New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-02
the voters of this State are too intelligent to
he deceived by them.
HONEY And BUSINESS.

week. "in all directions the prospects are en-
coura giug provided speculation can be compelled
| m omit absorbing the money needed IN legitimate
trade, The people who held bonds worth
! con 900 600. hoping to force Government to pay
| higher prices sold their bonds last week without
the slightest change in the policy OF the treasury
| Mr. WINDOWS triumph in that matter is COM
pletc. and leads Wall Steeet to accept without a
| Grain of salt the promise telegrsphed from Wash
| incton Nothing like panic is going to occur
| II the Administration can help it, With large
crops and large demand for them, industries
active and labor we'll employed, the task OF pre-
venting panic should not be hard one-pro-
vided. as before, that the speculative steed does
| mot ret the bit in his teeth run wild and smash
! things.
Though over $40, 900 was the sum due on
| bonds accepted last week. Treasury disbursements
| exceeded receipts only $1,000, 600, and OF this
| 100000 came from deposits in banks, perhaps
! because bonds held security for deposits had
been sold But the Treasury was debtor at the
Clearing House on Saturday s5,1 60, 749, and even
| that payment is probably not the last TO be made
.on the bonds already purchased, so that some
! thing Hike 81 1000, 900 has been put into the
market by last weeks operations. IL will be
interesting TO see what part OF the bonds pur-
chased was previously held security for deposits
|
! TO the supply of currency. But the addition
| actually made was enough TO change the temper
of the Street entirely, TO lower rates on call TO
| 2 I-2 per cent, and to send stocks booming par
ticuarly on Saturday, when the largest payment
was received. The average price Of the sixty
most active stocks advanced 81 per share for the
week, closing at s64 80, against 500 81 on the
| gath and S64 20 August IL. The average price
has gone slightly below $50 per share in only one
| week this year, and has never gone higher than
| s64 20, about the middle of June. year ago
the same stocks sold at $50 72 and great boom
was promised, which did not materialze. The
| railroads and the business of the country are in
| much better condition than year ago in every
respect one.
The exception Is that imports are remarkably
| large. In three months ending with July the
cess of imports was s4s, 900, 0Oo against s45, O0O
| 900 last year, and in four weeks Of August the
increase in imports at New.York had been 24.4
| per cent which would indicate a total for the
month of s72, 900 if gains elsewhere have
been at the same ratio. But that amount has
never been equaled except in one month. The
| gain in exports from York 265 per cent
would indicate on the same suppostion total
| for the month Of $4,000, 900. An excess Of
81 100000 in imports for the month
|
position of foreign exchange, while the
advance from TO per cent in Bank Of
England rates shows a purpose to prevent ship.
ments of specie to this country in exchange for
securities. September is rarely a month Of large
balances either way, so that for the present the
money market con hardly count upon reinforce
| ments from Europe. It's reliance is upon the
| Treasury and if the syndicate which was supposed
| TO hold 1000, 900 worth Of bonds on specula-
ton has now sold them, the question recurs
whether further supplies will be obtained except
from banks. Little doubt is felt in Wall Street
| or at Washington, and events may show that
there was no reason for doubt.
Meanwhile the swift rise of dollar per share
in stocks has already absorbed in speculation
about al the money yet dsbursed. Commercial
loans have changed in rate as follows:
| August "a. August 81.
Endorsed bills 60 TO 90 days 81 Pc. 20 5'a po
Acceptances months 5a to pc 6ia to o PC
Good single names, to mos 6la to IL pc. to Z Pc.
There is some improvement here, and the de-
| mand for commercial paper is rather better, but
the situation has not as yet essentially changed and
the question is still whether the money NEEDED
for heavy fall business can be obtained with
rising prices and increased issues of securities alb
| sorbng ever larger amounts. In number OF fall-
ures August exceeded last year by ia, or 10 per
| cent but IN magnitude Oh HdDlulIeS MUM hiO4
largely On the other hand, the volume Of busi-
ness exceeds last years by per cent outside New
York last week, and 0 per cent the week before
Railroad earnings tell the same story Of increased
activity; thus far reported for August they ex-
coed last years by 9.S4 per cent
A slight advance Of half cent in the price oil
wheat has not lessened exports which are now
exceeding LOST years handsomely; for three weeks
| Of August 81 "a, $50 bushels against 2,461 ,lSl
last year. while in -four the increase is 10 pei
cent. and shipments Of corn have been 4,l4o,4oC
bushels. against zoos o92 last year. The price
of corn has declined three-q quarters Of cent and
Of oats three-eighths, with steadily improving
prospects as 10 yield. The outlook for cotton is
n little less favorable, and the price has been
steady. Pork products and hogs were higher, and
coffee and oil also advanced but sugar declined
a quarter for raw and an eighth for graduated
The iron trade continues increasingly active, with
growing confidence in higher prices and an actual
advance of 25 cents by the Tennessee Company
Wool is in rather better demand, though many
mills are yet waiting and buying nothing. The
rcnort that a trust of tannericS in New-England
and New-Yorlz had been formed TO control the
leather market for the whole country was not
treated very seriously in Pennsylvania, where hall
the hides in the country now tanned, or at the
South, where the production is rapidly increasing
Tho coal companies have agreed 10 restrict theiI
outnut for September to 100000 tons, but still
keen back statistics necessary TO show whether
the production thus far is absorbed by consump
ton.
Sentember's coming in yesterday was as much