New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-27

Prices were little lower for single week
in the spring of 1886, and again for Single
dav in the spring of 1888, but with those eAceP
tons. have not been as low as they are HOW ein0c
1885. The average is now $ll AZ per snare lo"ci
than it was year ago, when 1t was already Known
that a great disaster had betallen the crops anu
when the compact of the presidents was SeO d
dream II is not denied that earnings are on the
whole larger than they were year ago, OF uhaC
prospects are much brighter, for not only are
crops heavy, but rates obtainable are hlgher' IL
il be said that stocks are low now because vi
reduced dividends on the decreased business OF
the past year. then Wall Street appears to be ais
counting not the future, but the past
OF course the Street reasons that there Is uuh
business now. whatever may come hereafter. Some
denression in trade certainly does exist and yet
exchanges through all clearing houses outside New
York for four weeks have been but AS per cent
smaller than for the same weeks last year, and IN
Julv 1890 the volume of business In progress
was in every way exceptional The prospect OF a
new tariff made imports extraordinarily large
and many branches of domestic trade were s'lmu-
lated to the utmost. 1t cannot be said that great
stagnatOn of business exists, when the volume Is
so close to that of the largest and most eXcepuOna
midsummer month in our history. But there Is
growing evidence that trade is recovering from
such depression as has existed. Stronger buying
of wool and of woollen goods is Observed par
ticularly at Boston. The Boston Commercial
RIIetinn saws: Many mills that have been shut
down were recently started up Work has begun
for additions to several NowEngland plants.
Knit goods seem to share prosperity with wOollens
and this week five new knitting factories are re-
ported" As to other industries it says Cotton
machinery is generally we'll employed, and five new
r+a1 for hn
shoe factories that were shut down the first week
Of the month have been started up again. The
paper mills continue to 10 a good business. and
some manufacturers are running overtime
The iron industry in spite of its increase of
% 600 tons in weekly output in the month of
June is peculiarly embarrassed by present hating
in consumption. 4 larger demand has been con-
fdently expected about this time, but does not
come. and more than half of the shrinkage from
last year is due to economy of railways and in
ability to sell bonds. The Interstate law makes
trouble the more it is enforced, ana laws and com
missions in Western States make more trouble.
There is less building in progress than last year,
and less demand for structural iron, but in the
main, the trouble in iron is connected with the
market for securities and the corpontion.hatdng
votes last November. Copper is in fair demand.
considering the enormous production. and there is
a larger demand for leather. Anthracite coal is
dull, but consumption continues large. In the
movement of cattle and the packing Of hogs there
is the shrinlSage which ought to be expected after
partial failure of crops and enormous marketing Of
animals last year.
Breadstufrs stronger partly owing to spccu-
Iatiye operations but also because of statements
about failure Of European crops, and apprchen
sion that the attempted corner of wheat by the
lava of taact
effect Wheat rose 3 cents and corn l l.? cents
last week. though oats declined cents. Exports
90 wheat though double last years at this date,
orc NOT vet important, and the present scarcity
81 corn is flt in spite of favorable prospects for
tho LARGEST weld ever recorded Pork products
bovc risen n little, while oil is practically UNI
obongcd Raw sugar is shade lower again, with
ont change in refined Cotton has fallen TO S
ccnts for ,spot, and sales have been heavy.
Though exports continue TO exceed last years, re-
ccipts are three times as large, and the stocks
of American cotton in Europe, on the ocean and
in this country are l,j25000 bales, against
73o 900 at the same date last year, and 1872 900
the wear before Late reports indicate that the
,o,v crop. only a month distant, is rapidly i'm
nroying, and may be about as large as the last
T. is not in the state Of industries or their
rrospects that the causes of depression i'll Wall
Street must be sought, but in financial uncer-
tainties here and abroad. Europe still calls for
gold, and has taken s2'oOo,OoO more last week.
end tbtre is a feeling that the rise in grain NAV
oosily curtail exports of that kind for months.
while stocks Of cotton abroad are SO heavy that
This movement may also he delayed. Meanwhile,
somebody is going 10 want large sums of money
70 carry the biggest crop of wheat ever grown,
and Western money markets exhibit q sharp de-
maud. Bankers do not consider the question
satisfactorily settled whether supplies of money
for the movement Of crops and active trade
will b. Forthcoming, and though money is abundant
and cheap on cali, they lend Sparlngly on time
and with close scrutiny. The public does not
come forward TO buy stocks which strong par
ties have been carrying to the extent of their