New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-23
MONEY AND BUSINESS.

The tape worshippers In Wall Street appear
to have made up their minds that any kind Of
silver bill. repeal without conditions or with
bonds or no bonds. much coinage or little, and
even indefinite silver imitation. would be good
FOR stocks. on what other theory prices have
been rising. an average OF 81 20 for railroad
stocks the past week. while the Senate has been
contriving compromises. II II difficult to say.
Perhaps the frivolous and foolish imagine that
the worst bill conceivable would be- better than
unlimited oratory by PETER. But I'm the end. "A
bad bill would be likely to do NOR" harm than
a windy speech The vast accumulation OF
idle money produces its natural effect. II is
like can Of Kerosene poured on the fading
Goals Of speculation. On August T. the New
York banks held !76 800 900 cash. and have
gained s.. 5j7. 900 since that time. Such sum
lying idle wo,.ld burn hole in the pocket. and
the anxiety Of bankers and capitalists To make
some use of their funds explains much specula-
ton which would otherwise be senselcss.
Wheat corn and cotton have scarcely changed
at all during the past week. and pork products
are only shade higher. With Gj.000.OOO bush
els In visible supply. and 1S41Si?S bushels
wheat arriving at Western ports within the
past three weeks II Is not strange that calcu-
laiions Of n worlds famine make but little I'M
preston Exports from botH 'odStS nave ''eH
s.7Gl 4s2 bushels In three weeks -four included.
against iO9l3.32s last year. and II Europe IL
starving. It Is singulary backward In buying
wheat that is offered In NcwYork at less than
Cs cents. "A lower price than was known
here until last July. When the collapse In
pork ruined many people in Chicago last June
the price was about 81 higher there than it is
now. but scarcely any higher here than II now
no woulI be- Tor
another drop. especially II the later estimates of
the corn crop are correc. More cotton came
forward last week than in the corresponding
week last year. and exports are slightly smaller
for the crop year thus far. while takngs or
Mort bern spnners are So. 900 bales smaller As
the visible supply Of American cotton Is in
creasing much more rapidly than II did year
ago and the mills are not using nearly as much
cotton either here or abroad. the official esti-
mates Of yield have very little influence.
The volume Of business transacted through the
banks ,utsid, Of Ncw-York IL still about - per
cent less than last year; In three weeks the
d. crease has been about $ioO.00O0o0 out OF
q 900 900 OO0 At this city the derrease has been
I'm pcrccntag. little greater. little less at
the South. and considerably more west of the
Mississippi River. But the difference In move
nent Of products does not seem to he so great.
for on railroads thus far reporting for October
the aggregate Of earnings is about $4,000 00O
against $li 900, 000-a decline OF per cent APP
parerty the loss would have tccn somewhat
greater but for Worlds Fair travel. and yet
there Is evidently wide discrepancy between
the record Of bank payments and the record
Of railway traffic. which IL most naturally ex-
planned by the superstition that the decrease in
settlements on past accounts has been greater
ia. IN n a httai mos orr N m
SUMPTION But the decline in foreign trade is
larger vet. The imports in three weeks Of Oc-
tobcr at New-York have been In value $50
7s4 ,64 against S7.S7i.797, as reported last year
bu, there are included for last year 81 O5 9O2. re-
ported values of coffee and India rubber. and af
Ter making the re luction which il made In Of
fetal reports. about &.1l5.2OI. the decline in
vrIue Of imports would still be- 25l per cent.
The official statement makes the excess of ex-
ports oyer imports In September about 25.6 per
cent which would have meant gold imports
had there not been large settlements to make
on account of III" gold borrowed last August.
TIL, money markets throughout the country
are growing remarkably easy because there Is
not enough business doing to employ the money
available. Boston banks have retired all their