New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-30
MONEY! ND BUSINESS.

MONEt .1ND ~ " 'b'''''
At the end Of July the situation is In no ma
tcrial respect better than it was some months
ago. The outgo 81 gold at this time In the year
tells Of a dstrust which Is in Itself danger
That distrus, has its reasons I'm the incapaci'y
Of Congress; in legislation threatening 70 pros
traie industry; In the disastrous consequences Of
uncertainty lasting more than year; In the
lowest price ever recorded for wheat. the crop
upon which Western farmers mainly rely for
settlement Of debts. and nearly the lowest ever
known for cotton; in accounts of serious injury
to corn: in discoveries OF grave misconduct in
Atchison. creating doubt about the fidelity 81
other railway returns. AMI IN knowledge that
labor troubles which have affected business 80
greatly for three months are likely TO appear In
other forms as reduction Of wages becomes in
evitable The delay and the vicious purpose Of
Congress are the root Of the evil, and other
things are results or incidents.
Some encouraging symptoms appear In part
due - belief that differences between the Sem
ate and thr President may prevent any change
Of tariff. During the past week this has been
shown in very heavy purchases Of wool. 9.O34.l09
pounds at three Eastern markets against 2l6h-
800 last year and 9llSj00 for the same weeks IN
1892 Prices were low that failure OF the
Tariff bin was likely TO cause sharp rise. while
the larger manufacturing concerns were confident
that at the worst they would have a chance dur
ing the res, OF the year 70 work up the wool into
goods OF some kind without much loss. The pur-
chases are probably more than double the actual
weekly consumption. which IL larger than has
been expected however. because Of the accumu-
lation - orders deferred by strikes and railroad
blockados Dealers who have waited as long as
they could now press impatiently for such goods
a. they must have for the fall trade and the
clothlrrs are So far behind in their preparations
that 4 famine ~ goods results. In meeting such
orders the mills have more 10 DO than for months
past but there is no sign OF Improvement In or
ders looking beyond this season. In fact. samples
~ spring goods which some makers had offered
M low figures have been withdrawn
The stoppage OF several large cotton mills VIII
help TO relieve the plethora Of goods. and the
r,ccnt reduction I'm prices ~ some have induced
heavy sales 80 that in certain qualities prices
stlnen n little But the 'akings Of cotton by
Northern spnners In eleven months have been
about 620 600 bales. or 30 per cent less than a
full supply, and for the past six months have
been about the same as last year. The shoe
business also inds more orders since the strike
and blockade ceased but still mainly for medium
and cheap goods and within a week there has
been some abatement in the demand for womens
light goods Shipments from Boston in four
WEEKS OF July have been 2sl 100 cases. against
32S. l6i I'm 1892, a decrease OF only 10 per cent.
Recovery IN the iron and steel manufacture Is
slower than expected. and the narrowness
Of demand Is Disappointing. Prices do not
materially change though scarcity of coke still
makes supplies OF Bessemer iron short The
Officially reported production in the first half OF
1894 27l79S3 tons, is smaller than In the first
half Of any other year since 1886. and smaller
than In the last half Of any year except the last.
but stocks were somewhat reduced so that the
consumption in the manufacture was 6,2S2,532
tons In twelve months. against 9,3974H in the
twelve months ending with June. 1882
The reports Of railroad earnings have been
viewed with dstrust since the discovery
that AtchlsJn. statements have been more than
81 900 600 out OF the way. but The Financial
Chronicle reports earnings OF Sl29f022l In July,
and a decrease OF 246 per cent but FOR the
third week only li9 per cent while "Duns Re-
view" giving United States roads separately.
makes their decrease 265 for the month and
1876 for the third week. OBVIOUSLY traffic deferred
by the blockade is just now swelling earnings.
The decrease in payments through clearing
houses Is 1872 per cent for the week and 1873
per cent for the month compared with last year.
and PA per cent compared with 1892. This Is
a smaller decrease than might have been
pected but 1t is stl an open question whether
the enlargement OF business since the strike
ended is more than the effect OF deferred orders
and shipments during the blockade. The ex-
port movement is smaller than year ago, for
four weeks OF July about Is per cent. and the
Imports though larger than for some months
past. are about per cent less than last year.
The decrease has been mainly In dutlable goods.
and customs receipts have been 81. IA 000 against
SIG OS9 900 last year, while internal revenue re-
ceipts have sharply declined since Monday on
account Of doubts about the whiskey tax and for
the month have been s25 975 73O. against $l2.-
1874 i65 last year.
Net exports OF gold Were 1921 1SS FOR the week,
and the Treasury reserve has been reduced to
about $4,000. 900. Further exports are expected
this week. and the heavy internal revenue does
not help the Treasury. being almost wholly In
silver certificates The banks rightly Judge that
Il Is not their business to sacrifice their custom
ers because Congress plays the fool. and IL Sec
rotary Carlisle Is coming hither to beg for an
other temporary advance. some say, he Is
likely 10 be told that the proposed Income tax
and tariff do not inspire anybody with enthusl-
asm. Speculation Is dull. sales OF stocks having
been only 100000 shares. Of which 3i406S were
of Sugar only. and ue.22S Of four trust stocks.