New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-20
MONEY AND BUSINESS

wall Street is due. n new crop mas DtSuu, DuO
people are not rushing to buy stocks. Large dis
bursements for interest or dividends, and by Gov
ernment for these and other purposes, have been
made but money accumulates in enormous
amounts over s. 100000 during the past week
Shipments of gold to Europe have not quite
stopped, and more are reported for this week.
while bank failure at London serves notice
that the entire harvest of speculative wild oats
may not vet have been reaped. Business in this
country is Enthusiastically dull, and men say duller
than usual for the season. So those who hold more
stocks than they want, unless the promised boom
is soon to come, grow weary and unload, and
the average of railroad stocks declined last week
81 90 per share, bringing it but little above the
lowest point of the year thus far
1t must be admitted that the men who look at
the tape and nothing else have a spectacle that
is not inspiring. The railroad companies are going
to have heavy traffic. but as yet are doing only an
ordinary midsummer business. Their agreements
enable them to maintain rates better than for
years, but their earnings cannot be expected to
expand until the heavy traffic of the fall has
actually come, and meanwhile some of them have
to reduce dividends because of the deficient traffic
Of the past year. Bonds for improvement, en-
larged equipment and extensions are not well
coined by the public and the shiploads of secur
ties brought back from Europe are heavy TO
carry. Every one of these conditions was fore
known, and yet Wall Street is gloomy because
sudden boom, which many persisted in expecting
in July, in spite of monetary uncertainties close
ahead, has not arrived.
Statements said TO have been made by Secrc-
tary Foster last week repeat warning often found
in these columns. lie sees that return Of gold eX-
ports will be resisted by European necessities,
that Europe cannot buy largely with business
poor, ard that further marketing of American Sc
curities held abroad may occur when other cOun-
tries have to pay for our breadstufTs and cotton
1t does not please spectators that he considers
periods of monetary pressure not improbable, but
the warning may do much good if it helps TO pre-
vent return of the speculative fever 1t is the
bottom fact that the country will need its re-
sources in legitimate business for some time, and
especially needs to avoid making artificial prices
for what it has to sell.
Dead speculation often means live industry. 1t
is mcasurably safe that the wheat crop is to be
the largest known, and other crops look
remarkably well for this date definite I'M
provement of purchases is in products of wool
and leather. The movement of wool has been
much greater than usual and sales increase B0s-
ton dispatches say that the long depression in
boots and shoes seems to have reached its end,
US there is more buying and manufacturers, though
still prudent are taking leather more freely.
Talings of cotton by Northern spinners in July
are % 900 bales, against 900 last year, and
Southern consumption is larger and takings by
both since September | have been 2,502, 900 bales
AGAINST 2224, 900 last year. In lumber and brick
paints and oils, a little better demand is seen.
Coal is dull, but the apparent consumption in July
was 3,704,02O tons, against 3,4l0,700 last year,
.I,o I,lf
15,G46,25S last year
The weekly output of pig iron July was
17l,ll5 TONS according to "Thc Iron Age"
against l46,7s2 June l and l75,727 July last
year When it is remembered that the largest
output ever known was about so, 900, little more
than year ago. il may be realized that the gain
Of "a 1888 tons in single month should mean a
larger demand Producers may have expanded
too suddenly, out Of proportion 60 the increase in
demand and if so some reaction may come later,
but il can hardly he supposed that makers have
mt idle furnaces into blast without evidence that
more iron can be sold aud consumed. Perceptible
weakness in the market for pig naturally fol-
lows but cheaper material will have a tendency
70 stimulate consumption and make various
branches of manufacture more profitable The
demand for rails is light, but producers still have
orders for time and hold prices unchanged.
Though copper production has been enormous Of
late it is stated that the great Anaconda mine Is
about 20 resume operations
These are indications that the substantial and
wealth producing business of the country is not
stagnant, as those may imagine who look At