New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-17
MONEY AND BUSINESS


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MONEY AND BUSINESS
The worlds scarcity of wheat and rye mas
started things booming. The stock Market goes
up because the railroads will have much freight
TO move, and because the dormant speculative
excitement has been aroused by sudden anu Iafse
profits in the grain market. Stocks anVahceu
81 % per share during the past week, and have
now advanced 50 81 since the lowest poine July
n, with every prospect of going higher II no
reverse comes in the money markets or the cohui-
ton of foreign trade. The rise in the rate OF
sterling exchange is by some thought to indicate
large foreign sales Of American stocks on the ad-
vance and of some securities such sales are known
TO be considerable. This country can take Dack
a great many millions worth, if it does not put
grain so high that Europe cannot buy, and just
at present foreign grain markets appear to De as
much excited as the American. New cotton
begins to come forward also, and WITHIN le"
| weeks will be going out in large quantities Inc
railroads are less inclined to quarrel, ana are
getting their fights out Of the way IN order 10
make more money. Thus the monetary uncer-
tainty alone appears to retard higher prices lor
securities that have substantial value, ana the
Street witnesses some public buying for the first
time in many months.
The condition of industries has been rightly
described as a waiting one for some time past
But there are signs that the waiting is over FROM
| Western centres of distribution there come ac-
counts that the country merchants, the new crops
being now assured are buying much more freely
| Travelling agents and wholesalers, ana the many
| Western BUYERS in Eastern markets, also report
that they receive accounts of like nature, SO thaU
the increased demands of actual CONSUMERS are
| +lo Cation
more active than they have been, though low In
prce because the staple is at the lowest point for
many years Wooen manufacturers are buying
wool with more freedom at nearly all the mar
! kets and while the fine fleece are still weak III
| nrice the demand for medium and delaine WOOL Is
stronger and prices are as high as those oil year
ago The clothiers not yet taking OF llght-
| weight goods for mems wear next summer nearly
as large quantities as usual but it is supposed that
after past accumulations of goods have been worked
off their hesitation will disappear II active de-
| mand from consumers continues. The demand Ior
,romen,s Goods is large and the mills doing
more than ever before, and excepting the cheaper
lines of hosiery and knit goods the situation In that
| trade is generally satisfactory The SILK manu-
| facture Lays behind, imports of raw SILK having
been about 20 per cent smaller during the last
than in the previous year, and many OF the mills
| hpi
for a time diminished the demand for products OF
| that description Boots and shoes are moving
more largely than year ago, with excellent re-
norts from agents and traders as to probable bust
moss for the coming season throughout the North
! west On tbe other hand the Southern prospects
~ resnects the great manufactures and their prod
nets is not so satisfactory, for on account OF the
low price of cotton, traders appear to be buying
with unusual caution here and at Cincinnati.
The barometer which many regard as especially
Trustworthy the output Of pigron, betokens no gen
eral depression The capacity of furnaces in blast
,uonst / was l69576 tons, against 164, 1913 at the
same date last year, III, ll5 July u and l61,59o
January l. Yet the price of pigiron has not been
lowered by the large production, but Is falrly
we'll sustained in spite of some enforced realizing
an tie lower grades, while the demand for IRON
in manufactured form appears TO be improving,
except for rails, which continue inactive FORK
nroducts are a shade lower for the week, and oil
nearly unchanged Sugar is also unaltered In
nrice and cotton for spot though lower for futures
the stock on hand in this country being more than
four times last years. In fact, the only consid-
cradle change in prices during the past week has
been in breadstuirs, and oats are lower, with as
surapce Of a large crop, while wheat has risen IA
cents for spot and even more for September OPP
tions during the week, partly covering OF specu-
Iotiye sales and com has advanced a little In
sympathy with wheat. There has been some de-
crease in receipts of wheat at the West, as is nat
ural with prices rapidly rising but the aggregate
for the week is still unusually large, and exports
| from both coasts for two weeks have reached
gI77,s67 bushels, against 4,l50,4j2 last year.
| With industries active, crops coming forward
rapidly, and prices rising, there appears nothing
70 hinder general revival of business except UNI
certainties regarding money. On this point also
the returns of foreign trade highly favorable.
| In July the exports of breadstufs cotton, pro-
| Visions cattle and oil amounted 10 $500, O0I,
against 1913 O27 90 last year, increase of II l-2
per cent while at NewYork the value Of merchan-
| disc imports showed for the month decrease OF
90 per cent. In August thus far no decrease in
imports appears, but in exports an increase of 8
| pef cent for two weeks. As the excess of exports
in August last was but s., 600, 000 this promises
n balance on the other side if speculation in
| breaGstulTs does not stop that movement for a
| time.
The Treasury has put out little more money
than il has taken in since last Saturday, but the
outgo to the interior has exceeded S2,0OO,OO0,
| 40 that the banks lost about 100000 Of their
surplus. The surplus is still sufficiently large
| N forbid fears for time, and there is pros
| uect that the Treasury may have to pay out a
large amount for bonds September !, because
mart OF the l-2 per cents not offered for ex-
tension. Such payments would help to meet exi-
gencies until gold comes tf0M abroad. But gold