New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-16
MONEY and BUSINESS.


boros unor tho nassng OF the repeal DILL anu
I'm irduloe sucb extravagant fears in case OF
iis failure that new conditions were c'e"'eu
by the result in the Senate FRIDAY "'o'""e'
While the contest Is still continued 'he suO'e''
OF unconditional repeal Is no longer "'''e"'
probable so that business men VINO haNe 'ee"
basnr large hopes on that event are "S"'e ~
make calculations without IL. In CONSEQUENCE
the COMPARISONS which show the coh''
trade and industry down to ABOUT '"'
last week are of value only aS "e'
what the situation was. though II Is IAN -
that well-informed men anticipated
ago the result ir the Senate thus iai' - "
the stock market that the most l'No'''
have becn INDUCED and have had most weight
and tbe-a some reaction followed the aoJo"in-
mont Friday morning. The average pro" vi
sivtv most active railroad stocks ieil just 81
per share on Friday and Saturday, WIN inc 'e-
ceiyership of Union Pacific actually piou"'"S
much of the decline. The average Vi '"''
stocks fell nearly 81 on Friday ana % Genus pe'
share on Saturday. The Union racine pe'io' -"
onoa u,os not unexpected but such an event
would in ordinary times account io' a. nv
decline az has yet appeared since Thursday
night. ,,
b speculative markets made no substantial
cl1
weakness continues. Wheat had fallen "a
cents and on Friday and Saturday ie' rs
cents more. Western receipts continuing over
, ooc ono bushels Der day. while Atlantic exports
,v.rsced only about 100 900 bushels per day
cor, fell less than | cent and oats cent LOT
,ha vroek receipts and crop prospects pcihs
causes Pork has not changed for IL week
Lard has advanced 10 cents per 100 TO- "hi'e
boys are a shade weaker. oil IL small
fraction stronger and also coffee. Cotton HAS
advanced "A sixteenth since THURSDAY III SP'''
If q weeks receipts from plantations a'i"o'.
equal to last years. and an increase OF S''VV'
bales in the visible supply Of American "e'e
and abroad In short, Congressional acuo" W
inaction has had no clear influence upo" p'.'V'
OF products as yet. though silver advance" u"'
ing the week quarter of "A penny III L''''''
Tho co,nnarative strength Of stocks may be
a,trihuted in part To the fact that the decrease
in railroad earnings Is not as large as 1t mas
been The Financial Chronicle reports lof
septembcr earnings of 13l roads showing
decrease Of s497l 500 or 9s per cent. But the
decrease thus far reported for October Is ABOUT
Ga per cent with no material loss on Eastern "
minor Western roads. and some Increase on i''-
tortant wheat carriers. though c"hsiner""'e
d.crease on corn-carrying and Southern roads
/ TbeIc
ralr traffic ceases but the influence Of that traf-
nc has been much less than people expected
actually diminishing earnings Of many roads
while II yisiby helped others. Perhaps inc
most substantial change In the stock market
rs that dreams Of large foreign p"'c""9e' %
stocks are less potent
,,.,,ro tho action Of the senate II had become
/ evident that the capacity ~ mills reSuming
| work had considerably exceeded the demand
fnr urodurts So that the struggle To get WORK
/ for the winter Was taking prices below inc
J Io,v..t previously known. In the IRON industry
/ IA. ,.ap,citv Of furnaces In blast October was
only 1895 tons AZ reported by The Iron Age
against Ssi September ], a fan ot Ilf per
cent in one month and that the month i"lo"-
ing the passage Of the silver repeal bill by inc
House The production May was lNi'''l uo'S'
so that the decrease has been nearly 90 per
cent i'm Ave months. The Increase OF uhs"i"
stocks in September only $500 tons bi'
during Two weeks Of October some olher lul-
nacos have discontinued production. whie the
number Of establishments which manufacture
raw iron into various forms for use has con-
s,derably incrca sed-sbout twenty last week
Prices Of finished products have on the whole
! declined during the week. low as they were
before.
TN. cotton manufacture has Jared much bet
tor e,ocks being moderate. production very
much smaller than In ordinary years, an'
tho demand necessarily considerable. although
practically confined 10 present requirements d"
dealers There is even little improvement
q, the nri,es Of some goods including piin
cloths and most staple goods have solo faill
we'll both for home use 0nd shipment IL j.
also stated that collections are better TN
is the che bright spot In the WOODEN 'a"'
and tho payments against liabilities soon TO ma
ture have decidedly increased. But buyers arr
No, enIarging their purchases. and in nearl,
all qualities and grades sales are small SOM
mills are expected t close for want of oi
ders The sales OF wool AT the three chle
markets last week were 24si,4j2 pounds. agains
: 600 600 the same week last year. and in fv
weeks have been l6.96i.127 pounds, against 80
81 700 last wear The shipments of boots ant
Shoes from the East have also been smalle
than last year by about IA third and few fac
/ tnries are fully engaged. though there Is niue
urgency for early deliveries on the orders i
| hand But the demand for rubber goods
large. and exceeds the present capacity o
works
Money is accommodating rapidly in New-Yor
hanks which hold s137. 000.0 900 In reserve. $lb
ooo o0o more than they held two weeks age
and their deposits have meanwhile increase
over sci 900 900. Part of this has come from th
Treasury which holds ss.400,o0O less gold than
did at that time. while 1t has out Sl.631.oOO NOR
LOCAL tenders and Treasury notes. and holds /
,vccss ri certificates 81 100000 more silver. Tn
heavy loss In revenue is not wholly due To III
1.,,oose in imports. which have been at New
York only s2,9l7.5lS in two weeks, agains
<a73s2SiJ last year FOR the internal revenu
also has been much reduced by diminished COZ
sumptIon Of :axcd articles. Silver purchase
this month have amounted To only. s2.70O,0O
which Is Insignificant compared with the los
of gold and the great accumulation OF id
money proves that 1t Is not scarcity OF fund
which prostraes business and cuts down col
{ sumption and revenue. The volume Of oul
rent trade. as represented by clearings on
, side New-York. has been about % per Gel
lose than last year for the months thus IA
of Of ~ nbii OF