New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-16
MONEY AND BUSINESS.

The passage of the Silver bill was the good news
for which all W,ll Street has been waiting
Tie shrcwd men sell on good news. Accordingly
when the House passed the bill and the lambs
rushed IN To buy, unloading by the shrewdcst
operators gave tie market serious setback,
and the week was one OF gloom and dsappoint-
mcnt-to those who had not sold. Toward the
close II the wccl, the Street had private adj
vices that the east-hound freight wars Were gonS
TO be- settled at once. and that the Silver bill
would pass Monday or Tuesday in shape salts
factory TO tie President II IS very kind of men
who have such valuable information 10 share it
with tie outside world. About the Silver bill
public information is not precisely of the same
tenor But some at least Of those who are most
actively pressing this measure are doing SO with
no Thought OF public welfare but to help sundry
spcculations. and what they know or hopc Is
more likely to get ont through dispatches 10 the
Wall Street operators than in any other way.
A. 10 the actual effect OF the measure even
before its exact form is known. official returns
give some Information. During the last SIN
weeks imports of silver at Ncw-Yorl have been
- .0s3.433 and exports from Ncw-lork only
Sil O.467, that the net imports have been
81 ga, 1866. But during the same weeks last
year the exports from Ncw-York were S2,5il, 3l6
and the imports Sl7P.o95. SO that net exports
were S2,j6l,39l. This seems particularly sug-
gcstyc line Of facts for it is many years since
there have been net imports of silver. and in
every month during the last two years there have
been net exports amounting to $40 2s9. s45 in
twelve months ending with April Much care
is taken 10 explain that the exports Of 81 100000
gold last week only an accidental coincidence,
though fitting other facts if it had been a
natural consequence. The gold bought for
Ga inf 1T pln lass lint t.it,
it was not bought somewhere else than in this
country is not stated One practical question
remains How much will silver rise. if foreign
| countries send their silver here TO bc exchanged
for gold whenever the Treasury is ready To pur-
| chase? The Window bill avoided that obstacle.
| but the Senate bill does not.
The prospect of tain legislation has grown
much brighter, and has direct influence upon
many branches of industry and business. Tn
| doubtcdly it. helps To sustain the price Of wool
and woocn goods, notwithstanding heavy I'M
| ports designed 10 anticipate the change of duties.
and the fact that merchandise imports for two
weeks at Ncw-Yor.; have been POS per cent larger
than last year, while exports from Ncw-lork have
| been 1879 per cent smaller, indicates that the
| delay operates 10 increase outgocs of gold. The
prospect of a large increase III the domestic de
mand for iron. in the manufacture of tin plates,
wire, steel ingots and cotton ties. has sustained
| the production that the capacity of furnaces in
| blast June was lSO.1JJ tons against ls0,O0O
| May |, and l37, > a year ago. The increase of
| $4,000 tons in weekly production during the past
| year would naturally have led 10 serious de-
| preston had there been no such reason to an
! ticipate an increase in consumption In general
The influence of the pending bill upon Industrial
prosperity is strongly favorable, and that, of
course implies increase in the domestic trade
| which is 10 foreign imports as 30 to |.
| If legislative uncertainties were out of the way
| i'm such form 10 occasion no setback, the bust
ness outlook would be decidedly favorable. The
war of rates does not cease hut the railroads are
earning heavily; in the first week of June on
| hity-nnc roads IL per cent more than last year
and in May $50 roads 1870 per cent more
| than last year, the increase in mileage these
roads having been only 81 per cent. IL may be
noted. as evidence of the general expansion OF
business that the gross earnings on ~ roads for
| the first five months of the year exceeded last
| years by 1916 per cent. The payments through
| clearing houses outside Ncw-Yorl have also been
for half OF June about - per cent over last
| years at Boston, Philadelphia and Chicago. and
about Is - per cent all other cities, which is
wonderful increase, and it has already been noted
| that the eNchanceS TO five months of the Veur