New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-03
MONEY And BUSINESS


! MONEY And BUSINESS
| 1t would be pleasant TO record general, steady
and solid Improvement i'll business. But
! legitimate business needs the naked truth, AMI
il is the truth that monetary strinScncy through
ont the country has not yet materially abatcl,
while there is more cmtailmcat Of business IN
leading branches than there was one week or
| two weeks ago. The theory is that foreign
capital will come here in any amount soon
as the silver peril is removed but first, bust
ness is now affected as much by uncer-
tanty about the tariff by uncertainty about
silver: and second, there Is no ground for con
f,lencc rs vet that cessation OF silver purchases
will hc secured without other monetary changes
enually or pcrhap, even more calculated to nourSh
distrrlst at HON. and abroad. IL l. not II week
since Secretary Morton, of the Cabinet, was
setting forth reasons for believing that unllmltci
State bank Issues would be harmless and would
suffice to reconcile men TO the suspension OF
silver purchases
The situation must he judged. rs usual, IN
the light of known facts. During the month
of June the volume of domestic trade mcasni"'
by Clearing House exchanges outside Now YORK
has been II Der cent smaller than in June, lS92'
AZ navmonts on account Of Transactions four
70 six months ago were probably larger than
similar payments last year, 1t s""ms reaSohaple
10 suppose that the dccrcas', in new business
during the month of June was moro tiah !
rer cent Railroad earnings thJs far reported
nv The Financial Chronicle for June are
slightly larger than for the same moh1n i's'
vcar in part because of the travel tho World :
Fair has caused The coal traffic has been large
but the grain traffic smaller than a gear ago. ana
! -. md pnft Inn
smaller.
or rho Great industries tho cotton manufacture
kos N. least uniavorablc report but within the
| last vceli priccs Of blcachcd goods have been
generally reduced. and while stocks on hand are
not large trade is unusually dull OF the woolleh
manufacture no improvement l. reported though
a little more inquiry for wool is seen at Phila-
dcphia and Ncw-l ork, wbilo sales at boston
| AR. less than half those of th" same week last
year. and on the whole the price of the STAPLE 10
Is said, has never before been 80 low. In dress
goods there is nothing doing except upon past
orders and business in mons woollcns Is distlh'ty
less than 10 was two weeks ago. IN" ulark"ts
have broken away from opening prices. ana TO
ductions of : 20 II per cent are recorded. ohe
trade journal Of reputc says the buslh"Ss Is
nearer actual stagnation than ever before at
least during the present gencration, and another
report states that this is the most trying period
the manufacture ever experienced. Clothlcrs are
selling fairly woollen goods ordered and manu-
featured months ago, and III" retail business Is
fair, but new orders for goods are curtaI'd Tor
the obvious reason that no one can tell what
duties or markets may be i'll months TO come
The Shoe and Leather Reporter states that
the demand for boots and shoes is slacHcnlns,
many shops having closed and many more work
4 chi, naRp
fall behind those of the same week last year.
The iron and steel business shows II demand
smaller than tho supply, although the stoppagc
Of many works has largely reduced the produc-
ton. Within the last week the great Illinois
Steel Company has closed its works. and another
establishment in Milwaukee, and prior TO June
there had occurred, according to The Iron and
Steel Bulletin thirty-two failures i'll this de
partmcnt OF business, Of which it gives a list.
Prices are about the lowest ever known, and
vet the uncertainty is so great that there Is
little buying Structural mills still fairly
clnployed and plate works hold up well as
any but business as q whole has been sharply cur
tailed
During the last week wheat has sold here and
at Chicago at the lowest prices ever recorded. but
a sudden speculative rise occurred at the end OF
the week just in stocks. apparently prompted
by the belief that the extra session would make
money easier Western advices regarding the
coming crops are increasingly favorable. Oats
also have fallen sharply, but corn has been
singularly we'll supported. The decline in pork
products has been large, and oil and coffee are
lower, while speculation has sustained cotton as
high as il was Il month ago, in spite Of monetary
pressure and enormous stocks. Tie quantity Of
American cotton in sight here and abroad is now
coo, 900 bales more than it two years
ago, and l,lOO, 900 more than it was three years
ago. Imports both Of cotton and wheat have
been fairly large, but higher prices will not tend
to encourage them
The review of facts indicates that some measure
OF safety regarding the future Of industries is at
least as necessary as some settlement of the silver
question but for the moment the basinrS, worll is
much encouraged, brcausc it rccions that naiI1al
troubles are virtually ended by the calling of an
extra session, and Ivy the action Of the banks in
taking out certificates. Actual shipments of
money TO the interior during the week were
about SJ,4jl 900, and the demand for rcdis-
counts does not Cease. Although stringcncy has
sniiccd to keep the rate of foreign exchange down
10 about the ordinary importing point
the refusal Of the Bank of England TO furnish
bullion or American coin has prevented shipments
as yet. With any sustained improvement of con
iid"ncr in the stock market it might reasonably
be- expected that foreign purchases of American
srocks would suiic" to start gold moving this way
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