New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-09
MONEY AND BUSINESS.

MONEY AND BUSINESS.
| Last wce, silver was talked and voted in
Congress- and cold was pocketed by speculative
! bulls Again the more money" hurrah broke
| ont. with a good deal better basis than BEFORE
| for the bill low pending would undoubtedly
| insure large increase in the supply OF acuHe
currency and il is believed, with safety, and wall
| Street takes it for granted that more currency
woul mean NOV, money TOR sIeculation. Mean
while no adverse influence comes from the state
Of legitimate commerce productive industry.
On the contrary, the industrial situation disuncuy
improves with favoring rains at the West, ana
more assurance Of the passage Of the tarlh Dill
| a. WASHINGTON Money has not been lacking
| hcrr the Treasury having secured Sl,ooo,O'"
bonds on Thursday, and advanced ITS prize ior
! 4 l-2 per cents to l05
The changes in the monetary prospect, If the
| bill which has passed the House should also pass
the Senate without essential change, are OF great
| inheritance There is, first, the issue OF S4'ooo'-
600 silver notes against bullion purchased, ana
those note, arc 70 he full legal tender ana re-
dcerna nc in coin, bat also in bullion AZ the mar
! I,et orice on he day Of redemption Next there
is 70 he unlimited silver coinage whenever silver
reaches par in gold Then there is 10 he trans
fcrred al once to the general fund OF the Treas
urv the S5s 400, ooo on deposit for redemption OF
| hank notes the TIoasury undertaking their re-
| dcmption at presentation. so that the avaldplc
cash .or Immediate use will be increased to that
extent II Is supposed that thee Provisions VIII
| add about SsJ 600, 600 10 the circulation wlthlh
tho first year. if appropriations and purchases OF
bonds sufficiently exceed revenue 10 permit Tie
bank balances 10 be expended. With the bullion
REDEMPTION clause retained. the bill would not
hermit divergence Of value between notes ana
| cold 50 that gold would bc likely 70 be driven
from, circulation; nor would capital be alarmed.
Al the same time the Tariff bill, which is likely
n poss. will stimulate Industries so that employ
mcnt Will hc found for large additional currency
The volume Of husincss is already greater than
II ever has hcrn. Clcariugs through hanEs III
| Nav outside Ncw-York we're S?.o37 .59?,O5o' an
amount never cquallcd In any previous month";
aad in nSc months over S0,l9oVoV'oop' an
amount l2 u per cent larger than IN the same
part Of last year. For the first week OF June
the increase was nearly : per cent AZ Boston
! Philadcphia and Chicago togethci and almost
| oo nor cont al all other cities outside Newly orK-
| and II has been one Of the most remarKapIe
features Of the recent expansion that II has becn
especially great az the numerous ana sca'ter'n
smaller cities, where speculation has least eject.
WIZ 80 great activity In business. the railroads
naturally continue to report increased earnings
The Financial Chronicle has reported forty
four roads for the last week OF May, eighty
seven for the third, and eighty for the hrst
and second weeks, showing al aggrcea'" oil ~
3gO.5gs this year against SlO,64-,!'O In 1857
a gain Of 1879 per cent.
Wall Streets mistake is in supposing that The
entire increase in circulation will notwithstand-
ing all this vast expansion in business and in
dus,rics. find lis way into speculative markets,
and he absorbed there. For the volume OF bust
moss as has appeared exceeds that OF last NH,l
Ia. At least ii per cent for MAY and l. per cent
for fine five months, for the aggregate OF all
railroad earnings thus far reported III le0O eN-
cecds by l2.2 per cent the earnings oi the same
roads last year. Yet the volume of currency
IN circulation outside the Treasury was Sl,i3l,-
,n2t51 June l. AGAINST Sl,39747o,7jl year
ooo an increase OF only "A per cent over last
YEAR IL may fairly DE ASSUMED that much, II mol
the whole Of the increase in circulation winch
Congress is about 10 vote Will be taken up III
meeting the demands OF expanding industries and
legitimate commerce. leaving not very mhch' ioi
, time at all events, To influence speculation.
IN. crop news. in spite of bullish reports, is
decidedly encouraging as to wheat and cotton
L. ,,>ca, growing regions the effect upon loca
,r,dc is instantly ,pcrceptiblc, new confidence
s,irulotina farmers 10 more liberal purchases
Rat srcculation has advanced wheat II cents
corn "a cents and oats Ia, Notwithstanding
rho fact that the stock Of wheat in sight increased
durinq MAY and the surplus Is certain TO DC many
million bushels greater than last year. Better
nrosncets helped to turn prices downward IN cot
ton though the decline was but IS, and oil has
fallen II cents, with lard and coffee each q
sbodc Sugar has been moved upward by the
Trust, possibly in concert with sales OF 100000
shares of Trust stock during the week at prices
draining from 10l to g., and then rising tC
80 4 AZ the close Wheat exports from Atlantic
norris for five weeks have been about 100000
bushels -four included, against 100000 las
year while cotton receipts and exports have beer
insignificant.
IL is a remarkable indication of industrial i'm
movement that the actual demand for iron, IN
creasinc more than anybody expected, has per
cep,iby strengthened all the principal markets
notwithstanding production wholly unprecc
denied There has been no change in quotations
but the alteration in the tone of the market ant
the disposition of buyers is distinct. One eN
planotion given is that the ordinary suspension
e Of work at many furnaces during some weeks il
midsummer will lessen production. But the con
, suminc demand is clearly beyond expectation
prccs of wool have also stifIcncd, on the average
of IoA ouotations about a of a cent since tin
. ncv tariff was reported, and there seems 10 b.
NOT loss but rather more demand from manu- fact
urers than before, though in the main that trad
has 10 wait until imports have been actual.
checked by new duties. Even the coal trad
appears less dcmoralized, and cotton goods sci
I freely at the recent advance in price, while tn
+ improvement in leather and boots and shoes In
not been arrested.
4 According 10 statistics furnished by the Stat
C Geological Department of New-Jcrscy the outoo