New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-01
MONEY ANU | CSLNESS.

MONEY AND USINESS.
Financial and trade papers all record DIS.
tinct reaction in business. though differing "a To
!ts extent and nature. Some express the opinion
that The recent improvement has eliminated;
others that a renewed and larger advance may
be expected later. But The Tribune weeks ago
described the increase like the food which
follows the breaking II dam. giving no indica-
tlou Of lasting increase in ia" volume Of The cur
rent Business postponed for several months
has been crowded int. a few weeks but other
Wis. trade &c about wat II was in August
paily payments throIsh clearing houses IN
September are now : p.r cent more than last
\, ar but - per cent less than in 1892 in S,pcin-
Der as q whole they have averaged Sc per cent
more than last year but PA per cent less than
IN 1872. I'm August they averaged - per cent
ROY, than last year. but 81 per cent l"ss than
IN 1892 TIE variation differs scarcely AT al
from that which is inridcn, - tn progress of
n. season after midsummer dulncss. The rail
road earnings are a SHADE loss encouraging. for
September thus far they are "a per cent Jess
than last year. arl ia per cent loss than in
l'a2 while In August they were slightly larger
than last year though 49, per cent less than In
1882
These Indications Of the volume Of business
correspond closely with evidence a to iae actual
distribution = products "Dun's Review fills
Two pages with abstracts 81 reports regarding
retail trad" az cities IN 1l parts Il the country.
which show an incroas" over last year IN
stnp.s apparently about 10 per cent. bat ON the
whole somewhat less. wAiic IN comparison with
1872 there appears a lie rease which IL thought
t. average about 20 per ,"n, While some trades
are doing well. and in few cities better than
I'm previous years. others are Tagging behind.
and In several cities The aggregate is said To- be-
less than "A year ago. That there has been a re-
cont increase j. clearly shown. but it ma also
be perceived that reductions ~ Wages and want
Of employment lessen the buying power - the
people. II a. natural To- infer from such a.
counts that the further orders for which the in
dusiries are waiting can hardly be- expected
unless distribution to consumers expands some
what more The tonnage by lake and rail from
Chicago castbound was 2S per cent less for the
week than for the same week last year; and
for the month as whole about 2iia per cent
less
The stock market has been weak in view Of
the shrnkage in business, ana railroad stocks
have declined 20 cents per share on the average,
while Trust stocks have declined 81 90 per share.
The latter are now lower than they Were at the
end Of July and have fallen Sc 81 per share from
their highest average In August. while railroad
stocks are s. y per share higher than at the
end of July. and I'm spite Of bad crop news and
bad earnings have fallen only 81 II from the
highest average. which shows how little Wall
street reflects actual conditions at present. 1t
Is true that business has entirely discredited the
official estimate OF the years crops. and corn
has fallen a. cents FOR the week. with general
relief that the yield Will exceed loo 0O00 600 bush
els which would however. mean loss of about
a quarter of the expected crop. and In some inn
portant States must seriously limit the pur-
chases OF farmers Meanwhile the price of
wheat has fallen nearly | cent more" and II is
now but little above the lowest point ever
touched. while options have gone lower than
ever. This tends To- cause extreme economy
among wheat producers Western receipts since
August / have been 81. 100 900 bushels. against
30. 400 900 bushels last year. and with the price
so low this does not indicate poor yield. Cot
ton has gone below all records since 1919. with
spot middling uplands selling AT 63l cents. ana
October at j9j cents. receipts from plantations
those Of last September by 10000 bales.
Neil Brothers reported estimate Of more than
10 100000 bales is but of many depressing in
Iuences.
The state of foreign trade calls for attention.
Exports from New York in September have been
about 2o4 per cent less than last year while the
imports last week We're SlO.297,02S in value.
against tG.2i3.533 last year. and the increase for
the month has been aboIt - per cent. In spite
of the great increase in imports. customs re-
ceipts for two weeks have been smaller than n
year ago while In internal revenue there has
been n decrease OF about third. If these are
results scarcely a month after the new tariff
has taken effect. 1t may we'll be doubted whether
sufficient revenue is Il be obtained Meanwhile
the returns indicate little. II any excess of
ports over Imports for September, against $25.-
900 900 last year. ana foreign exchange Is
stronger.
The shoe industry Is still doing better than any
other: shipments from Boston. according t. The
Shoe and Leather Reporter" aggregate for Sep
TENDER 33s O97 cases. against 30. G23 last year.
3cS LOG in 1892 $S4 $50 In 1891 and 32t 702 In
The healthy activity of works is maintained by
numerous small orders, nearly all In urgent
haste. and by many purchases from stocks which
have rarely been much reduced. The iron and
steel manufacture finds products dropping in |
price every week. and the average Of such