New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-11
MONEY ANh BUSINESS.

if nothing could check return vi Pi''' ~
lovol Of last year Notwithstanding the pruuen,
realizing of many specul?tors on wednesday an
,rhnrsdav rho market resumed it's upward flight
1 -, saturday closed 81 SO per share higher
cham ,bo week before for railroad stocks haVnhs
oI,.orcod in three weeks So % per share or IL
mon cont while the trust stocks.rose last week
., Ok ner share. making in three weeks Sl' D"
| - el,,ro or 20 nor cent Judging from the
| rico ono miqht imagine that the crops OF 1919
roro fundamentally large. and that business III ali
| branches and in every part of the country was H.
nrosporous and as TO he prosperous as IL was
! in thc summer of 1870, when. with wheat crop
I,r,cr by 10000. 900 bushels, and cotton crop
larrcr by 40 per cent than had been prouVceu III
a,,,- nroy;ous voar stocks started on their rapid
,ise from AN average of $50 to more than S'o PCT
! share. ru
Tho conditions this year are not the same. lhc
! Agricultural Department may lamentably cNag2e-
,,tc the injury to grain and cotton, but 1t Is AT
least certain that the yield of 1898 VIII hot APP
rroach the largest ever known IN either oi 'he
leading staples The official report maze pupho
on Saturday is as gloomy as II II were tHe JUN.
product of Mr. Canmacll, who is said 10 hoiu
! q 600 900 bushels Of wheat ard the other great
specuators who hold vast quantities OF cotton anu
| corn and oats In effect il afirms that an eighth
| q
lv dronth in the month of August. so that thc
vcld with he ONLY 500 900. 900 bushels that l32
nor cent of the winter and spring wheat, or 5O,ooo-
| 600 bushels was also destroyed in the same month
after most of the winter wheat had been harvested,
Leaving no more than 1892 100000 bushels for
! food seed and export that the yield of oats was
also cut down - 900, 900 bushels, and the yield oil
potatoes "a ,O0O 900 bushels, and that the INJURY
10 cotton in one month diminished the yled 50
pcr cent so that 20:, 900 bales less than the crop
| If last wear is all that can be expected these
are the deductions which the official figures WOULD
| ustify if they were entitled 70 entEe con'i'eh".
,nnil for tie country its crops are not destroyed
in thc fields a. easily or often in the reports
Of SPECTATORS or Granger statisticians.
Lat year about this time mon were quoting
tho rcport OF the Department as evidence tha'
fine Weld Of cotton would not exceed o'ooo-
600 bales Thu annual statement Of " Tie tinan-
ci,I Chronicle" Just published. makes the crop
G7i7l4e bales. nearly 20 per cent less than IN
1so1 The loss WAS heavy, bat if the public hil
NOT been doludcd about 70 the price would not
have been lifted 10 ga cents in January, 50 that
o>norts for the year declined ,462, 900 bales 10
4 any $40 nor would the stock of American cotton
IN sipht lern and abroad have been l,'10,js"
| bales Scrtrnbor I, while Europ"H CONSTITUTION
Of all cotton declined oply 10000 and American
consumption only 90, 900 bales. Starting n new
GRO, wear with such stocks III sight, the planters
NAV attribute their calamity in part 10 tine false
statements. Of year 40 il the price OF their
produc, i unduly depressed
The official statements wore ever more success
| fully deceptive last year IN r"sind to wheat am
L,,, .,t,ired a still GREATER loss 10 wheat pro
ducrrs \ year ago the D"partn" MT e'fIindte' Tue
,.;o1 =, l,. than 500 GOc 600 Bushels hut II has
,t,,.ft tl.pt ~ p-f
were, many million bushels too low. and they differ
h,. ?, 600 600 bushels for that crop and the pre-
ccdinc from results ascortaincd. In part occaus"
| nr,.; we're thus hOisted ny deception last year.
IN. farmers have witnessed avrrale prices Tor tue
ro,t y,.lr lto.cthcr the lowest ever knowr ana arc
now confronted with An enormous surplus OF OIL
wheat {, dcprcss the value of their deieien' crop
this year The Department hgiros would MAKE
,lc vi,iG about $4,000, 900 bushels less thln the
ouantitv required for food and seel, and II this
| wore believed 20 b. true, the price would not I've
lower than the lowest over touched uhtil tniS
year Corn has been rrowir- stronger ~" piS'
| We, X a, there is abundant reason Tor D'ii"Nm7
| ,Io, rho vield has been largely reduced by droutl
hut whether as much a the Department r'por''
il uay never b, possible to determine. for thcrc
are no means Of measuring the year = supply as
accur, .cly ~ that Of wheat is measured
If two conflicting sorts Wherever business mates
rccord for itself there is exhibited decline in
co,np,ri,on with last year, except in exports IRON
NcyYork which showed last week gratifying i'll
crease The Imports last week were loss IMAM
half those of the corresponding week last year Ill
value and for two weeks have shown decrease
Of - per cent. The earnings OF nIn"'y-two rail-
roads in August were 10 Il per cent less 'hah last
v,or and for the fourth week of the month earn
incs were Ii per cent less. In" shipments oil
boots and shoes from Boston, given by The Sho"
and Leather Reporter. show d""lih" oi - per
cont The exchanges through clearing houses out
s,I. \rw-Norl for August show a d"clln" OF 3"
n..r cent. and for the first week of September, a
decline of 81 per cent. The sales OF wool NJ the
thrc,. largest markets were only l,21l,900 pounds
for th. wccl, ending Tuesday. against ,cId,soo
last wear. but over 1000. 800 pounds haze sine,
bn,n s,,ld Tho output Of pig iron September !
was only s5.3iO tons weekly. dccrensc OF 2l,ooo
tons I'm August AMI IA decrease OF ?6,o0o tons or
j3 pcr cent sine" May /, and nevertheless stocks
of pr iron unsold increased at the rat" Of 1900
tons weekly during the month. The liabilities OF
firms falling i'm August alone We're greater than
in any entire quarter excepting five during the ra't
sixteen years. according to the estimate of Dun
Co. exceeding S6C,000.o0O.
But tidings of very different and far more cheer
full kind have frightened the dispatches during
tie Iast week in spite of OvcrcnthSlastlc
rcpctitions Of the saline glad announcements day
after day, the dispatches havo actually named
forty-onc establishments which have resumed
work during the past week, eight OF them only
in part. and have also mentioned thrty-three
more which will resume this week or next. Of the
whole number, fourteen are iron, fifteen cot
TON nine rubber, eight knitting. six glass four
banking. three woollcn, three silk, two paper, and
two mining concerns, besides one each in several
other branches. For the first time in over four
months the number of hands employed has act
u,llr increased dining the past week. with brght