New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-09-26
MONEY AND BUSINESS

MONEY AND BUSINESS
With the cholera out Of the way. and foreign
exchange 40 low that exports OF gold are no
longer profitable, the business outlook has ma
terially improved. 1t is true that the recent ad-
vance In prices OF wheat and cotton tends TO
check exports, and the probable scarcity of COM
mercial bills that account quickly affected
the rate of exchange which rose half cent toward
the end of the week. but the main fact is that
the outgo Of gold has ceased. Some persistent
panic breeders are still confident that there must
be financial trouble ahead hut their predictions
seem hardly more trustworthy than that OF Mr..
GiTen. who was certain that this country would
have financial collapse and crash in February. The
crop outlook has decidedly improved during the
last week and the actual distribution of goods
is larger according 70 account from almost every
interior city, so that there IL very little TO war
rant gloomy prophecies at present
Wheat advanced over q cent during the week
and cotton seven-sixteenths, but In both cases
the reaction Is from prices 60 remarkably low
that some upward movement should have been
expected Wheat was at nearly the lowest price
ever touched In this market and while foreign
estimates Of supply and demand stu difer
widely; Dornbusch making the worlds surplus
81 900 900, and' Bserbohm only 100000 bush
els IL Is evident enough that 10 any case the
world will want all the wheat this country has
to sell at 80 cents. or less. Exports are light
az present: from both coasts in September. thus
far. only lo,seo.oo0 bushels, against l9,4oo'ooo
las. year, -four included. and the visible stock
Is rapidly Increasing ns receipts from Western
farms are large, but the market is probably
right in the impression that Europe IL going to
pay, during most Of the coming year. more than
so cents for wheat in New-York! although the
pressure Of the old surplus ard the new crop may
for some time keep prices unusually low.
The situation as to cotton is somewhat similar,
though receipts from plantations thus far since
September have been little more than half
those OF last year for the Same time. The crop
IL very light and small receipts create the impress
sion that the decrease IN yield Is 10 be quite large
This impression is worth some millions to the
spectators AID traders, who hold about 6S7,000
bales in this country, mainly of old cotton, which
they would like 10 sell at better prices, and tho
operators on the other side, who hold more than
/. zoe. 900 bales also mainly of old cotton, arc
not at all loath to help advance in prices. AS
the extremely low price thus far has retarded the
movement from plantations, the advance may have
tendency 20 accelerate it, but middling uphnds
at 5-s cents at New-York does not appear very
attractive to the buyers All their organza'ionJ
last year were powerless to keep back cotton when
prices were higher, but organized effort and adj
vice have some effect when the price is extremely
low.
Corn dropped 5-s cents last week, and oats
half a cent the favorable weather having greatly
improved the prospect for corn. If, as some es-
timaIc one such week adds s0,00O,O00 bushels to
the crop. the country may well rejoice in its lib
eral supply of sunshine. Hog products
shade stronger, but hogs were lower and in general
the course of prices, which tended downward
until the latter part of the week, shows some
signs OF reaction. Yet the range OF prices is still
to , per cent lower than year ago, and dur
ing most of the month has been from TO per
cent lower n sudden fall having occurred about
this time last year This fact il to be remembered
in connection with the reported volume of en-
changes outside New-lork which for the month
thus far exceeds that of the same weeks Inst year
by Q per cent. Considering the difference in
prices Of products, this implies volume Of bust
ness 8 TO per cent greater in quantities The
railroad earnings for two weeks Of September
cccd last years by 81 per cent. but the rates
are not well maintained as they were year
| ago. Evidently the railroads moving less
grain and other low priced freight and must
therefore be moving much more manufactured prod
ucts and merchandise which pay higher rates.
The productive industries undoubtedly put
ting out larger quantity Of goods than at any
other time In their history Some kinds of cot
ton goods have been advanced little, but the
most noteworthy feature In this and the woolen
and shoe manufacture is the urgency of demand
for speedy deliveries which presses many OF the
works 10 their utmost capacity IL is evident that
distribution 10 Consumers has been more rapid
and on a larger scale this year than ever before
Sales of wool continue very large-at the three
chief markets since the middle OF May l2s,40O,O 900
pounds, against 13,s00,00 last year-and though
the mills are now better stGclcd than usual, the
sales at Boston last week were 5000, 900 pounds
against 81, 10000 last year. In the iron manu-
facture there is noticed somewhat more llrmness
as to pig and some Alabama furnaces have ad-
vanced their selling price % cents, but no actual
improvement in prices OF Virginia or Northern
iron appears though the tone il stronger On
the other hand there is more irrcgularlty and
rather less lirmness in manufactured products OF
iron and steel, since the great works long kept
idle by strikes have resumed production.
Alarmists dwell much on the decrease in en-
ports which, for three weeks at Ncw-Yorl, has
been S6,420,o00 or 35 per cent. and the increase
in imports, which, for the three weeks, has
been S2,00l 900, or per cent The increase In
imports is quite largely in materials of industry.
A year ago the exports were 30 extraordinary