New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-13
MONEY AND BUSINESS.

! MONEY AND BUSINESS.
! II the Government report Is correct. ana Tor
once II corresponds fairly well with the OPINION
which prevails In the markets. more IMAM
quarter Of the corn crop has been destroyed III
stead Of considerably over 1000 Oooooo bushels IL
,beso estimates are correct We shall have only
about 800 900 900 bushels and the shortage APP
,.ars n he particulary great In the States upon
! which the country has TO depend Largely FOR hogS
and cattle According to Western reports the
| farmers in these States are giving away their
cattle TO anybody who can feed them ana "h'ie
such accounts seem exaggerated, II appears 10 DE
/ the melancholy fact that the drouth ana not
w,nds have destroyed both corn and pasturage
in portions Of some States. But aiter rsi"H
ahou, Is cents the price OF corn has gradually
receded since Tuesday. perhaps In part because
It is felt that corn cannot long continue dearer
than wheat. The very heavy receipts OF wheat
Mt the West meanwhile strengthen the impression
that the yield this year will prove far In excess
OF estimates based the Government report
| Cotton has alternately advanced and declined a
sixteenth, without any important change In the
| nrospects Mr. Ellisons estimate Of consump-
! ton adds a thousand bales per week for the Con-
! tinent making the total European consumption
! l72 900 bales Of 400 pounds each against 10000
/ last year. but the total consumption OF American
| cotton In this and other countries. has never
reached $500 900 bales Of ordinary weight. and
! the visible supply August 20 WAS l,I95,259 bales,
while the Governmer report for Angus. made
the condition 9ls against s0+ at the same date
last year. With the known increase OF acreage,
this promises a yield equalling II not exceeding
the worlds maximum consumption. and there
f. unhappily not much reason to expect the
maximum consumption OF cotton goods dur
Ing the coming year. The Fall River manu-
facturers have announced their decision 10
| reduce wages and It is now reported that the
hands will enter Il formal protest but make no
resistance at present. II Is clear that strike
would enhance the value OF the enormous stocks
Of goods on hand but the manufacturers do not
seem to be able to agree upon curtailmcnt OF
the output
Sales OF wool were again reduced last week.
though they amounted at the three chief markets
10 1923 400 pounds against l.J10.150 pounds last
year and s220 700 pounds in 1892. II is said that
the markets are unusually bare. and that sales
during the week would have been much larger
II farmers and other holders At the West were
not keeping back their wool with remarkable
unanlmity But II is scarcely consistent with this
report that the receipts OF wool at chicago
reached io60oSl pounds for the week. against
il27 0s9 pounds for the same week last year In
two weeks the sales at the principal markets
have been $3.50 pounds against 5A2s00
pounds last year. and ls557ioO pounds for the
same week In 1892. The demand FOR heavy
weight woollens for mems wear j. not eniirc.y
supplied. but there is no visible change for the
better in the outlook az to spring goods nor Is
any expected until the tariff question has been
settled. Although manufacturers are Offering
these goods at prices ranging 10 to ID per cent
lower than a year ago. therr seems TO be very
little disposition to order at present Some I'M
provernent is seen In plain all-wool dress goods.
in cloakings and in cotton warp cassimeres. The
demand for boots and shoes continues to employ
the works making medium and cheap grades.
and Il Is mentioned that goods costing about 10
cents for mems and 60 cents FOR womens wear
are mainly In demand while the factories pro-
duclng better class OF goods are left with COM
parativey few orders. The shipments from Bos-
ton according TO THE shoe and Leather Re
porter" wer. 90 1855 cases against 620l5 cases for
the same week last year.
The few railroad earnings thus far .eported for
August show considerable decrease, and 1t Is
necessary 10 bear In mind that the earnings IN
August OF last year were s63+iOO0, or IL per cent
less than In the same month Of 1892. The July
returns compiled by The Financial Chronicle,
90, 757 miles and show n loss Of <'sSs6+5 or
2O+9 per cent. although in June OF last year the
decrease on about the same mileage tl.765,52'.
or more than per cent Some allowance must
be made for the fact that business last year was
swelled by the Worlds Fair. but the shrinkage
is nevertheless remarkably large. The returns
OF clearing house exchanges show considerable
gain at Chicago and st. Louis compared with last
year but the aggregate at the principal cities
averages only $4,000 900 daily against l2o 900 900
last year. and l4a 600 900 In 1892 the decrease IN
the latter comparison being 22S per cent.
Only 100000 gold went abroad last week.
and sterling exchange has stifrened with the
price OF stocks. 1t looks as II the advice OF The
London Statist" to let American stocks severely
alone was Of less weight abroad than the pre-
vailing belief that the present tariff would re-
main unchanged. As the question will be decided
soon there may occur a sudden and important
change In both domestic and foreign markets.
and the defeat OF the pending bill may easily
cause some disturbance abroad In trades which
have been preparing to unload large stocks Of
goods this country on the other hand. the
passage OF the bill would probably stimulate a
great Increase Of imports. for a time at least. and
the goods would have to be paid for. the gold
reserve might be rapidly reduced. II is observed
by bankers having numerous deposits OF country
banks that there have been very numerous de-
mands FOR gold Of late. which have reached such
an aggregate that the Treasury will probably be
drawn upon to extent In other respects
the money market is growing more healthy. and
commercial loans are increasing. but IT is Inn
possible TO regard with satisfaction reduction
Of the Treasury reserve to little $50, 900, 900
.-
Captain Devery's Illness def.s the presence as