New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-12
MONEY AND BUSINESS.

The output Of pig iron has risen about to the
normal quantity in prosperous years. According
to TIE American Manufacturer" Of Pttsburg,
the capacity OF furnaces In blast August l was
49, sos tons weekly which Is at the rate OF 45S913O
tons in a half-year. This quantity has been sur
passed in the first half Of 1892 and in the last half
of 1891 and $780, but II is close to the maximum 1t
does not follow that production at that rate for
the year will continue, as some weakening In
prices-which already appears-may cause few
furnaces to close. but this at present seems some
what unlikely Neither does It follow that the
output for the year 1895, II continued at the pres
ent rate would be the largest ever known, as some
enthusiastic journalists say 1t would be only
SS76.6sS tons for the year. which Is considerably
below the actual output in 1890 1892. though
there is some probability that instead OF reduc-
ton. some further increase In output may appear
before the year ends.
1t is important to observe that this large output
does not result as the greatest production has in
previous years. from a large demand OF the rail-
roads because the output Of steel rails, though
larger than last year. has not been more than
about two-thirds Of the maximum. The enormous
production OF structural iron and steel Is shown
by the record breaking output Of $4,000 tons In
July at the Homestead works. OF which l7,l50 tons
were Of steel beams the greatest production OF
structural products In any previous twelve
months having been sos 900 tons at all the works
in the country. The nail production has also been
enormous. though In the best OF years this does
not exceed about 49, 900 tons Indeed 1t Is rather
a puzzle to account for the great output OF iron
and steel during the last month, unless 1t Is kept
In mind that the July work was largely to make
UP for deficiencies in previous months. Prices
still advance. however, the combinations having
raised bar iron and structural iron and STEEL
while Bessemer Is a shade weaker, though Grey
Forge has advanced and the average OF all kinds
is now 80 per cent higher than the prices OF last
January. and only II per cent below the pricesof
October /. 1892. 1t Is rather the general impress
sion that the rise in prices has reached Its maxi
mum.
much less encouraging statement Is that OF
the Agricultural Department about cotton, which
points to a smaller yield than has been generally
expected The absolute want Of confidence in the
Government crop reports. which has been album
dainty justified by the experience Of several years.
deprives this statement in part Of force, and yet
1t is well known that the plant has somewhat de-
Perforated in condition during the last month
Perhaps 1t is fair TO start with the usual assump-
ton that the acreage estimate OF The Financial
Chronicle is substantially correct, indicating an
area OF about 100000 acres. a thirteth less than
in 1892 Then there is further decrease from S0.4
per cent in condition August l, 1893. to 779 per
cent in August. 1895. II the Department reports
are correct. which Is about per cent more, and
would indicate crop OF less than 6,50o,0CO bales
The markets do not believe In any such decrease
but II is one of the most unfortunate consequences
OF official incapacity that no confidence whatever
is placed In Government warnings. even when
they may perhaps prove true. The price has
risen to ~ cents for spot, In spite OF the enor-
nous stocks in commercial hands here and
abroad. and in the hands Of spinners.
less favorable report to spring wheat at
tracts little attention. because 1t has been gen.
orally assumed that the wheat yield would be
small. II not small the Government had
estimated. Within the last few weeks there
has been rather more disposition to credit the
Government estimates this year approx
:mately correct. and prices have been held back
mainly by the remarkably small Atlantic
ports, amounting for the week to only 740l00
bushels -four included. against 2.9ss.43S bushels
for the same week last year. Western receipts
are also very small little more than a third Of
last years for the same week. and the current
.dea that the large corn crop will compensate
railroads and farmers for short yield OF wheat
Is getting questioned more than ever. big corn
crop IL consumed mainly in feeding and counts
In abundance and cheapness OF meats for the
succeeding year. but does not add more than
two hundred million bushels 10 the quantity
moved from the counties where grown. This
year all indications as to corn are highly favor
able. and II the railroads have one hundred to
TWO hundred million bushels less wheat 10 move,
besides 100000 bales less COTTON the increase In
corn VIII be extremely welcome
The outgo Of gold has not been large. though 1t
attracts n little more attention because OF the
less favorable crop reports. II there is to be
much less cotton and wheat to go abroad, while
corn Is never very largely exported and the
meats supplied by large corn crop will not go
abroad at present there is a possibility that do
nestle exports OF products may prove somewhat
disappointing. For the hrst week Of August and
Tor the month Of July ths exports Of domestic