New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-10
MONEY AND BUSINESS.

.rrn has nut I'M stocks as well as the mercury
Az the close of the week there was a report that
the sun was OVERRIDING the thing in the DaKotae,
and that some spring wheat might be purheu
M In parts of t1e South, too, there are less
favorable reports about the growth Of cotton
Rut ON the whole the week only brought SUD-
stontal confirmation of the brightest hopes, 'he
progrcss of corn being particularly SATISFACTORY
SO that trade and speculation had all tne heiP
that could be afforded by exceptionally good crop
prospects. At the same time, most uniaNoiao'e
accounts came from Russia, apparently conifnieu
bv a Government order prohibiting any exports
of Grain from that country this year. Inns III
creases the probable demand for American wheao,
so that even the enlarged estimates OF the yieiu
now made by Western authorities that usually
see things through bullish spectacles, do not ap-
near TO exceed the worlds possible requirements
What is called depression or staSnatlen IN ouSi-
ness has not passed away, though signs Oh I'LL
provament in important branches grow more
numerous II may as we'll be observed al une
outset that July bank clearngs outside New
York 81 $3.50, OOO O00 against 81 ,oOoooo iaS'
| year, decline of 5.3 per cent, do not lhoi"'oe
much prostration for the aggregate is sui hoi
| than 81 90 900, 900, or per cent IN eAoe'' y.
| clearngs in July Of any previous year, an" h''V
July was in volume of exchanges tne iaisee
| month then ever known except one, Tile pie'lou
| Nav IL is true that clearings lnclude oeleiieu
settlements on business of previous monuhS' oil"
| thus may not be accurate measure oi he"
| business But this indication is further sup
norted by the gross earnings Of eighty-four rail-
roads, which aggregate S2,350,62l, or 40 Pei
cent more than for the same month last year.
and after liberal allowance for differences in rates
the decrease in volume of business would seem 10
|
crease in receipts of many leading products al
| Chicago.
The output Of pigiron is not quite SO large as
last year. but in anthracite coal there is an In
crease of ga per cent. The unsold stock OF IRON
| begins to accumulate again, and some sales Oh
Southern at very low prices are Reported ana
until greater ease ia the money market TOT rail-
road negotiations and building operations Is seen,
the actual consumption of iron can hardy equal
that Of last year. The cotton manufacture pro-
crosses in spite of sales of Southern products
| at low prices in Northern markets, ana the snip
ments of boots and shoes from Boston are again
lurger than year ago, with improving reports
Of sales. and the shops well employed. 1t Is esti-
mated that 1872 100000 pairs are now required
yearly. the cost averaging 81 - per pair to manu-
fdcturers and 81 Sc TO final consumers beside
| 25. OOO, 900 pairs of rubber shoes costing $780,
600. 600. The sales Of wool at Boston exceed
900 900 pounds for the week, and in all markets
q better demand from manufacturers Is seem There
Is a relatively better demand for fine than Tor
medium or low-grade goods. cotliers having over
loaded of the latter last year There is good
commission business for dress goods, and the home
manufacture is making great progress
Cotton and wheat are both stronger, cotton
because of overseing for crop prospects are still
bright Wheat is about cent higher, the exports
bavinn come TO exceed 900, 900 bushels from both
| coasts for the first week in August, and for five
weeks ending with July from Atlantic ports they
were equal TO 0,665,709 bushels wheat, including
-four against G,623,025 last year But receipts
az the West for the week ending August rose 10
| 7O12,404 bushels wheat alone, and have since
been over l 100000 bushels daily. Corn is but
nominal and oats higher, but pork products are
lower. In oil another startling manipulation ran
I'D the price from 81 cents on Friday to 10
cents on Saturday, and sugar is also shade
higher. But the prices for all commodities are
per cent lower than a week ago. and during
the past week have been for the first time this
wear lower than q year ago at the same date.
| Speculation in stocks has not been active, but
some recovery has followed the unusual depres-
sion at the end of july and the average OF prices
has risen 81 % per share since the lowest, July 81,
and 81 cents per share during the last week. IL
is not clear that the market has really changed in
character as the demand for bonds or for invest
ment stocks is practically undiseoverable, and the
public takes no hand In the trade. With few
more weeks of favoring weather, the certainty OF
large crops will make it difficult to depreSs prices
of stocks much unless the money market becomes
unusually tight. At present foreign trade con-
tinues to favor monetary prospects, imports for
the first week in August at NewYork being
so $50 against $l2 ,2O2,s $50 for the same week
last year. while In value Of exports from NewYork
a small increase appears The large gain in gold
by the Bank of France, the highly favorable ac-
counts telcgraphed from the governors OF the Bank
~ England and other authorities regarding the out
look there, and the fact that Russia Is no longer
withdrawing gold from the banks of western
Europe help the decline of foreign exchange, and
encourage the hope that gold may come this way
in payment for products exported before many
weeks
Meanwhile the situation here is affected chiefly
by the growing demand for money TO be used in
moving the crops at the West The New-fork
hanks lost during the last week $1,2s3,200 from
their reserves, while the Treasury actually took
from the circulation, il excess of its issues OF new
notes about S1,700,000. The apprehension Of
monetary scarcity little later makes lenders most
reluctant TO place money on time, though ON call
and with good collateras loans are freely made at
, low rates. But the number Of failures continues
70 exceed those of last year very largely, and dur
inc the last week several of some importance were
, reported including one which may perhaps cause
some embarrassment in the clothing trade. There
is also more complaint than usual Of slow colec-
lions, especially at Philadelphia.
IT, is impossible not TO sympathize with the