New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-08
MONEY IND BUSINESS.

~ the fall trade amounts to anything, II Is felt
bv the first week Of October. Thus in ship
ments of goods and In payments through pahks
the increase over September or August should be
considerable although there has been a notice
able decrease in orders for goods deliverable IN
the future But the ca movements at ST.
Louis are smaller than a month ago. ana at
indianapolis just the same; and while the rail-
way tonnage eastbound from Chicago, Is ~ per
cent more than a month ago, and the total lake
and rail tonnage over 10 per cent larger, the de-
crease compared with last year is 81 per cent TOT
the week against % per cent last week, 81 the
week before. IA the second week In september
and 10 the first week The payments through the
principal clearing houses have been llS per
cent larger than last year for the first week OF
October but 22S per cent smaller than IN 1877
and the payments through all clearing houses
in September were slS9,000,00O, or not quite
per cent, larger than last year, but 81 soooooo
or q per cent, smaller than In 1892.
These figures fairly represent the actual state
~ business in It's final stages and In the primary
markets the decrease In orders is perhaps not
more than Is usual at this time Of the year
But there are some exceptions to be made the
orders for steel rails are remarkably small and
IT is not strange, In view Of the report by THE
Railway Age" that only LOO miles of new
roads have been built In nine months OF 1894
the smallest record for thirty years. The de-
liverles of rails for nine months have been
much less than the quantity required for ordi-
nary requirements. and It Is generally believed
that the combination will soon reduce the price
of rails, especially as a new and very large
establishment is about TO enter the field as
comDetitor Other demands for iron products
are Increasing somewhat. but apparently the In
crease in production Is still greater, for prices
decline Bessemer pig sells at 80 90 at Pitts
burg and bar iron at % cents per 100 pounds
The structural demand Is fairly good. and the
phenomenally low prices for such products are
maintained.
Textile manufacturers have good orders for
some weeks ahead but note a recent decrease,
and while print cloths are shade stronger be-
cause the expectation that the strike at Fall
River would terminate Is disappointed. the tone
OF the market FOR cotton goods generally Is less
strong perhaps because the price OF cotton Is SO
low Sales Of wool last week but little
low or than In 1892 hut for five weeks past they
have been 24279 300 pounds. against l7l3s,lI5
last year and 81 1852. 900 In 1892. a decrease In
two years Of 81 per cent II is noticed as en-
couraglng that in the cheaper grades the Amer
lean manufacturers are shutting out foreign
competition qu.,e clearly. and some orders for
foreign goods are said to have been counter
manded since corresponding domestic prices have
been announced In goods OF the better grades
the demand IL still limited The boot and shoe
business continues to meet satisfactory de-
mand. a.d there Is observed little more atten-
ton To the higher grades Of goods. while the
aggregate shipments from the East are prac-
tlcally equal 10 those Of 1892
u begins to dawn on the minds Of many people
that short crops Of some farm products. and low
prices for others. will inevitably restrict pur-
chases Of manufactured goods by farmers.
Though larger estimates If the corn crop are
generally accepted. yield Of 100000 bushels
at present prices would be worth less than 1900
GOO bushels at last years prices. 50 that the
stitching during the past week has been rea
sonabe Wheat came close to the lowest price
over known on Tuesday. but has recovered
about a cent; yet crop Of 800, 900 bushels az
the current price would be worth only as much
as 400 900 900 bushels at the price year ago.
Western receipts are smaller and there Is some
dsDosition 10 reduce estimates OF the yield this
year although the movement since August Is
more than a third larger than TO date last year.
Cotton fell to ca cents, but has recovered a
shade: the price Is about 81 30 per bale lower
than a year ago. that 100000 bales this year
would bring but little more than 100000 last
year II need not be said that the corn. wheat
and cotton growers will he less disposed this
year under such circumstances. to buy products
Of other Industries than in ordinary years OF
prosperity.
The stock market Is in a hole Men have
no faith that It can 60 down much. yet there
IS nothing to make 1t go mp Earnings in the
last week Of September were about per cent
smaller than last year though the decrease In
two previous weeks was about 3S per cent, and
the aggregate for September was 81 per cent
smaller than last year while In comparison with
1892 the decrease l7.5 per cent. 1t Is said
that there IL much decentralization In rates, but
this does not appear from the fact that the de-
crease in earnings is smaller than the decrease
In tonnage shipped eastbound 1t Is stated
that the westbound tonnage Is increasing. espe-
cially In the lower class OF freights. Heavy
transactions in sugar stock have constituted
about One-half Of the market and while there
Is said to have been much unloading by one
two large holders. 1t Is obvious enough that at
the bottom the difficulty is that consumption Is
smaller at the higher price than has been ex-
pected The same difficulty appears in whiskey,
though that Trust Is overloaded with rebate
obligations, which 1t does not seem to be able 10
continue. Throughout the country the money
markets show somewhat increased activity.
though the supply OF commercial paper here is
small Cor the season. and the rates made for
time loans are the lowest ever known. The Gov
eminent Is gradually gaining In gold reserve
which Is now nearly $50 900 000 bu. not because
of customs receipts. which continue scarcely
larger than those of last year. and are almost
wholly In paper.