New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-27
MONEY IND BUSINESS.

MONEY AND BUSTNESS
The decline In silver, the gmaah in sugar, and
the evere break In Union Pacific and some other
railroad stocks tried the market lest week Sc
verely. Yet the close was but 81 cents per share
lower than October Is. 70 that the average price
declined little less than 1t had advanced during
the urevious week. These quotations give much
evidence Of strength and stubbornness, but It Is
still the question whether those who are stubborn
will prove wiser than those who fight and run
away" For, while the general business Of the
country IL remarkably large and prosperous the
shortage in crops Is o serious matter, and the
relations between Western trunk lines are not I'm
proved by the developments Of the week.
The alliance between the Union Pacific and tha
Chicago and Northwestern has been the secret Of
a great many abortive negotiations during the
last half-year, and II Mr. Gould really pronounced
it an insurmountable obstacle to "bull' cam
poign; he must be credited with some foresight.
The combination Of Southwestern roads. which he
has effected, prepared them for vigorous oppod-
ton, and now Eastern connections Of the Union
Pacific have given notice that all pro-rating NJ
rangements with that company will cease No
vember !. The apparent purpose Is to force the
alliance to hquidate, so to speak, but there may
be q prolonged struggle before two such pow
erful companies as the Union Pacific and North
western can be brought to forego the advantages
which their union gives them Meanwhile, pros
poets of satisfactory settlement between the roads
represented in the presidents association do not
seem to be bright though the agreement to ad-
vance rates November II between Chicago and
st. Paul was encouraging. The railroads as q
whole have been reporting large earnings, for
October thus far exceeding last years by 81
per cent, and it is to be remembered that last
years business was 9.5 per cent larger than that
Of October, 1883.
The break in silver naturally followed thu
announcement that the Treasury had bought
500, 900 ounces in October at Western minis,
mainly at San Francisco, and SO had exceeded
its legal requirements for the month by $4,000
ounces. The supply has thus exceeded all the
purchases since August 10, when the buying
began, and the stock on hand is about 100000
ounces In warrants, besides other quantities held
for speculation. So much has been said of
possible imports that it is worth while to observe
that in August the excess Of exports Of silver
was $149,910, and the excess Of imports In
September was only 1921 ,s1S. while In October
thus far exports at NewYorl1 have been $271 900,
against imports Of $263,000. Thus the supply
has. In fact, been undisturbed by foreign move
ments, and the domestic production appears to
exceed the amounts taken by the Treasury and
used in the arts. After rising above 81 90 per
ounce, the very week purchases began, the price
has declined, until sales were made on Saturday
at 81 %, some SPECTATORS abroad well as here
having been brought to hquidate.
Cheaper silver is not very intelligently named
as a cause Of weakness In wheat, for the price
in Atlantic markets has for months been 80 far
above Liverpool as to prevent profitable exports.
Pacific States ore shipping large quantities at
only IA cents more than year ago, while
scanty Atlantic exports in September averaged
II l-2 cents higher than last year. Fluctuations
during the last week have ended in no gain for
either side, but it Is growing clearer that foreign
supplies are far in excess Of last years, and
countries which usually buy from Atlantic ports
are this year obtaining what they need elsewhere.
Exports from Atlantic ports in three weeks of
October have been 45e, 900 bushels, against
l440, 900 last year. with q large decline In
-four, and nearly one-half in corn. Corn has
advanced q shade during the week, In spite of
rather more favorable crop report. and oats have
advanced half O cent. Coffee is shade stronger,
and pork products heavy. Cotton has declined
is, receipts from plantations having almost
eaualled the phenomenal movement Of last October
while exports have exceeded last years but
90 900 bales, and takings of Northern spinners
are 900 bales smaller. Oil has declined IA
cents and refined sugar sixteenth without
change In raw.
Imports do not yet fall of as much as was ex-
pected, and last week slightly exceeded those OF
the corresponding week last year, making the total
for three weeks $40 sl2,s27 against $27,459,542
last year Exports were also Slarger, for three
weeks 10000, 1903, against $2l ,2o5435 lust year
These New-York figures must be read in the light
Iinar nnrte n m
500 900 900 for the month, so that the increase
would apparently indicate an aggregate exceed
| ing $780, 600, 900 this year. The New-Yorle in
crease in imports would swell the amount for
| the month to nearly $sO,OO0,OOO, so that
| large excess Of exports is foreshadowed.
As to the movement Of securities, there Is much
uncertainty, owing to apprehension about some
operators abroad, which less favorable news con-
corning American trunk lines will not tend to
remove.
| Last week the Treasury took in $4,000
more than 1t paid out, exclusive OF silver notes, and
the New-York banks reported shipments to the
interior exceeding receipts by S2,03s,0O0, and yet
| their average disclosed loss Of only $963,600 in
reserves Apparently the bank averages include
| new silver notes, Of which $1,940,000 more are
| reported outstanding than a week ego. The vol
ume of business throughout the country continues
very large exceeding last years for October thus
| far by 1874 per cent. But much Of the difference
Is due to the fact that prices Of commodities since
the same day year ago have advanced s5 per
cent. Thus, the remaining increase in the volume
of business compares closely with the increase in
| railroad earnings, but the amount of money re-
| qured is materially swelled by the present range
| Of prices.
| ocLt 1-icif of nro,