New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-16
by declining to give place to insensate Jealousy OF
the imperial me tropolis Of the New World.
MONEY AND BUSINESS.

the wonderful growth Of the country enable 1t TO
override great waves of difficulty. yet all know
that even in this country temporary reverses DO
come II is usually when the money needed for
productive industry and the distribution OF prod
nets gets absorbed by speculative undertakings Of
some kind, and the question men are now asking
is whether such undertakings can hold all the
money they now employ, and the work OF pro-
duction and distribution can still obtain what u
requires In three weeks stocks have risen an
average of So per share. the last week. with con-
siderable hesitation, only 30 cents per share but
in only two weeks there have been s0ld mere
a. OOO, 600 shares of stocks and Sl4,OOO'OO0 worm
of bonds and the higher prices PAID must nave
absorbed substantially the whole OF the 81 ',Zoo,-
700 dsbursed by the Treasury in excess OF lts re-
ccipts For the Treasury held. August pa s244,-
GAO 500 net and Sc ptenber Ia it held only s227,-
34lsg4 1t may be noticed that the treasury ala
not absorb SO, 900 900 last week. some say, but
paid out 100000 more than it took in Bonds
offered 70 the Treasury were in amount about
ST. 600 900 during the first of these three weeks
about 100000 during the next week. and only
$3.50, 900 during the week just closed. In WORD,
Wall Street has taken up the money disbursed,
and bonds TO provide more are not at present
forthcoming.
expectrd il there is much demand for money
here. The August report of exports of bread
stufs. provisions cattle. cotton, and oil shows
a gain of over s., 600, 900, or 23.s per cent, but
there was also an increase of over 100000 IN
imports at New-York alone, which would lndl-
cate an excess in imports exports Of at
least s12, 900, 600 for the month. With the
merchandise traffic in that condition, imports oil
srecie are TO be expected only in answer to that
sort of pressure which would mean collapse IN
prices and in fact, foreign exchanges grow
stronger and are close to the gold exporting
point But for sales of bills against cotton ana
other products to be shipped hereafter, balances
due abroad would probably have called for gold
in settlement before this, for operations III Sc
curities have tended rather against this country
for the past month. But there are large amounts
of foreign capital still engaged or expected for
industrial reorganizatons in this country, winch
are not to be overlooked. Except in cotton, the
absence of unreasonable speculation in domestic
STAPLES favors exports, and the shipments from
| Ncw-Yorlk in two weeks of September have been
40 per cent larger than last year, while imports
perhaps temporarily diminished by the London
strike. show an increase of but per cent.
II is not strange that foreign investors hesitate
about American securities, in view of the cut
attitude of the 500" and other north
western lines But the volume of traffic con-
tinucs TO exceed last years, for the first week
| If September on fifty roads by 90 per cent,
and on 14O roads reported for August by The
| Financial Chronicle 98 per cent, the increase
! in mileage on these roads being 80 per cent
! These things indicate that rate wars, up to tins
| time ar least have not been very destructive
| but the reductions announced can hardly
be found unmpOrtant in results. Angry men
! insist that the Interstate Commission ought TO
put forth its executive power and stop them, but
the Commission was not called into being by
Western people for the purpose of preventing
cheaper transportation, and has not yet shown
much actual power.
Iron production September l is reported as
l44, O6S tons weekly, against l45,s99 August l,
| more moderate decrease than many expected.
Prices for common iron are still near the bottom.
| and an attempt to sell No. Alabama at SD
| in order to avoid warehousing was not success
full, but well-known and the best grades are
! stronger 1t is thought by some that the con-
| sent of the Thomas Iron Company to sell its
orrat works twelve furnaces producing 100000
tons yearly TO foreign buyers, hardly indicates
great confidence in the future. The coal trade
is in bad shape, efforts to force purchases by
threats having conspicuously failed. In much
the same position TO be spectators for higher
prices in wool, since manufactures find no market
to Justify prices now asked An important decision
by an appraiser, respecting invoices claimed to
be carpet wool may lead to smaller imports OF
wool which, for seven months of this year, have
been SO, 100000 pounds against 62,Ooo,OOO
pounds last year.
The annual report of the cotton crop by " The
Financial Chronicle makes that OF ooe IN weight
| little the largest ever grown-3,43 ',OOOOOO
pounds, against 3,406, 900 pounds grown IN
1887 Deducting exports, officially reported as
2.355, 900 pounds last year and 2,25S,OOO'oOo
the wear before, there would remain ,OS206O, 600
pounds. against 1,147, 100000 pounds. but stocks
at ports were reduced 10000, 600 pounds and mill
stocks "a. 600, 900 pounds which would indicate
n small increase in consumption. The tlnanclai
Chron clc7 reports actual American consumption
as 2.315.6O3 bales, against 2,222,e13 for the
prcyious YEAR and its estimate of the coming crop
is decidedly favorable. The copper syndicate
seems to have been driven to the wall between
increased production and unloading OF foreign
copper in this market, said to be by the hOths-
childs and tin and lead are also little lower
The volume Of business throughout the country
continues large, for the first week OF september
exceeding last years by per cent outside New
York, and last week about per cent, but trade
last fall was so great that any increase IN clear-
inQs or in railroad earnings is noteworthy Inc
heavy traffic in progress is at once the chiel
source of encouragement ard the chief cause OF
anxiety in Wall Street since the money II Will
require may have to be furnished by speculatVe
iouidation With that part of the sky cloud
less, the future would justify considerably more
confidence
The spectaclc of Cardinal Manning acting a.
! ., I.or bo+v-aon the I ondon strikers and thcl