New-York tribune., 1890-01-27
MONEY AND BUSINESS.

MONEY AND BUSINESS.
An increase Of over Ss,ooO,OOO in reserves
hold bv the New-York banks and over $1,000
900 in the surplus reserve has put fears of tight
money out of the way for the present. The rise
in the stock market Of nearly 81 per share ao
the same time with the contraction OF S3'5oV'ooo
in loans indicates some purchasing by investors
CONSEQUENT upon the settlement Of commercial ac-
counts for the last year, as well as a chahSe III
tbe conrse OF manipulation. That strong parties
are now interested in working for higher prices,
and have support in some buying by the puplic' Is
evident enough and meanwhile, except in cotton
and OIL the other speculative markets have
tended toward lower prices
The increase in reserves was in part due TO
the large bond purchases Of the previous week,
but it is now plain that some money is returning
from the interior The bank reserve has IN
creased S16,s56,0OO since January 4, and while
the amount paid for bonds including premium
was but S3,2S2,773 from Friday TO Friday last
week and Sl3,171,OGl for three weeks, the
actual decrease in cash held by the Treasury haa
been $500, 600, nearly all during the last week
Gold and silver coinage during the three weeks
bos also been added to circulation, but there
remains n balance of several millions which the
New-YorlS banks have drawn from the country
is the common idea that money is certain TO
bc abundant and easy here for o considerable
time 70 come But the increase in bank reserves
has for many years not continued as late as the
second week in February, except in 1ssiwhen cir
cnmsfanccs were not such as 70 make their repeti
tion desirable and usually the decrease comes before
January ends. while the possibility of foreign
demand for specie is not entirely out Of thc way
\ narrowing movement Of products from TIN,
country Is likely 10 De felt before long in the
rate of FOREIGN cychanl~.
Last week cotton exports were still little III
excess Of the corresponding week last year, and
for the month thus far the excess has been 30
bales. But the exports since September cN-
coed those Of the previous year by $50 600 halcS,
and il is 10 bc expected that the outward move
ment will soon begin 10 fall behind that of l'St
wear Ordinarily February or March exports are
hut half those of November or December. and U
sHlallor p,P0ris nm Rs22l mr. n ~ Pfp"'l"1 D'-
ron win add conparatively lirtlc 70 export values
far me res, Of Inc wear. 1hc wheat movement
looks larrr m present only by comparison WIN
that OF last year, when exports were nearly
-'oppcd by speculation. For three weeks the in
crcnsr has been about 100000 bushels from
Atlantic ports. nour included. But export clear
anccs for the past week have been decidedly
SMALL and the price has dropped half q cent.
Corn goes ont about as largely as last year. but
hns also declined fve-cghths during the week.
while oat, have risen threc-quorters. TIE advance
Of In cotton is obviously due 10 spec
uaiive operations: but il tends to lessen exports.
Pork products have not changed in price mate
rally. and arc moving with freedom. The total
value Of exports from Ncw-York for three weeks
has been 81 per cent smaller than last year, and
In s.fr of i'm
ports hero for four weeks, The returns indicate
souc excess of exports for the month"; but n Is
likely 70 be less than the amount Of undcrvalua-
tions and interest due abroad.
Other markets have changed hut little. oil
rises "a cents, and sugar is steady. while the
minor metal, show no important change. Iron
warrants are % cents weaker. and the Philadel-
p,ia market is more irregular. with some con-
ccsons 10 secure sales except for the best GRADES
while the demand for bor iron is less satisfactory
and there is rather less activity than was cN-
pec,ed after the turn Of the year in other forms
of finished iron and steel Tie official reports
show that production last year. 100000 tons,
was not in excess Of consumption. as stocks did
not increase But The output January was NJ
the rate of 100000 tons more in a year, and
can hardly De m1intliuc1 without am increase
M consumption. which would be- the more re-
morkablc because last years exceeded That Of any
previous year by 100000 tons. II remains TO CON
slider whore the product of thirty-scycn furnaces
now building is 10 he consumed.
The woollcn industry shows a little improve
mcnt since cold weather came, but long con
tnucd cold is needed 10 save some clothing
manufacturers and dealers from loss. Woo.
manufacturers are buying cautiously and spar
iucly. and Territory woods are sold AZ some con
ccs,ion Sickness among hands has hlndcrcd
deliveries Of cotton goods, bat this las begun 10
abatc. and the industry IS in sound condition.
Fxccptionally low prices of hides. and tendency
toward overproduction Of leather give boot and
shoe makers better opportunity, and their
orders are said 70 bc hghly satisfactory in mo--
nitude Strikes Of glassworkers have terminated
during the last week. and prices are maintained.
The coal trade has been more active bit cnor-
NOUS stocks on hand render another suspension
probable.
No other department Of industry makes more
satisfactory returns than the transporting inter-
est which gets fair rates and a volume ol traihc
never surpassed. January returns, covering
,cventv-four roads for the first, and seventy
nine for the second, with sixteen for The third
week. show an increase oi l2.3 per cent over
last year in earnings. The news of the week
has favored those who hoped for settlement OF
controversies. and until navigation opens again
thc roads are likely 70 be busy and profitable.
The clcarings Of banks throughout tie country
also show larger payments than year aao, by
10 per cent at Boston, Philadelphia and Chicago
last week. and G.3 per cent at all other cities
outside Ncw-York, the gain at Ncw-York being
about per cent
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