New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-20
MONEY AND BUSINESS

| MONEY AND BUSINESS
Liquidation in London and rapid exhaustion Of
| bank reserves here have made the last week O
| discouragng one to spectators in stocks. But
in products, speculative prices were moved up with
success, and the volume Of legitimate trade all
| over the country continues larger than at any
| former time, without unusual excitement or dis
turbance Of any kind. Though money has been
somewhat tight at Philadelphia and Chicago, not
| &ithstanding enormous disbursements by the
| Treasury and shipments from this city, COM
| mercial transactions nowhere appear to be re-
stricted by pressure or apprehension. But the
Ncw-YOrk banks again find deficit, instead of
their recent large surplus, and demands from the
| interior have not ceased though the rate Of en-
| change on Ncw-York in Western and Southern
| cities has become less unfavorable.
The banks lost over $4,3OO,O0O of their re-
| serves last week, though the Treasury took in
| only 5000, 900 more than it paid out. Known
| shipments by banks to the interior were 49,
46s,OOO. Treasury and banks together now hold
| 1853 4,224, against $3.50, 764,33l August 3 q
less Of over S6 900, and yet supplies at other
chief centres are not large. The money has gone,
together with the supplies held at those centres,
to pay for ,63l ,024 bales of cotton moved from
plantations since September l. worth at least
| sos ,OGO, 900, and to pay for about $52.o00,000
| worth OF breadstuffs alone, moved from Northern
| farms besides unusual supplies of cattle, hogs
| and other products. The practical question In
| the money markets Is when the return from
| products shipped earliest to consumers will be-
| gin. The cotton movement has been free and
some returns begin already, though New-Orleans
| still draws more for in the far Southwest.
| The brpadstuffs movement has been blocked by
| high prices, so that exports from the Atlantic
| Coast have been only 100000 bushels since
| August /. out of $500 900 bushels of wheat re-
ceived at Western ports. and exports of corn and
| oats have been likewise reduced. Movement to
the East has been retarded seabOard receipts be-
| ing 5000, 900 bushels less In five weeks than
| last year.
| The fear that money would he absorbed by the
| Treasury in payment Of duties on extraordinary
imports has so far proved groundless. The I'M
ports are still heavy, in three weeks at New-fork
S39812 s27 against $27 ,450,543 last year, though
the increase was not large last week But the
weekly returns may be rendered unreliable by
delays in making up accounts. for 1t is explained
that the report Of 900 exports in the week
| ending October IA was due to the addition OF
| cargoes previously omitted. amounting to S4,l27,-
| 248. With this explanation the apparent in
crease of so per cent in October exports thus far
is not instructive. The full report for September
shows an increase in principal exports OF 10 per
cent. Indicating an aggregate OF nearly or quite
| ST. 900, 900 for that month, and while imports
here were Sl3,482, 900 greater than last year, and
some increase elsewhere must be expected the
| aggregate will hardly exceed that Of exports by
more than two three millions for the month
| In October, though imports show large increase
the balance is certain to be on the other side
Forced liquidation of operations in American
securities caused much weakness at London and
| selling here, but the lowest prices on Tuesday
averaged 20 cents per share higher than the
| lowest Of the previous week, and some recovery
followed But at the close the average was SO
| cents per share lower than week ago. which is
not strange in view of the failure to do anything
at the trunk line meeting. and the renewed fears
| of monetary pressure. The hope that Chairman
Walkers plan would tie adopted is not strengthened
BIZ failure of nearly all the presidents to attend
| the meeting and the attitude of the Union Pacific
| and its associates toward such q compact is as
| uncertain as ever. The roads going 10 have
less business, with short crops Of wheat, corn
| and oats, than they had a year ago, and while
| earnings for October thus far show gain OF 4
per cent less favorable reports are TO be expected
Net earnings Of 1875 roads for August show a
! decrease OF 1-2 per cent, with one working
day less this year than last.
Speculation has advanced the price Of wheat
3-s cents during the week. in spite OF the small
! ness of exports, while corn has risen cents and
oats about as much But cotton has declined l-e
with largely increased exports, 473,2sS bales
for the month thus fur, against 406,9Sl last year
Hogs and pork products are shade higher, and
oil also but coffee is shade lower. Wall Street
ran hardly expect free course for speculation In
stocks while so much money is tied up in carrying
urain for higher prices. Wool is also largely held
for an advance, and some advance has been real
i.ed manufacturers being encouraged by better
orders. The movement Of hogs In order to avoid
wintering has resulted in the packing at the Yves,
NJ 1905, 900 from March to October /, against
5,pao,oo last year.
The comparative steadiness In iron is broken BY
a sale of best No. Alabama at SIC 20, and yet II
Is stated that four furnaces soon to begir
work. The output weekly Is now l79,263 tons
according to The Iron Age" an increase OF 80
per cent over last year, and 70 per cent Of TIT
total reported capacity. Rails do not improve
and the association has decided not TO make pub
lie any longer the usual statistics of sales and de
liveries, but the demand for manufactured iron
and steel Ii a. large and urgent a. ever Thu
cotton manufacture does well, and spinner hav,
taken $4,000 bales this crop year against leo.