New-York tribune., 1895-08-26
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Grain looks better and is SO far out Of harms
way that a large yield Of corn and spring wheat
is considered safe. Accordingly the Granger
stocks have advanced while wheat and corn
have sharply declined. The usual wide varia-
ton OF opinion continues to the outcome OF
wheat but Il looks safer than II was a fortnight
ago 10 count upon considerably more than four
hundred million bushels. and Western receipts
have materially increased, although they amount
to only $50 1863 bushels ior the three weeks OF
August. against l6.S O32 last year and about
twelve million bushels for the crop year, against
29OOO.OOO last year. Ii farmers are generally
holding back for higher prices the export de-
mand from Atlantic ports taking only 2.99o'2S5
bushels flour included against S.43O, 73o last year.
does not help them, and wheat meanwhile goes
forward largely from Pacific ports The price
fell 3ss cents with profound disregard OF the
Hungarian estimate OF the worlds Yield for II
the best authorities in this one country, with its
exceptional facilities for getting Information,
cannot agree within 40,O00.000 bushels about us
yield. pretentious estimates for all coun-
tries. including crops not yet ripened. may be
considered mere guesses. Corn also feil three
cents, and all the prospects favor maximum
crop.
The stock market scarcely worth the
name for the seven largest sales of railways a2-
gregatei only 364 600 shares. but sixteen stocks
out OF sixty rose over one point each. averaging
almost two points, so that the general average
rose 50 cents per share. With Tobacco and Sugar
breaking Trusts fell an average OF 81 y per
share sales of four stocks aggregatng 'S2'oSZ
shares, but nearly all partook in the decline.
Railroad earnings for August within the United
States are 4 per cent smaller than last year and
l56 per cent smaller than in 1892 though with
Canadian and Mexican gains over last year in
cluded a small increase appears. Coal stocks
we're a shade stronger, with better prospects for
anthracite and less Generalization In price.
Foreigners have not been doing much In Amer
ican stocks though buying bonds still, but
on the whole their operations have probably not
balanced resales of Government bonds to this
side.
It Is the general impression that exports Of
gold are about over, though larger last week
than before. amounting to s41162ss net and in
four weeks to sl1O74Sl4 net. But It is not neces-
sary to infer that payment for bonds has much
10 do with the movement. The imports Of mer-
chandise at New-York for four weeks have been
,41 1871 9s3 against s33 1868 632 last year and SOL
$40 in the same weeks OF 1892 and at that rate
the total imports for the month should range
from $50 900 900 10 SCI 900 000 On the other hand,
exports Of products from New-York have been
81 300 900 less than last year. and *6,2O0Ooo less
than In 1892, while exports Of cotton outside OF
New-York have also been smaller. and the facts
indicate a total export of s56.DO,oOO TO Soooooooo
for the month. so that there would result some
excess Of imports besides the heavy undervalua-
tions and interest due abroad. Presumably 1t
will take more than sll0OoOoo to settle foreign
balances the month. without regard to the
security movement. AS to the coming month. 1t
&c uncertain how the balance Will stand. as much
denends upon the price and the yield of cotton.
Stocks II American cotton held abroad are
$40 900 bales. against $4,000 in 1892, and the
European mill stocks. $4,000 bales August l. are
also mostly American. Reckoning three-quarters
Of these and reducing to American weight we
should have about 2459 900 bales of American
ohroad The American commercial stocks. 33iO'y
bales are almost to bale as much smaller tnan
IN 1892 as the foreign larger. but here also the
mill stocks are evidently large, for while North
ern mills have at no time exceeded the maximum
consumption and for half the crop year ran at
least 10 and probably 10 per cent below 1t. they
have taken from the market $4,000 bales more
than their consumption in any previous year be-
sides the 1900 bales they held year ago This
would indicate abou; 2s5.000 bales held by North
ern mills. making over 100000 bales American
unconsumed on both sides. in addition 10 what
ever may be held by Southern mills. whether
the quantity Is a little larger or smaller. 1t Is
enough at all events to hinder buying at ad-
vancing prices until the extent OF new supplies Is
more definitely known, and therefore heavy ex-
ports cannot be expected soon. The price rose
quarter last week with less favorable reports but
estimates Of yield as late as this have repeatedly
proved much out OF the way. though material
decrease seems as certain as II Is desirable
The rise In cotton helps manufacturers, whose
supplies were bought months ago and goods con-
tinue to advance. The woollen mills are not
helped by the stiffness of wool markets al the ad-
vance Arrivals OF foreign goods continue large
81 36S $50 last week against t7S3959 In the same
week Of 1892 and In four weeks s52Si. 7s7 invoced
value against s3,699. 400 In 1892. Considering cur
rent accounts Of undervaluation receipts OF for
eipn woollens must be over rs per cent greater in
actual value than In any previous year. The
Textile Manufacturers journal states that i'm
porters have obtained fully 60 per cent OF the
"orders placed on worsted goods by manufactur-
ing clothiers," and that in quantities OF cloth the
increase over 1892 has been ISL per cent. with an