New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-15
MONEY AND BUSINESS.

that IL fails TO see some other things The fail OF Sill
ver 70 3. sd per ounce with continued gold en-
ports, crop reports not wholly favorable, ana de-
cline in stocks, have caused some disquletude our
ing the last week But the enormous increase III I'LL
ports is much more significant fact, when many
overlook and some labor TO explain away In t"o
weeks OF August the imports at New-lOrK n"'c
been $3O,lOl,4 12, against $l0,7S3,1O3 Tor inc
same weeks last year, a gain of 81 per cent
This might be rcckorcd mere accident, but In the
previous five weeks the imports here
were over S60,7O0,O0O, and the IN
crease over last year 80 per cent.
Exports for tho last two weeks show
decrease of rs per cent following slight de-
crease in July, which is not discouraging IN view
Of the extraordinary movement last year But
last years imports in August were the largest
ever known in that month, and as two-1hiruo
NJ the imports are at New-York, an increase OIL
30 per cent here means something. For ONO
thing il means that depression OF industries anu
prices in other countries is causing an unusual
marketing of products here. The other SIDE Oh
the fact is that American prosperity leads the
peoplc to buy more largely than ever OF foreign
products, in part to satisfy increasing personal
consumption, and in part 10 supply extending
manufactures
This increase of imports goes far to explain
the continuance of gold exports unusually late
The shipmcnts of specie were but $l,474,29O,
gold and silver, for the week, but the outSo oil
gold was attended with reports of foreign sales
of securities and the decline in the average price
of stocks was Go centa per share, almost exactly
one Der cent Railroad earnings are large, thirty
six roads in August showing an increase OF "a
per cent over the extraordinary earnings oil
last year. md in July LAG roads reported by
The Financial Chronicle" showed an increase OF
234 ger cent, notwithstanding that the month
had one less working day and July earnings last
year were 0 per cent. greater than the year De-
fore But Spectators were much impressed by
crop reports and still more by the fan OF silver.
The silver scare is nothing but a scare The
notion that Government is any more likely
TO get into difficulties because it has less money
TO nav each month for the bullion it is obliged
10 buy is not bright. If IL had power to main
tain notes at par in gold, with silver at ood or
4Od. per ounce, it has just as much power with
silver at 81 Esd. But behind the groundless
scare there is the fact that imports of products
are unprc ccdented and there are some imports
OF securities also. because Europe is straltened
by last years crop failures, and meanwhile mer-
chandise exports must be expected to fall below
the volume OF last wear Instead OF receiving
large sums from Europe this fall, the country
chandisc That would not break the Govern
mcnt but it might break the market
The other fact which counts is that crop reports
do not promise the railroads a traffic equal TO last
years The Produce Exchange estimates the yield
of wheat at 52o, OOO. 900 bushels which would eX-
coed all demands but exports will not require 80
large a movement to the coast. The estimate OF
corn 726, 000, 200 bushels would leave but little
for cAport though with last years surplus perhaps
enough for feeding The estimate Of oats, 64i,-
| 600 600 bushels, means some decrease in tonnage.
| rncn the cotton estimate forcsladows large de-
crease in yield. Cotton declined al eighth during
the week, with better reports from the South, ana
| on Thursday the quantity which had come INTO
| sight since September passed 100000 bales
| The stock OF American IN sight Is still 992,oOy
| bales greater than last year, l,74l,OOO greater
than at date in 1890, and l,752,oO0 greater
| than in 1889. Wheat is moving fairly, Western
receipts in five weeks being 22,O0o,O0o bushels,
against $4,000, 900 last year, but August exports
thus far are but 100000 bushels against 5000
| 900 last year. and the price declined fraction,
oats also falling a shade. Lard and petroleum
were a little stronger.
The COLLAPSE of the house building strike here.
| and the settlement between iron mills and workers
| at Pitisburg Will revive activity IN one great
| branch Of manufacture, though the struggle at
| the steel works continues The output OF iron
August was j,l3 tons, against lGv,l 81 July /,
hut Southern sales Still deprcss pig-iron. while
| manufactured products are strong with a large de-
mand All otLcr branches OF industry are doing
finely, with orders increasing in woollens espc-
| cially from the Vest cotton mills and shoe shops
pressed for speedy delivery Of goods, and strong
markets for lumber here and at the West Nor
does the outgo Of gold affect the money markets.
| which are more active but well supplied at the
West. while at the East the supply is abundant
though the Treasury took in nearly S2,oeo,ooo
more than il paid out last week
| In view of the alarm which some are disposed
70 foster +, few comparisons may be timely The
| three months from the middle or May 10 the
middle OF August are always trying to business
because OF crop uncertainties, but especially IN
Presidential year But in that period bank
clearings have exceeded last years per cent,
and in half Of August II per cent railroad
earnings show gain of 3.s per cent over last
years large record The weekly outpout OF
iron, in spite Of strikes, has averaged for three
months I67,1O7 tons weekly. against l63,3l2
| last year Sales of wool at New-lork, Boston
| and Philadelphia for three months have been
| s3sO0OO0, against 62,S00,000 pounds last
| year, an increase Of 80 per cent Iaklngs
of cotton by Northern and Southern spnners
| in three months have been 2Is,l49 oa'S,
| against 230,7S2 last year, gain Of 10 per CENT
| Shipments OF boots and shoes from the East In
three months have been 1,014000 eases, against
| Oh 600 last year and $4,000 in $500, wheh
| the output greatest, the gain being IL ana
| per cent Cattle receipts at Chicago In three
months have been $4,000 head, against 1oS,ooo
last year, gain OF nearly per cent The IN
crease in imports has been less than per cent
for the period, but the increase in exports has
been about per cent Last year in that period
close to 100000 in gold went abroad, but
| this year about S27I00,000. 1t is not out OF
| place to add that year ago there were fears OF
| a Democratic victory and free coinage.