New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-03
MONEY IND RUSINESS.

everybody
higher prices and take larger risks. ana In gen
eral to be more hopeful and enthusiasts But
the time when everybody has this anxiety Is not
the time when business Is at Its best inc
newspapers did no. hevc columns to eNpend IN
telling everybody to I've joyful. nor did business
men feel called upon to cxhilarate each other IN
the glad DAYS Of 1892 or 1850 That business Is
better and larger there is no room TO doubt. But
the actual transactions represented by the Clear
Ing House exchanges at the principal cities last
week amounted to sG7l 100000, against S1Ss'-
600 900 last year. and sS6iOOo0oO In lS9Z Inc
average daily during the month of August was
SIG. 900. 900 this year against slOSoooVoo last
year and $l4s,O0O.000 in 1892. There Is actually
more business than in the depths OF the panic
year ago. and It is not quite four-fifhs as much
as II was two years ago.
In order 10 read the situation correctly and dis
pa ssionately 1t must be remembered that the
averag. OF prices t. about per cent lower than
| It was two years ago. While all manufactured
products are lower. corn and many farm prod
ucts are higher. owing to this years drouth.
Hence the general shrinkage In quantities ex-
changed or transferred may be considered about
a sixth and since the people are eating about IA
much as they ever were, and paying about as
much rent the difference In their other expendi-
ton too. when an enormous volume OF deferred
business is In progress, which the prolonged I'M
certainty about the tariff has kept In allegiance.
Dealers stocks have everywhere been reduced 10
the lowest possible point, and they are now buy
ing ~ the goods which they lack. The heavy
| transactions under the new tariff in imported
goods are also included FOR the past week. and
the movement; Of croos is quite as large as can
be- expected for the season.
Receipts 81 wheat at western ports. for In
stance. wero C32s 300 bushels. against 2e22sol for
the same week last year and during the month
| Of August they were 2e23SO2s bushels. against
| i553i4iS last year. Already the visible supply
| 800 900 bushels greater than at this date last
| year IL about the largest ever known for the
| season and the Atlantic exports OF wheat have
| been less than l6 900 900 bushels In five weeks
against &c 500 900 bushels In the same weeks last
| year II IL not surprising that the struggle to
llf, prices In sympathy with corn has failed and
the quotation for wheat has declined iiv"-eishths
| 81 a cent during the week. In spite Of crazy sto-
ries that 5000 900 bushels per week were used In
| feeding When much is actually used' In that
way the price will be about 20 per cent higher
| than the price OF corn. but the crop Of corn In
| nearly all the States IL quite satisfactory, and
| th. loss Is confined 10 a comparatively narrow
| region The price 4 corn rose about cents last
week but # seems to be- quite high enough TO
| have some reaction. Pork products advanced "A
| little during the week and Will have 10 go con-
| sdcrably higher II the price OF corn Is main
| tanned
| The cotton year closed on Friday with 74159iS
| bales In sight since September !, 1882. against
CJs2 7eJ during the previous year. the increase In
| exports having been $4,000 bales The price.
| 67s cents would appear too low II the con-
| SUMPTION were not somewhat restricted in other
| countries and decidedly restricted In this coun-
| try by the strikes and the curalment Of pur-
| chases for consumption. The demand FOR goods
| has been larger during the past week than for
| some months, and some qualities Of goods nave
advanced a little IN price. but It is still an I'M
| settled question how large part OF the con-
sumption will be stopped by foreign competition
| under the now duties transactions in wool
have been quite large during the week. In part
| on speculative basis. and have amounted to
| 25 600 900 pounds In August. against 3OOWOOO
| pounds two years ago; and Of the popular quail
| ties Of woollen goods FOR spring use large sales
| have been effected In spite Of the Offering of
| foreign goods deliverable after January l. at
| prices which appear impossible to domestic pro-
| ducers WITH the Washington and Waumskuck
mills selling Clay diagonals at so 10 S2hs cents,
and with serges quoted at about the same price.
against 81 10 to 81 20 two years ago. the foreign
competition will not have things all Its own way.
| although very heavy transactions In foreign
| goods deliverable under the new duties after the
| first OF the year. are reported. Prices OF iron
| and steel products are on the whole a shade
| lower Notwithstanding some Increase In the az
| gregate demand. quite a number Of furnaces
| have gone into blast during the past week. and
| yet the price Of Bessemer iron has declined a
| little and finished products are on the whole a
| shade weaker.
Stocks fell last week n small fraction because
| Of heavy realizing and the Trust stocks declined
| about 81 90 per share In spite OF the new tariff
| II IL getting to be the impression that even the
| new revenue law does not quite warrant such
prices for the Trust stocks as have recently pre-
| vailed. Railroad earnings are IL per cent
| larger than last year In the United States but
1913 per cent smaller than In 1892. and this, not
| outstanding "A material increase In the tonnage
transported There is no important change In
the money marLet. but the fact that the Treas
ury has not gained by any means as much as
| was expected either through the withdrawal OF
whskey from bond through the early trans
actions under the new tariff. excuses some sense
of uncertainty 1t is noted that the Treasury
has gained scarcely anything I'm gold notwith
standing its large receipts. The western ship
ments are small az yet. Notwithstanding the fact
that the first Of September usually brings the
maximum movement and the overlooking OF un
used money from astern points continues. which
cannot be considered sign OF health. The note
worthy increase In commercial loans which wa'
observed two or three weeks ago has suddenl,
cea sed. and bankers now conclude that Ii wal
almost wholly for the purpose Of taking good
| out Of the custom house.
! The report that Speaker Crisp is angry be
cause Mr.. Cleveland's deadly blight letter wa
| not addressed to him instead Of to Representa-
! tive Catchings Is unworthy Of belief. Moreover