New-York tribune., 1895-02-11
from that of Alexander Hamilton. 1t gives good
reason TO wonder What would Washington
MONEY AND BUSINESS.

other obstacles, to hinder business. over an
extraordinarily large area the storms ha'e
affected local trade. transportation OF prouuo''
and deliveries Of mails. Meanwhile the NONE
tary uncertainty has not been lessened oy the
refusal of the House to authorize bona ISSUE
hut has been rather increased by the peculiar
terms Of the Presidents proposal. = Is amazing
that business has held UP so well under all EN-
horrassments. Nowhere else in the world 1t Is
s.fe IN say would trade continue so good under
such circumstances as exist here. Last year
transactions in February were exceptionally
small. and the gain Of 1872 per cent IN exchanges
for the first week OF the month IN COMPARISON
with last year does not mean much' pu' the oe-
crease in comparison with two years ago Is o"''
203 per cent . H.
There is nothing very d'scouras'hs III ."'
speculative market Wheat advanced 'iine'
with exports from both coasts shaue iarse' -o'
sye weeks than for the same weeks last year,
while Western receipts were materahy reuu'eN
nv the storms The stocks in sight. here ana on
the Pacific Coast are still more than loVVo'oVo
husbes larger than they were year ago. ana
have diminished only 100000 bushels IN Ja""-
ary. although the weather has considerably cur
tailed the receipts. Core is stronger in price,
without any material change in prospects. Inc
outIook az to cotton is not changed In any essen
tia, respect and the supply continues so Tar
bevond any probable demand that the stagnation
NJ nrices close TO the lowest point ever known Is
NOT surprisng insignificant Improvement one
dav. INSIGNIFICANT reaction the next. are alike evi-
dence that no changes TO be expected Deiorc
another crop comes are likely to radically ater
the state Of the market
Stocks did not rise In consequence OF the oo"u
negotiation, as many had expected possibly oe
cause the improvement had been oVeruiscou"'eu
q week ago Nor was there anything III tiie an
nouncement to make stocks stronger. "he'iiei
Iondon will sell much or little. on account OF the
bond transaction Is still matter or much ooup''
and its sales early last week were not more BIB
nidcant than its moderate purchases at the c'oae'
The action OF Congress regarding facihc rodu'
has distinctly unfavorable influence anu ''e
annointment OF receivers for the Norlok a'i"
Western although 1t was generaiy eNpec'eu ~
the Street was by no means helpiui' /" Law, -
was considered that these two matters ac''"s
nnor London market by no means overconh-
don't at the best might naturally increase the
sales OF American securities which negotiation
-, ,o,ds abroad would tend to produce. 1t Is
also noticed that the sale Of bonds at de
c,aedlv less favorable figure than was obtained
In Docemher has a tendency 10 depress prices OF
all American securities.
Tho industries have not been expanding. nor
have they had any warrant for expansion. IN
co,ton goods excess OF production pushes some
nrices n shade lower though In the main the
marriott is unchanged but not very active In
woorens there has been a fairly large business
f., racentIv opened heavy weights. the prices
haing n little lower than a year ago. put ho' s'
,ruch lower as many had expected IN we" Oh 'he
great reduction OF duties. The oecrease !"
duties is not far from 80 per cent OF the eh'ire
cost OF foreign goods on the average "hie 'he
decrease in prices Of similar goods onereu !"
this market does not appear TO average nio'e
than about 10 per cent The suppie"en'a' VI
ders for light weights are quite fair' anu '"'
sales Of wool for the year thus lar nave oee"
II 3Os 6s5 pounds domestic, against lz'szl'ooV l"
the same weeks Of 1894 and 2s.2ooo9o IN the same
weeks OF 1893 while the sales OF fore'sh "oo'
since January have been no3s'ooo pouhus'
against only 1884 800 last year and lO'oo"-'o !"
tho same weeks Of 1898. Wnie the SAFES vi IN
eicn wool are larger in proportion thah 'hey
were two years ago. with the heaVy ou'ies '"'"
exactsa they are hardly larger in quantity
A good many ~ the boot and shoe shops nave
s,opnel work. and others are Likely to follow
sui, because OF the diff, renee about prices ior
orders at the advance demanded by makers nave
noticed serious shrinkage OF orders III '"oss
,,,ai,,ies for which no advance has been asked,
which makes II the less probable that the mar
,fet vvil warrant any rise in prices. AT the same
time leather Is remarkably Arm. and there uoes
NOT seen, 10 be any ground for opposing the
claim of the manufacturers that they cannot
afford To produce shoes with leather at the cur
rent prlces unless they get higher prices lo'
their product Strictly speaking. it Is battle
between the consumers of boots ana shoes anu
the Leather Trust. The iron and steel ihuus''y
reports a somewhat better business III "oS'
grades at the East. and also at Chicaso' Out o''
the whole the average OF prices IS shade 'o"e''
being Only 5i.l per cent OF those curreN' !" w
tober. 1890 Bar iron has not declined III price,
o,,houyh son,e reductions Of wages are reported
in the manufacturing establishments. but In
structural iron and steel. In spite OF very ia'r
demand prices are somewhat lower
The interior movement OF money does not o's
close any material change for the better All
IN. time there Is an enormous drift OF unen'-
ployed funds to this Gentle. ana uh''l ao"'e'
M one can suppose that the interior business Is
OF normal proportions. The higher rate oota'neo
for money in the sale of bonds will have ten
doncv 70 affect other transactions to some ex-
font II IL not a delightful thing to see Govern
mani honds selling at 3% per cent while money Is
lending at " OF 1 per cent In London ana per
cent here on call and frst-rate commercial paper
goes at per cent 1t Is not nice to have the
Nation obliged TO pay more for money than
individual citizens OF good repute. and no such
state OF things would be witnessed II the reve-
nues OF the Government were not far below
its expenditures. For February thus far the re-
ceipts are sG772. $50 and the expenditures ssoeo-
sss. while two years ago. under the old laws. the
revenue for February TO date was Si3l'o'S4''
Yet there are some people at Washington VINO
cannot understand why the country should be
Obliged to pay big shave when 1t wants money.
Ex-Oueen I.iliuokalanl's declaration OF confi-