New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-18
MONEY AND BUSINESS

The bank reserves have fallen more than
$4,000 600 for n single week, and though II IS
now only the middle Of August and loans were
contracted last week nearly Si,0O0,00O, the re-
serves are below the p per cent LIMIT. The in
slant speculation has absorbed the money in
sight, there is always n passionate demand that
the Treasury should put ont more in order 10 give
relief The cutlery In this case is for purchases
of = per cent bonds at higher prices than have
been paid but the acting Secretary Of the Treas
ury, after full consultation with the President
on saturday. announced that the policy Of the
Department would not be- changed for the present.
Presumably il is believed that when there is real
need bonds will be more freely offered Months
ago most unrcasonine and harmful speculations
started up with the prospect of silver imitation.
All sorts Of spectators loaded up themselves, but
there was delay When the Silver bill passed
they loaded mp further, but immediately exports
Of 81 1000. 900 gold CHECKED the rise in prices
Now purchases Of silver have begun, and the
price Of bullion has advanced II cents per ounce
since the bill passed, and stocks began TO look
strong last week, but meanwhile the regular an
nual demand for money To move the crops has
begun. Just as everybody should have expected,
the supp, does not suffice for all business pur-
poses ana for unlimited speculation besides, and
so the Treasury is cursed for its marrow and
wicked policy.
The railroad strike seemed to have passed with
remarkably little disturbance up 10 Saturday, but
the action Of the switchmcn makes il more serious
and possibly more lasting and extensive. In
such state of facts, and with the trunk lines
still unable 10 settle eastbound rates, to decide
what 10 do about the reductions ordered by the
Interstate Commission, the large earnings OF the
past seem not sure guide. In July 80 roads
earned o per cent more than last year, > -
per cent more mileage, and for the first week Of
August The earnings on 20 roads show an increase
Of rs per cent Stocks grew stronger during thc
week, and bad advanced more than 81 per share
before the unfavorabe news of Saturday came
But with monetary uncertainty and short crops
the future OF earnings and of stocks appears less
bright
The official report OF injury TO crops has been
supplemented by n swarm Of private, local and
gnnpcrs reports, and by accounts obviously IN
the interest Of spectators, but the measure of
truth In them secures popular acceptance even
for eXaggeratl0n. Wheat has advanced cents
during the week. and l3 cents since the Silver
bill passed. the exports are falling Off, but re-
ccipts az Western points continue fairly large,
though some holding back Of grain is to he ex-
pected with prices mounting and reports OF scarcity
widely circulated. II is noteworthy that, al
though the injury TO corn shown by the Govern
ment reports greater than to other grain, and
to oats nest, the price of corn has declined an
eighth during the last week, for it had previously
risen a cents since the Silver bill passed. and the
price OF oats declined over cent for IL had pre-
viously risen / IL cents. Pork Is lower by -
cents per barrel, owing TO the enormous move
meLt OF hogs TO market OH account of prospective
lack Of corn
Other speculative markets have been strong.
Cotton is e-sXteenths lower since the Govern
ment report appeared, but still sells ut over