New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-23
MONEY AND BUSINESS.

.,oriecant fact though men may diner widely
about It's meaning. Possible explanations are "
that the Government has decided not to orer
bonds at present, or (9 that the syndicate VIII
not take bonds on terms which the Administrator
ia now willing to make, which Is somewhat prop
able or 60 that the syndicate, as hitherto organ
lied, with the same members or powers IN con-
troll or division OF profits does not seem 10 so"e-
body the most convenient or profitable instru-
ment for the next task to be undertaken. Al ~
more than likely that the Administration has In
view some step which 1t will find not prac'icao'e
or possibly not desirable to undertake with the
past organization of bankers. 1t does not ioho"
that different or perhaps more secret compiha-
ton may not hereafter negotiate for bonns' Inc
transaction was not a losing one. as some mag
,ned Lending ss51175 500 to the Government Tor
about seven months, the syndicate made sASSo-
21a besides S4SS3Sl commission to the managers
and about 1894 430 expenses. Then all the MEM
hers who chose took the bonds at 1l225 TOT tne'r
own account and realized the profit as the mar
ket advanced to 1874 closing after many reaiiza-
tions at 12lh on Saturday. How much or th's
further profit OF about Sc, 100000 has been reaHeo
by members Of the syndicate no one KNOWS i"e
Government did not get It,
There Is some reason TO suppose that the fres'-
dent Is reluctant to repeat just al this u''e al
operation in which the Government sells oo"u'
at II cents on the dollar less than their present
market price There are also bankers VINO oe
Ieve that the Treasury will not be Obliged 10 DOT
row again until next year, and the exports Oh
gold were less than half the amount expected last
week only 81 672 032 net, against Sl3oZ'oso IN the
previous two weeks and N5,l5s,7S2 IN August
This is highly encouraging, and also the iaii OF
exchange. though It is supposed that prospects OF
a closer money market, with increasing demands
for crop moving and other business purposes
were the most potent influence But there Is sun
some uncertainty as to the outward movement OF
products and also as to the movement OF securi-
ties
The cotton market has grown about an egh'"
stronger for futures not changing for spots.
about seven-twelfths Of the sales being for Janu-
arv delivery The exports for the week have been
less than half last years. and for the month
barely half and the price here is at least 81 per
hale above the price at Liverpool. Whether liv-
erpool will yield or New-York Is the question.
Iverpoo has I'm its favor the certainty that about
275 600 bales American cation were In commercial
and mill stocks abroad September ], while the
New-York price has in its favor the continuing
reports OF injury and low crop estimates. The
crop is certainly late, but coming forward now
more freely so that 244,S S9 bales have come INTO
sight since September l. against 365,3s4 last year.
Northern spinners have taken but 33.Sl9 bales,
against 1903 last year. The decrease or Foreign
commercial stocks, $4,000 bales since September
l. indicates that foreign spinners nave been Duy-
Ing at foreign prices about as much as they nave
consumed while commercial markets are buying
little at the prices here. The crop news OF the
week has not materially changed the prospects.
Western receipts Of wheat have grown larger
than last years. for three weeks Of September be-
Ing 49, 79 66l bushels, against l649l629 last year.
but Atlantic exports for the same weeks were only
3941 6s3 bushels. -four included. against 762l9S6
last year For the crop year thus far the Atiahtlc
exports have been IT, 23l .2s5 bushels, against 3D.
SOP 6ls last year. The large shipments from the
Pacific coast often overlooked In comparison. help
as TO International exchanges. but not as to At
lantic markets The enormous receipts Of spring
wheat with many railroa and other reports from
spring wheat States tend to confirm larger est-
mates Of the yield, but by the same reasoning
prospects as to the outcome OF winter wheat are
not frightened The price declined last week only
half a cent Corn declined slightly, although re-
ceipts are large, for exports are also large.
Confidence that gold exports had ceased gave
greater nee agth to stock speculation last week.
though trengt shares Of four trust stocks were
sold at a,749 verage advance Of SO 81 per share,
an average advance Of 81 Is per share and only
457 81 shares Of all other stocks average ad
vance Of 81 O6 for railroads and 81 81 for trusts.
The earnings reported grow better. showing a
gain over last year for September Of As per cent,
though still Is per cent below those Of 1892. The
large corn crop begins 10 help some roads In the
southern part OF the corn belt.
Some OF the most conservative authorities re-
port distinct halt In the demand for iron and
steel products. as a result Of the long-contnued
rise though on the other side IL Is urged that the
works are full OF orders for the present and that
the scarcity OF Bessemer seems to render still
higher prices inevitable. Still, prices advance
the whole, plates having risen this week 81, COM
mon bar 81 per ton, and Gray Forge at Pittsburg
40 cents, though Bessemer pig has declined about
80 cents partly because Of contracts TO produce al
Eastern markets from foreign ORE and partly be-
cause Of some purchases for importation from
England. The bulletin Of the iron and steel as
ISOLATION has printed elaborate comparisons
showing that tin plate bars black plates for tin
ming and tin plates angles. tees and beams could
all be imported current prices. and steel rails
are added TO the list by the recent advance. The
general range Of iron prices has risen over per
cent since the last week OF August SO per cent
since March J. and is now nearly fifth Of per
cent higher than It was October l. 1892. The
minor metals are q shade weaker. Coke scarcely
advances yet. though production is pressed to
the utmost to anticipate the threatened strike
The boot and shoe industry clearly suffers from
restriction OF demand by the rise In prices. While
shipments from Boston. according to The Shoe
and Leather Reporter" have been 22699l cases in
September. against PSI, last year. many con-
Germs are nearing the end Of contracts received.
and some have stopped or cut down their forces.
The cotton mills doing well with rising prices,
and a threatened strike at Fall River seems to be
averted In woollen manufacture the demand for
mems goods Is still restricted and uncertain. par
tcularly In medium grades. and the complaints OF
under valuations In these and In knit goods are