The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-07-30

The New York Stakeholder in it's review
of last weeks market says: Conditions
have not improved, but are SO unfavorable
as to cause everybody to wonder at the APP
parent stability Of prices When weakness
develops it is isolated. Strange to say, it Is
usually confined to some helpless stock
which long since reached such depths as to
render any further decline improbable. The
better class of stocks are steady, but there
is no business.
Whenever activity interVenes it can
hardly fail to usher in a lower range OF
price. for such stocks as the Changers.
The surroundings Of and outlook for these
properties are bound to establish their final
status. AT present, for some time past,
their strength is artificial while their earn
ings are a legitimate influence for depres-
sion and must sooner or later become eff
fective. AS to St. Paul. it suspended divi-
dends once with wheat on the dollar basis.
How can it maintain them now with wheat
at 80 cents?
''Despte confident assertions that the diff
ferences between the senate and house
irreparable, it seems probable that the
country wal get a tariff bill. II may take
time; it may come sooner than expected.
AS to general business the settlement of
the question should have a good effect.
Speculatively, it's influence for good may
have been somewhat impaired by delay.
THE events OF the week We're the renewal
of gold exports and the heavy decline and
new low record for wheat fOreshadoWed
here a week ago today. Two things closely
linked are low prices for farm products
and exports of gold. Only few years ago
every million bushels Of wheat sold to Eu-
rope counted FOR $l,00O,OOO on the creQit Slde
of the ledger.
But that was when wheat sold on very
different basis-on the dollar basis. With
the cereal selling at tdewater at 81 cents
a bushel, cotton at cents a pound, money
unlendabe at l per cent. and Europe a
seller of bonds, it does not appear that gold
shipments, which are likely to be liberal
again the present week, cali for surprise.
"On the stock exchange the week one
of remarkable dizziness in railway shares,
which increasing stagnation left at the
close perfectly lifeess. 1t was in fact, the
dullest short session ever known with deal
ings apart from the Industrials practically
nil 5000 shares, while IN the last named
group manipulation pulled the usual wires
and made their total 81 600 shares, with SD
gar the feature.
"Everything indicates continued quiet and
no Improvement in the business situation.
Saturdays bank statement, with it's insig-
niftcant changes, shows general apathy.
Anticipated enlargement of activity to fol-
low the settlement of the strike could not
have been realized to any great extent, for
bank clearings further shrank $42, 100000.
The total for the whole country was only
$S53 100000, a decrease of $li4,OOOO0O com
pared with 4 year ago. OF this loss q per
cent was in this city. 1t will be seen, there
are that trade continues staenarlt though
now and then in some special branch-Iast
week it was in dry goods-tnere is a squirt
of ACTIVITY: as result of a cut in prices:
RAILWAY tonnage has been light dis
tributions of the three important cereals
betwaen western primary, markets last
week having been 5,150,000 bushels, against
8, $50 600 year ago. New wheat began NOV
ing freely, but deliveries OF corn ana oats
were very light. AS to earnings, the rec
ord is very bad.
THE Chronicle reports that returns for
thirty-nine roads the second week in July
show decrease of nearly 10 per cent But
this does not cover such important systems
as St Paul and the Atchison. The former
postponed the publication of its July earn
reported Saturday for the second week
loss of $4,000 Although St Paul is not
included, siXty-seven roads the first week
deer eased over 80 per cent
Imports of dry goods and general mer-
chandise at 600 Were $2O00,OQ0 larger
than q year ago. Exports of cotton were
only onethrd as large as week before last,
amounting to 5000 bales, against $4,000 in
1893 Receipts fell off 49, bales, only 1900
coming to the ports compared with 1l,O0O
a year ago.
Another sixteenth was knocked off the
price of spots. which ended at 1-16. Bril-
liant crop prospects and dizziness in trade
were the depressing features. 1t is early
to talk about estimates, but If present con-
ditons are maintained there Is no reason
to doubt but that Texas alone will raise
$50 900 bales.
There was very considerable falling off
in the exports of breadstutfs or wheat
and flour only 1873, 600 bushels went out,
decrease from the previous week of about
400, 600 bushels and of 3,250,000 from last
year Exports of corn were likewise very
small, decreasing about 80 per cent, com
pared with week before last and were l,0oo-
900 bushels less than a year ago