New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-19
lfnNEH ANn RHSINESS.

More than half the surplus vanished from the
New-Yorl< banks in n single week, ana yet the
rate for call loans did not advance. Inc market
for commercial paper hardened, and the treasury
boucbt $4,000 bonds during the week, getting
= considerable proportion Of four per cents at the
usual price but the cash in the Treasury never
tbeless increased s4,300,000, which indicates
larger loss of reserves than the bank averages
disclosed The fact is that the supply OF money
for commercial uses is not too large, and the
danger Of stringency is increased by the disposition
of the banks to lend larger amounts than usual on
call and less than usual on commercial paper.
On the other hand. it is decidedly encouraging
symptom that the exports OF domestic products.
and especially OF provisions. are remarkably large
For July the shipments of the principal products
exceed those Of July last year by 81 per cent,
and this indicates probable aggregate Of nearly
$40 600 600 for exports, against $40 600 last
vear The outward movement is steadily incrcas-
ing moreover, and for two weeks OF August the
value of EFFORTS from New-Ycrk has been s12,-
e41.619. against s10.0e71s4 last year. Bnt to
counterbalance this there is an increase OF more
than 100000 each week in August in the
amount of imports at New-York, and the gain
for the month thus far-s4, 600 ,O00-is about as
LARGE as the gain in exports This remarkable in
crease in imports. in itself an evidence OF unusual
commercial activity has its threatening SIDE, Tor
the outgo of provisions and other domestic
nroducts. however large it may be, cannot bring
gold this way until the imports materially de-
crease.
The interior money markets are oil well sup.
piled. though the demand is at most points IN
creasing and the rates growing sitter. Under
the circumstances it is no longer wise to Ignore
the probability Of monetary pressure within the
lie hofraV
70 realize last week, though so carefully that the
average price not, on the whole. depressed
but closed a shade higher than for the previous
week The increase of loans is natural at this
season. in connection with commercial demands
but the speculation in breadstufs and cotton
probably absorbed a considerable part of the
available funds. Wheat rose half cent. corn
three.duarters and oats one cent. in spite of
very favorable indications regarding the yield
and cotton advanced sixteenth for spot and
three 81 xteenths for September options, although
the crop reports are exceedingly favorable Pork
products are lower. fact which tends to increase
the already marvellous outward movement of pro.
visions.
The Sugar Trust seems to have met with some
difficulty in its attempt TO control the market
for raw sugar, and yet has not reduced the nom
nal price of refined sugar during the past week.
though there is an impression that the distribution
of late has not been satisfactory. 1t Is not a
wholesome sign that buyers hold off, with the reiec
ton that an extra session of Congress is likely to
begin in October. and may take action on the
sugar question without much delay. The monthly
statement Of iron furnaces in blast August shows
an increase Of $500 tons in tho weekly output
since July l, principally in bitumnous or coke
iron. and the demand for Bessemer pig is dis
tinctly better. but there is still considerable
excess of supply demand Of most kinds of ordi
nary or inferior iron. while the price of No
foundry is sustained Bar. plate and structural iron
are stronger. and the mills are fully supplied
with orders for the present.
There is good deal OF talk Just now about the
large railroad earnings, and the gain Of per cent
in gross earnings of roads reporting for the first
week OF August undoubtedly means more than
many persons may suppose, because the railroads
are carrying less freight for themselves and their
dependent lines in aid Of constructiOn-a kind Of
traffic which swells nominal receipts rather than
net earnings. But the expectation that the
presidents agreement would help the railroads
materially does not yet seem to have been justi-
fled by the result, and if the companies had not
heavy traffic and plenty of work for all, their
quarrels would probably cut down their earnings
about as much as last year. What they will do
when the pinch comes again. and there is only
business enough for half the railroads in
operation. is not clearer than it was last year.
The clearings Of banks outside New-Yor have
shown an increase of about l-2 per cent in the
volume Of business for the past two weeks, Bos-
ton, Philadelphia and Chicago reporting rather
less than the average gain. From every part of
the country there comes information of gradually
increasing business, though the wild boom so
much enjoyed year or two ago is cOnspicuousy
lacking. Trade appears to be more healthy than
10 was, notwithstanding some important failures
and it is strong evidence of improvement that
these failures have produced scarcely any dis
turbance, even in the branches of business most
affected Yet the number of failures is large, eX-
ceeding last years record by about ID per cent,
and since January /, Bradsteets has reported
1909, against GAPS last year, an increase of
more than II per cent. With trade in such a
condition, the monetary pressure which there is
reason to anticipate may cause inconvenience in
other than speculative circles, but business in
most branches is considered unusually sound.