New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-25
MONEY And BUSINESS.

MONEY And BUSINESS.
There is an attempt, which ought to be stopped,
TO get ND an artificial panic. Not long ago, when
busiucs, was at It's worst and failures were aVeras-
Ing sll .OOO 900 a week IN amount of Liabilities
there was d load and long-,ustalnel blarc Of re-
ioicing every day over the great improvement III
business, which was at that time only visible 10
f,c eve OF faith But now, when business j.
octloll- growing hett5r ard failures have laHeh
70 an average of - 900 600 Liabilities per Week.
many Of the same journals are morose ana pes
sim-tic 70 people who can sec only Whau h'H
their theories and wishes, perhaps the stasnd'io'
in tho stock market has come when was cert''h
10 follow an extraordinary and partially ui'"ai-
rantcd ii,c The time approaches Tor paying ap'1t
$50 600 900 gold borrowed from Europe III August
and the prospect Of payment - rs dl'ehc"a''i"E
for spectators a. the influx Of borrowed money
was Cheering But when that borrowed Doom III
stocks was in progress, several times is h""S
manufacturing establishments were closing every
wool, - were rc-uming work. Now TN" specni"-
for, are halted. while l,a business Is making SUB
santial improvement.
The truth j. that the silver business mas li'l
more influence on speculation, but vastly less upon
legitimate business or productive industry Una"
some parti.ans have been snpposing. Moro SUI
tho mast wcc, than in any other week for months
although the prospect Of silver repeal Is al
mittedly less favorable than it has been at any
time since, Congress assembled. 1t il not TO b.
inferred that the recovery Of business and IN
dus,rv Is complete or can be while tarlu uh-
c.rtoinfies remain but there has bean felt for the
nlkt tins. during the past week u distinct pres
.rr, for more goods and for their early delivery,
and this in some products of iron and many OF
wool A. well ~ in boots and shoes and in cotton
and silk goods, 80 that rishty-twO establishments
a,.. r.portcd rs having resumed work wholly or III
part AGAINST only twontythrcc closing or reducing
force The week before the numbers were about
-, - a.. aud most Of the gain was III cotton
mills The character IL failures is point OF
Importance. one bank und or" loan company
failed last week. but Of commercial failures only
tlrr.. were Of liabilities over Slo0,Ooo, AMI only
-iNty-Gyc in al over 5000 each
The industrial Improvement comes in large part,
"a, has been repeatedly stated, through reduction IN
prices for goods and in wages of labor, which l.
not in all respects an encouraging feature. More
Of thc working force T., employed, but only by
cutting down WAGES - far that ia" risk 10 manu-
facturr- in event of a chang" Of duties will be-
smaller That feature OF the cas-" indicates how
Greatly tarG uncertainties prcdominate in the
minds Of practical men. Prices of many cotton
goods have been reduced Il 10 10 per cent,
though print cloths ar shad" stronger. Nor"
buying of woolrns j. seen, and though the trade
j., far behind It's former average, II has Sniice'l
10 start fifteen mills AZ work for a tim" M least
In boots aud sIo.- the decrease in shipments i
not as large as it las been. and numerous small
orders. with urgent requests for speedy delivery,
have considerably increased the number of shops at
| s.n.l he i
almost wholly in answer to renewed demand for
wire, nails, barbcd wire. hardware stoves and
materials for agricultural implements, while in
the gr,at departments railroad and structural
iron, the stagnation is scarcely at all relieved.
Whatever changes of price appear down
ward, 80 that tn lowest prices ever known have
been made for steel hillcts, and some other
products and IN" starting Of several small works
or departments for special products doe, not in
dicatr much in"rra," in the aggregate consumption
Of pig mon.
In another important respect, though dincul-
ties are still great, there has been visbl" improve
mrnt II means not much that money on call
on time with stock coatIals is easy and abund-
ant But there has been more business IN com,
m,rcial loans, aud at somewhat lower rates, both
here and in other cities. One Of the largest bro
k..r- STATES that the weeks business has been quite
heavy and that renewals have been few, al while
some bankers and brokers civ" a less favorable
report, they agrcc that more industrial and COM
mrrcial loans have been made than for months.
Money has come in freely from the interior, about
sGSii, 600 in excess OF the outgO, and the Treas
ury holds $500, 900 less gold than a week ago,
ycIile 81 300 eo6 cold has arrived from abroad so
that the actual increase Of the banks is probably
greater than Saturdays report indicated. \ rapid
,dyiucr in sterling exchange is supposed 10 fore
sLodoy cold exports before long, hut these would
n. only in repayment of gold borrowed rom Eu,op
in the time OF great emergency. and tine West
has been pay bark large amounts then advanced,
such an outgo is the l.ss likely 20 cause cmbar-
ro.4mcnt Imports for the Last three wrrls have
lccn SlO.79OOoO less titan last year, or 35A per
cent and exports at New-iori Si,;GO.OoO greater,
mr. g.; g per cent, figures whicl, mdicat" modcrat"
.>cr.s Of exports over imports for the month In
short. tine monetary situation appears drci !cdly
p ,nor, favorable for business.
The volume Of business does not mat rally
change ClcaringS outside New-Nork la>t wcc<
were e6.7 pr cent less than last year, AMI iog
| The month thus far about 30 per cent less II l.
no iight matter for business or woIkinemen tat
salS 900, 600 la. been taken from the amount
of business payments made in only thrcc wees
last year, bu if the revival of manufactures con
Times there is reason to hope for larger trinS'"-
tions Railroad earning. for the second week
of September show decrease Of is per cent,
and IA per cent for the first week of September