New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-21
MONEY! AND BT STNESS.

Already about sd 3G., 600 gold has arrived
from Europe since the flow began. and about
900 more is known to be on the way.
Moreover the conditions are such as promise
continuance OF the inflow, unless some change
which none can now perceive as possible should
suddenly occur. Serious political disturbances IN
Europe would probably bring a great amount of
capital hither for safe and undisturbed invest
ment. A serious financial panic abroad appears
equally outside the limits Of probability. but II
il should come might have similar effect. 1t
Is too late for American crops to be so in
iured that the large surplus which Europe VIII
need could not be supplied. II it were possible
for BRYAN To be elected, the six weeks before
the election must first bring much gold to pay
for products exported The root of the matter
is that gold now has TO come. at least for a time,
TO pay for the grain and cotton. the provisions
and OIL which Europe must have, and 1t is
scarcely conceivable that business can so sud
denly recover before the election as To cause
imports exceeding in value the exports The
official statement for August makes exports eX-
coed imports by $40 1943i2. instead OF last
wears import excess Of So 324. and this
would naturally be followed by a larger excess
in September, as the crop Of cotton has only
begun TO move while the outgo of wheat Is In
creasing
Those who are trying TO reconcile bank aver
ages with the specie movement bestow an at
tentlon which II scarcely deserves upon that
device Of the banks for giving information
which does not inform. The gold is actually In
the country the official statements show that
1t is going into the Treasury in large amounts
in exchange for legal tenders drawn out for
use and bankers bear witness that there Is
not now any visible disposition to hoard gold
ole,
demanded in the large drain to the interior.
Apparently the temporary needs of the South.
resulting from the New Orleans bank troubles,
have been fully met by the shipments made. and
last week the drain of nearly S5OOOOOO was
almost all for the Northwest presumably in
connection with the movement of crops The
important commercial failures during the week
did not have any serious visible effect, though.
by increasing the caution OF bankers, they
doubtless checked the disposition to expand
commercial accommodations. There Is some
talk OF unusual maturities shortly after Octo-
Der l. as If these might involve disturbance. but
whoever will call to mind the dull state of trade
four months ago will realize that there was not
enough business doing about that time to
create any unusual amount OF paper. In May,
June and July. business was smaller. even than
last year. and much smaller than in the same
months under normal conditions. But the pru-
dence of bankers serves n good purpose II 1t
keeps within limits the tendency to speculate
which appears in many directions.
BY such purchases. 1t is stated that prices Of
hides have been advanced at Chicago II per
cent In two weeks. sales OF WOO. have been
raised to 1I.f15.3O0 pounds in three weeks.
which Is not far from four times the quantity
probably consumed in the mills now operating
unusual sales OF pig-iron are supposed to have
much reduced stocks in the hands OF makers.
the stocks Of print cloths have been reduced
more I'm two weeks than in many previous
months. and the cotton market has been
strongly held I'm spite OF large receipts. All
these operations denote growing confidence that
materials for manufacture will soon be In great
demand. and while neither iron nor wool has
yet risen in price and cotton sank to Sia cents
after rising to S7s It Is evident that prevail