor;
4 which seems to show that capital is ac-
camulating more rapidly in our country
than men,in proportion TO the respective
demand for them at this time, notwith-
standing the vast immigration which il
steadily poured out upon our shores. But
there are signs Of a coming readjustment
Of labor values In the carly future.
The cheapness Of money does not
seem TO Ike having full effect in stimula-
ting enterprise. The demand for labor
Is slack which shows that the schemes
Of the money maker are resting. The
statistical trade journals tell us that
I there are a great number Of schemes In
railroad making, and other lines, not
withstanding the apparent quietude. II
this he true, and we believe 1t Is, we may
look for an early revival of activity in
4 business. 1t Is certain that there will
either be this or general collapse, he
cause the present halting condition Is
+ not permanent one. Active business
means better rates for money and no
lowering of wages longer inactivity
means lower wages and protitlcss
capital.
1t is significant that Europe is in n
state Of great Industrial activity, while
we are ON our backs it is currently said
that the general conditions, which bring
prosperity To the old world, will surely
also watt il to the new And so they
will, If they are general conditions that
{. can reach us. The question is whether
Europe is not enjoying different eondi-
tions from those that may affect us.
Europe has the world for her market,
because she manufactures cheaper than
we do. We have but the United States
for our market. That we have all tn
! ourselves and il is "A great and glorious
market. There is none greater Ia
the world but the world is greater.
five do not make more thanour market
will take, our industries will he driven at
full speed. But if our manufacturing
facilities have outstripped our consum-
Ing capacity, they will stumble and
halt. SO they are doing now and We
certainly have been having an excess of
manufacture for our demand. This is
! very conspicuous in the steel rail mills,
Z Of which but three or four "an take or
ders at the current low price. The Chi
cago, Pittsburg, Stcelton and Scranton
plants, We believe, are the only ones
4 that are in the market and from
the energetic way in which Andrew
Carnegie seeks TO improve the freight
conditions Of Pittsburg, we may as.
sumo that he fears that his Pittsburg
49, M1c&lll iiOi Dt tlle laSt W staN, Ill tiit
struggle Sthe survival of the iittest
The question has become So delicate as tC
he one entirely dependent upon railroad
rates; in which Chicago has the advan
tage at present. SO, in the struggle of tn,
iron furnaces, the saiae controlling in
fuence Of freight rates will settle theii
condition; and here, just now the south
has the advantage.
There Is thick curtain hanging be
fore the immediate future of business IN
this country which will not enable us tc
see certainly its next condition but
We incline to the belief that it will rol
up before an active market. The cheap
ness OF money has this natural effect
and can only be defeated by unnatura
lack OF confidence in the greatness and
Il growth that has so long been our boast
an and that has made us marvel among
the nations.
Say! King Qnay.
Senator Quay has turned up AT
R<nyar aud RaptsSapt AT iy.s L ,nf,,o,,