New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-31
MONEY md BUSINESS.

IN" past week has been in the highest degree
hOnorIhi" 10 business men OF the country, ard
especially OF this city. In failures and dcpres-
sion of stocks and wheat the week has been
the worst of the wear. There were but 4sy
failures. against J21 the week before. and
81 failures Of banks against 80 the.
week before but they were rather more importunt
IN character and amount Of liabilities The fall
III stocks was much greater. and reached n more
important class OF securities than in any other
week since 1873. In wheat the lowest prjce
ever mad" WIS recorded here and AZ the West
but IN spit" OF all these facts which il would
b" useless 10 ignore. the soundness Of Eastern
banks and important firms has challenged adj
mlfation, th" paucity of failures among indus
trial works has been especially noteworthy. the
movement Of gold from Europe has commenced in
earnest. and the purchases OF stock, by investors
az" OF encouraging volume.
When stocks fell over s. per share on Wednes-
day there was fear that III" depression of
g<sl -"curitrr largely u-,i I'm lnaiis might
make trouble. So impressive was the stcad-
Hess manifested by banks and dealer, that a
sharp rally the neXt day was natural. and many
believed the lowest point of the year had been
passed. especially ~ Europe and a host OF small
investors here began buying vigorously. But
III" rest Of the week was disappointing and the
avcrag" of prices on Saturday was thrcefourths
OF a dollar per share lower than on Wednesday,
closing at an average vi SAL - for railroad
stocks. fall OF s. 81 for the week and $40 60
for trusts. fan Of 50 SO for the week. The
averag" at the close fraction above IN"
lowest point for the. day. and was exactly the
average at the lowest point of 1884. 50 that
the prices are now lower than at any other
time since early in 'lsi9, before the splendid
effects of spcci" resumption had been realize t.
Many stocks are low, with respect to their
dividends paid in the past, that investors are
strongly tempted. and while those who are first
10 get courage after a great fall are not usually
those who have MONEY boarded in stockings
or deposit vaults, the recent purchases doubt
less bring into circulation considerable money.
and if continued they will at least relieve the
street of part of the loud it has been carrying.
Ever >sincc the deal in wheat early in the
ycli when Chicago WAS holding the price 0
70 II cents above that OF any other market, Fast
or West. sensible men haze predicted "A bad
sinash there. and il cauc last week only SO 3
cents being paid at one time while the price
dropped here to o. IS cents. "a fall of Ii CENTS
for the week. Corn lost bat half a cent. whilc
hogs and hog products lost hut little, and oats
advanced Il little. that il was the weakness
of wheat rIth"r than the scncuy OF money that
made mos, trouble. According 10 reports. on"
or more Chicago bunlis have become 80 involved
through loans to wheat spectators that they
escaped only by heavy forced sales and the aid
which the issue of Clearing House certificates
enabled other banks to give Western wheat
,cccipts were over 4,llG.O0O bushels last week,
with Atlantic exports only 100000 bushels
INF fine Unprecedented stocks left over because
of the absurd speculation at Chicago had cx
baust.d the powers of holders For most of the |
ycpr Chicago has been carrying 90 |
900 boo bushels Of wheat or more, be-
side, owning part of 'Go.oo0.OoO bushels carried
elsewhere and the losses must have been from |
q 600 900 TO $50, 100000. Bankers Of that city |
,yonld have lost less had they refused long
AGO to bolster mp this speculation or else de-
cdcd long aqo TO issue clTring house certiii- |
Gates. ~ they did last week when it was too
late 10 do much good
The stock of cotton in the country has now
,oen whitfield down to 3Ss.Gl3 bales, about
20. 600 the last month. but here and abroad
here are still 100000 bales of American cotton
m SIGHT, against 100000 two years, and Co.,
400 three years ago. This market is stubborn
- il nobody was lending money on cotton and no
,,ills were closing Last week the price yielded
,nly an eighth, though the trlcgra phed crop ne
cunts, except from Atlantic states, generally
ovoralc The wool market was more hopeful
mt without improvement Of price, sales being
mix q quarter Of last years for the week and
rom the new clip sales have been about A.
200 900 pounds, against s,,000,0OO last year.
Dress goods are in better demand but most Of the
.arpet mills have stopped and il il said that the
rade in mems woollens will bc from third to
milf of last years. Fewer canccllItions AZ, noted
Il. I,,. a. Al |
10Th cotton and woollen mills are closing daily