New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-24
MONEY AND BUSINESS

MONEY AND BUSINESS
| Grain and stocks cannot boom at the same
,ime without disaster to some of the people
engaged in the operation. The Street has ac-
ccn,ed this rule so long, and it is supported by
50 much experience and reasoning, that usually
reyy are inclined to disregard it. Set the bullish
temper now prevails in wheat corn, and also IN
stocks. and there are these who think the eX-
| ceptional circumstances set the rule aside. ordi-
narily, they say, a great crop Of wheat or corn
means low prices, but not this year, because Ol
,he extraordinary needs Of other countries. Wheh
| scarcity here justilies high prices - wheat IL
| does indeed imply that the railroads Will nave
les 10 transport than usual but when the foreign
! demand alone causes and justities the advance III
! grain the railroads which have to move Vne
! product TO the seaboard must share the galnS.
| There is force in this reasoning, though most Oh
| tho EXPORT grain is moved by lake and canal. But
| the monetary obstacle is more serious. 10 carry
| through successful bull movement III gram
requires many millions. To make SUCCESSFUL
| movement in stocks requires many millions moie'
| II all this money is taken from legitimate puei-
ness at the season when it ought 10 De uiooO
nctlve, trouble follows which clouds with uncer-
| tainty any bull movement.
This year unusual sums will be required In
|
| LARGEST CROPS ever grown; In the movement OIL
| metal products and coal in quantity hardiy ever
| surpassed, and in handling manufactured producus
on q scale harnonizing with the probable pur-
chascs OF farmers after a great harvest IL has
been hoped that more money for these and specu-
| lative operations can he obtained through Imports
| Of gold. but last weeks experiences showed thaV
| n price is not far off at which foreign buying
| Of wheat will cease for the present. Dun move
mont in stocks, also, would invite European hoiu-
ers to sell securities instead OF sending gold hter'
| Either tends to limit the supply OF money '"O
without large supplies one or the oVhel lion'
| mcnt is likely to he arrested by strlngehcy' AH0
| net result last week was an advance oil 81 90 per
| share in stocks, while some advance was reail<eu
| in corn and oats, and only fractional uecHnc
| in elevator wheat. Pork products are Shaue
| lower. and oil 4 l-2 cents lower, Dut eohee
| fraction higher
| The cotton movement needs close attenuon Al
| connection with monetary prospects. "hlie 'ue
latest reports are not all favorable regarding the
| probable yield, there is every prospect on'U '"c
outcome will be near, if not equal, TO the crop
| Of last year But of that crop the stock remain
inc manufactured is $4,000 bales in Europe
| ~ American cotton in excess OF the quantity on
hand at the same date last year. and l93,OOO DMes
more in this country or In all 73l 900 bales more
|
| of American cotton alone 1t is also the Iact
| that while British and Continental manufacturers
| have consumed larger quantity OF COTTON uurlhs
| the past year, the exports Of cotton GOODS from
| Great Britain have fallen of between three ana
four per cent this year, indicating some accunuIi-
tion OF goods 1t would not be surprising II cotton
| should 20 forward less rapidly in September ana
| October than usual for these reasons, ana u
| NAV also be remembered that when breaostuh'
are scarce in Europe and dearcr than usual safes
Of cotton goods, az Of other products, may DC
! diminished by the enforced economy OF many poor
| families. The last crop exceeds s,6Oo,Ooo Dales'
against 100000 the year before and II announcer
large crop comes forward freely from plantations,
but moves abroad not freely, large sums oil money
| will he required 10 carry it.
The demand from the West cut down bank re-
serves last week about S3,5o0,OOo, while the
| Treasury added but little 20 circulation. Still
the statement Of Secretary Foster, that he Will
nav September | the IL per cent bonds not
then Extended leads TO the expectation that there
| NAV be heavy disbursements about that time,
probably sufficient 10 tide over a considerable
delay in the return OF specie from Europe Fresi-
| dent Harrison's declarations about currency hove
also been influential in removing apprehensi0s OF
| dangerous legislation next winter, SO that the
monetary outlook is really more satisfactory than
il has been for some time before. The supply
which legitimate business needs may be expected
| to be ample if it is not too much absorbed IN
| sneculaton and its consequences. The course OF
foreign trade also favors, for exports from New
York in three weeks have increased over last year
So, 0Ss, 900, or II per cent, while imports here
have declined s., 3s0,Ooo, or 1s per cent, and as
the excess OF imports last August was but $4,000,
900. the month will probably give balance the
other way.
The condition of industries is on the whole en-
couragine. Dispatches from all parts of the
country indicate a somewhat better demand Tor
manufactured goods, particularly in the West and
Northwest. for trade at the South is still COM
paratively inactive. WoolleE manufacturers are
encouraged by better orders to continue larger
purchases Of the raw material, though the prices
of wool for the past week have been firmly held
In cotton goods no change Of consequence appears
ami the boot and shoe trade fairly keeps pace WIFE
last years work at this season. The iron manu-
facturc, notwithstanding output which has
been exceeded in only very few months of its
past history, meets with no depression as yet II
the prices Of pig iron or finished products, but a
somewhat better tone is reported in the markets
particularly at Philadelphia. Some increase i
noticed in the demand for bar iron and also fol
plates though the price is almost the lowest FOL
the wear. while the structural mills are fairly wei
employed, makers having few demands for large
blocks but many small orders The consumption
Of anthracite coal during the month Of July, ac
cording to official reports, WINS 3,765,S49 tons
against 3,270,3 last year, and only slight in
crease appears in the stocks reported on hand
Meanwhile the corn crop is rapidly maturing witt
excellent prospects.
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low taX-rate is u good thing and the taXpaye