New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-04
MONEY! AND BUSINESS.

.rv IN Friday and Saturday lifted the average
81 81 per share putting II exactly where II was
at the close on Tuesday September Il. when the
first big break cut off 81 per share in two days
whether the time has come for another con-
tnuous rise, regaining all that was lost in those
DAYS the Street would much like to know
IT may be said that the conditions outside the
stock market Itself all favor an advance. but SO
they have constantly since the break and before
it, The gold started from Europe then has now
arrived. and the gold then due from Australia
and another shipment from Sydney. Is announced
The cotton movement has begun on large
scale and the grain movement continues without
abatement Railroad earnings grow better, ana
on many lines are surprisingly good, the aggre-
gate for all United States roads reporting In
September thus far being but IL per cent smaller
than in 1892 and 10 per cent larger than las;
year. The industries are steadily gaining. with
enlarged demands for consumption. The Spanish
change OF Cabinet and the recall Of Weyer are
regarded as removing whatever ground there
was to fear disturbance Of foreign relations. The
volume Of domestic trade continues larger than
II was I'm 1892, and the commercial failures are
smaller than since that year.
or these cheering indications the last Is OF pc
cuar value. 1t has happened more than once
that even after better business had begun. re-
covery was set back for a considerable time be-
cause the wrecks and the unsoundness left by
years OF disaster had not been cleared away
But X. G. Dun Co. though reporting failures
for the quarter 81 135097 larger than any other
authority show that the amount OF defaulted
liabilities is the smallest in any quarter for five
years and only six quarters In fifteen years have
shown smaller liabilities. while the average per
failure is the smallest In any quarter for twenty
three years. Both manufacturing failures. 3d.
43I. 191. averaging S14.IS1 each. and trading fail
ures S12. $50, 06J. averaging but 1897 each. are
smaller than in any previous year OF which clas-
sincd records exist Such return clearly I'M
plies that business recovery is not likely to be
prevented by lingering unsoundness or past en-
cessive credits.
a fortnight ago there was some fear that ex-
cess Of speculation particularly by weak hold
ers. might involve mischief. In view OF the
heavy demand for money to be used in crop
moving But the llqudations In stocks. wheat.
corn and cotton have been assuredly extensive
enough To clear away that danger In great
measure as declines have shaken out weak
holders and stop orders in great number. and
with speculation much diminished other bust
ness has increased more. The remark
able gain In payments through the principal
clearing houses. from daily average OF VIZ
$1,000 In March last TO 5000. 1854 600 in Sep
iember. shows n business II per cent greater
than In September. 1892 but Is in part due 10
speculative activity. though the Stock Ex-
change Clearing House had barely begun five
years ago and is said now TO dispose OF 93 per
cent Of transactions on that exchange. But the
clearings at cities outside New-York have been
in September S3OOOOOOO 1875 per cent
larger than in the same month Of 1892. and as
the heavy gain in legitimate business here as
well as In speculation is thus eliminated II is
evident that the Increase in real business Is
somewhat larger.
a further Indication appears In the accounts
Of foreign trade. for imports have been consid
erably larger than last year for the week. and
for 1--WE weeks only per cent smaller. notwith-
standing the decline Of "a per cent in imports
Of drygoods. The growth OF consumption calls
FOR more cotton and the growth OF manufact-
ures for more india, bier and other materials.
and while much OF the gain Is in articles not
dutiable the customs revenue has also heen
increasing. Cotton has begun to abroad
more rapidly than at this date in 1874. when
the yield was largest. 2D2 1913 bales in Septem-
Der this year against 2O2.229 then. and the
takngs OF Northern spinners have been HOOD
bales and Southern consumption 2S.oOO bales
more han in that year but the receipts from plan
tations. 1859 500 bales against 65i. 19l In 1894
have depressed the price from ia To 6ia cents
The Western receipts OF wheat. though
larger than las, year. still seem to be restricted
by more concert OF action among farmers than
has appeared In recent years. hut during the
last week the fall OF about five cents In price
would also hinder shipments The Atlantic
exports still show an extraordinary foreign de
mand -four included. being 1926 IFS bushels
In fnur Ia
Pacific exports were about equal TO last years
1t IL especially significant that Atlantic ex-
ports Of corn. though the price has yielded only
on. cent. have continued heavy. namely
12oJ2 rs bushels, against T. 49, ,534 last year
There would be little to say about the great
industries If they always progressed steadily
and safely "a they have OF late. Perhaps the
cotton manufacture must he reckoned in some
measure an exception. the fail in cotton having
depressing influence. and while most quotations
for goods unchanged print cloths are a
shade weaker. Quotations are rising for woollen
goods and also for WOOL but II Is scarcely neces-
sary to say that out OF nj. O0,OOO pounds OF wool
reported sold at the three chief markets In four
weeks little went to manufacturers. whose
consumption probably Is not more than a third
as much. The market for hides at Chicago has
practically halted many looking for a reaction
as they believe II necessary To the leather and
shoe industries because trading in both Is re-
tarded by the uncertainty about future prices
But the shoe manufacturer at the West as well
as at the Fast is doing large business
and generally obtaining some advances over old
prices though not as much as makers would
like The actual shipments from the East are
larger than in any previous year In the iron
industry Bessemer pig Is again advanced %
cents by purchases OF 10000 tons at Plttsburg
by one concern and there have been frequent
moderate gains in the prices Of finished products
as the demand increases In some branches be-
yond the capacity Of works in operation. But
the number OF works in operation Is also steadily