The herald., 1898-03-15
March IA, 1898.
"He who has neither friend, nor money
Is without talents, powers, or energy"

The business situation as viewed by the
Chicago Economist, conservative author
ity of high standard, has on the whole been
benefited. rather than injured by the pre-
vailing excitement. So far as injury ia
mercantile business has been occasioned
by war talk, the Economist thinks that the
injury, II any, has not exceeded a fraction
of per cent. In some ways, it says, 1t has
been a benefit. The government is spend
ing more money than usual. the order
given for the manufacture of million dol
lars worth of projectiles being one s!gnifi-
cant item, while reports from all quarters
where there might be any danger to this
country from foreign foe indicate extraor-
dinary activity, which Is beneficial In the
material. The ordinary movement of mer-
chandse goes on as If nothing were hap
pening. 1t is In those operations which are
distinctively termed financial that the un-
favorable effects are most clearly seen, and
even there the consequences are not alto
gether bad by any means. So far as the
stocks of the New York list are concerned,
they had been going up much too fast and
the check on the bull movement is Il whole
some thing. But for the anticipated trouble
with Spain we should no doubt have had a
tremendous speculation, in which people
all over the country would have partici-
pated, and the consequence would have
been the usual one, that Is, a grand col
lapse.
Everything. continues the same author
ity, but this Cuban affair has been fav-
orable to an advance in securities But
those undertakings which represent prog
ress in our affairs, that is, what are called
promotions. have no doubt received set
back. Half a dozen projects in Chicago
calling for large amounts of capital have
been brought to a standstill, and the same
Is still more true in New York. while. of
course, anything in which it was proposed
to interest foreign capital has been
checked. Among the enterprises that have
come to halt is the proposed combination
OF the wire companies, but the internation-
al bank project, which had been under con-
9iderntion for many months. has been
pushed forward stage An important
class of undertakings which have been I'M
favorably affected are the refunding
schemes of the great railroad companies
The amount of capital. mainly centering
in New York. which has been hung UP in
these affairs is very large. The schemes
themselves are in the main meritorious,
but the participants have been made
rather timid by recent international
dangers. and. what is still worse. the
money market is in such condition as to
endanger them for they are unquestion-
ably carrying large quantities of securities
for which at the present time there is little
demand.
The transaction whereby all the brew
cries in Cleveland except one thirteen in
number, and one of Sandusky are to pass
into the hands of syndicate of eastern
capitalists has been completed with the ex-
ception of transferring the necessary legal
papers. The new company has been in
corporated as the Cleveland Brewing and
Mailing company and Is said to have a
capital of $lo,000,000
Ihe Boston stock market has lately en-
joyed further gratifying appreciation in
the value of its favorite copper mining cor
porations. The advancing tendency of
copper from lie about February / to l2c has
been very faithfully reflected by this
movement, and the absorption of the sup
ply and the recent hardening of prices for
the metal have produced all impression
that the movement has not by any means
exhausted its force. One of its results
Is seen in the speculation. or 1t may be
called the increased Investment buying of
copper shares: but ii has also given rise to
more or less talk regarding the develop
ment of new copper properties both in
upper Michigan and other sections. while
the existing companies of the successful
type have been for some time past in
creasing their plants and taking steps to
procure a larger output. Phe most favor
able element in the entire matter is the
continuance of the growing demand for
the metal. which, of course. results from
Its increased use in the arts the consump-
ton In Europe having resulted in ma
terlal reduction in the stocks on hand there.
Treasury officials are not unnaturally
pleased with the showing made by the sta
tstics of government receipts and eXpen-
h, ditures for February says Bradstreet's.
The receipts for the month amounted to
$2S,512,S5S and the expenditures to &c.,
b99,2o6, so that there was excess of
nearly $2Oc0,0o) on the right side of the
account. The receipts from customs show
an increase which encourages the GUS
toms officials TO hope that the remaining
months of the fiscal year will show a
marked gain in this respect as compared
with the corresponding months of the pre-
ceding fiscal year. The receipts, as will
be seen, averaged over 81 ,O00O0O day dur
ing February, and the excess of receipts
over expenditures contrasts favorably
with deficit of over $2, 500. 600 in February
OF last year and of over $11 600 000 in Jan
uary of this year. The net cash in the
treasury shows an Increase for the month
OF S1,692,411, the net cash balance, which
includes the gold reserve, standing al
s225, ,564 ,2N on March l.
FOR the elSnt months ending with Feb
ruary the receipts amounted to S274, ,557, $780,
which represents an increase of over $685.
10000 as compared with the corresponding
period of the preceding fiscal year. Gus
toms receipts show gain of only little
over 81, 600 as compared with the first
eight months of the fiscal year 1S96-97,
but the apparent smallness OF this increase
Is beyond question in part due to de-
rangement of the usual course of importa-
tions in anticipation of the passage of the
tariff law The internal revenue receipts
showed an increase of nearly $11 6O0, 900. and
the miscellaneous receipts an increase of
over $55.00Oco0. This increase was, Of
course principally due to receipts on ac-
count of the sale Of the Pacific railroads,
which should be eliminated if a fair COM
parison between the two periods on the
basis of the ordinary operations of the
government Is to be arrived at. Even il
these payments be deducted, however,
there remains gain of about $40 600 900 for
the eight months ending with the month
JUST closed as compared with the like pe-
riod of the fiscal year preceding.
expenditures for the eight months show
substantial increase. Though thew re-
main below the level of the receipts, If the
Pacific railroad payments be included in
the latter. they show an excess = the latter
be excluded. The expenditures amounted
to $271, ,4S7, S26, which represents an Increase
of over $17,O0O,0OO as compared with tho
iigures Tor the corresponding period of the
last fiscal year. The most noteworthy
item of increase was on account % tho war
1@w r>4 g. l. -f-I-