New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-25
MONEY AND BUSINESS.

Washington has made the mischief tnls time.
Tie delay OF the Tariff bill has caused an in
crease of $50 900 900 in imports during the months
since the tenor of the bill became known which.
with duties, has taken about S4j,000,00 in
money from the markets. The Silver bill has
caused large speculation in bullion and products,
which has locked up for the time 81 100000 in
silver held for further advance, and large
amounts in grain and other staples, and in sccu-
rites sent back TO Europe. After this heavy drain
Of money, but while il is yet in progress, comes
the annual demand for money 10 move the crops,
and this interior demand is enlarged by the eX-
parsion In general business throughout the coun-
try which is represented by an increase in bank
ccorings outside Ncw-York Of 20.G per cent over
last year for the three weeks Of August. Hence
it is not al all strange that the monetary pressure
here has been severe. Part of one days loans
were made at lss l-2 per cent yearly, and most
of the loans That day ut about % per cent
There is little room for mistake as 20 the reality
or extent of the drain by which the market has
Sl5, 200, 900 has gone out of the Treasury and
the banks, the banks alone having lost Sls, co.
000 while the Treasury has gained g., 900, 900.
The exports of gold during these weeks have
been less than $4,000, 900, and the movement
OF money % the interior has, therefore, exceeded
Sl3,00O,000 Since last year the increase in all
kinds OF circulation has been So 900 000 or less
than per cent, and while the surplus was not
fully employed year ago, reports OF tlghtncSs
in the money markets OF interior cities increase
so rapidly as 10 indicate that the expansion in
all kinds Of business, speculation included, has
outrun the enlargement of circulation For the
present the Silver bill has caused some contraction
Of actually available currency here, as was ex-
pectcd if bullion should be largely held 10 cause
| an advance in prices Money has been sent to
the mining regions for silver which lies here in
stead Of going 10 Europe or into the Treasury
After rising NJ 81 81 per ounce, bullion has re-
acted TO 81 Is IA, and the offerings for sale are
larger.
II cannot be said that Secretary Window has
not done all that could he Judged reasonable TO
remove the pressure. The offer TO take 500
100000 of the IL per cents giving holders
practically all they could get by keeping the bonds
another year, at once met by offers Of over
81, 900, 900 on Friday, payments for which do not
affect the bank statement. The decline of S4,-
100000 in loans 81 0, 900 900 in deposits and 81
5000 in the reserves represent state of things
existing somewhat earlier than the close of bust
ness, and large offerings Of bonds expected
some time this week But foreign trade is not
in shape TO warrant expectations Of gold Imports
For three weeks past merchandise imports at New
York have been per cent below last years, but
exports have been 90 per cent below, figures which
indicate imports exceeding exports for the month
by 81 7, 5000 900 more. Nor is the present out
look Of the transporting interests such TO
rant expectations Of large purchases of securities
on foreign account.
The threat of a strike on all the Vanderbilt
lines has been hanging over the market about u
week. and the outcome is still uncertain. Men