New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-30
MONTY AND BUSINESS.


From speculative point Of view. things have
improved When prices rise because the demand
! Is large, that is one thing. But when prices rise
because crops short, the meaning Is quite dit-
! ferent Wheat has made a sharp advance the
| last week as well cotton, both on the theory
/ that the supply will be deficient, and II 1t be true
! that the principal money raising and debt-paying
! crops Of the West and South are decidedly de-
fcient, the buying Of goods from those sections
will not meet expectations There are other In
| dicatons that calculations OF business expansion
have been to some extent overconfdent, and yet
! the tone OF all markets continues decidedly hope
! full.
Wheat Is coming forward more freely, though
! mainly from spring-wheat States. and while the
| receipts at Western centres have been 2l9J7Ol3
bushels in September. against 21,92SSS5 last year,
! there Is an impression that the rush Of spring
| wheat is well-nigh over The Western receipts
since July have been 10 900 900 bushels less than
| last year, or about third and the visible sup
| ply Is not quite 40 900 900 bushels, against over
/ 20 900 900 a year ago. But the Atlantic exports
| have not been helped by the advance of Az cents
| last week and for twenty-eight days of Septem-
Der have been -four included, only 5,599,l79 BUSH
els. against 1852, AL last year Considering that
the first quarter of the crop year has practically
/ ended with Atlantic shipments of only 1SSSS.71
/ bushels, -four included. against 33,433,O4 last
year il cannot be said that the foreign demand
is altogether encouraging. Corn has refused to
advance in sympathy with wheat, and hog prod
ucts are somewhat lower
/ Cotton advanced last week from 81 cents,
/ which was also the price at the beginning OF the
! month"; to S7s cents with constantly accumulat-
/ ing stories of injury. 1t is no longer possible to
! doubt that there has been a material loss. and
/ the estimate of Neill Bros. who were conspicu-
/ ousy accurate In predicting nearly 100OOOOO bales
| last year. Is now received with much respect, al
/ though it indicates 100000 bales, which Is
/ rather more than some other official and unofh-
cial reports foreshadow. The theory that short
crop ought to sell for as much as a large one
would have some force IL 1t were not for the wide
| difference in old stocks carried over. and as it
| stands the average of prices at eleven Southern
markets is row $50 cents, against 592 year ago,
and last years crop little over ten million
bales Of ordinary size. would sell at those prices
for about $50 900 more than seven million bales
at present prices But sooner later the mar
ket will have t. make allowance for the fact that
seven million new bales. with three millions car
ried over Of American, at least 800 900 in ex-
! cess Of the worlds greatest consumption. SO
/ far visible stocks here and abroad have de-
creased only 50,1fS bales since September l. and
! have now begun to increase. and while AL 1903
| bales have come into sight, against 6l7647 last
/ year only SIPS have been exported against 49,
| 900 last year. and only 63.964 have been taken by
Northern spinners against 106 1893 last year Brit
ish exports to India in eight months of this year
| have been 3if 600 600 yards less than last year,
though part of the difference has been made up
| by larger exports to Argentina and Australia.
The manufacturer in this country is still work
Ing up cheap cotton into goods. but jobbers are not
as busy as they have BEEN though their trade is
| fairly steady There IS some difference OF opinion
about the size Of stocks OF goods carried by
! the mills. but It Is believed that distribution by
/ dealers haS been very satisfactory though their
/ stocks were abnormally reduced year or half
year ago. and are presumably larger now. The
/ wool market has grown decidedly more active IN
a speculative sense, on account OF the advance at
/ London. and in dress goods generally the demand
/ Is large because II was too long deferred ana
scsnty early In the season, but expectations or
! better prices for spring woolens have not yet
been realized and importers say they could sell a
great many more goods, but have sold all their
mills can supply Agents of domestic mills COM
plain that they get few duplicate orders, and
many are expecting to ehut down after orders in
hand have been completed. Hence the sales,
10 900. 400 pounds OF which 400 were foreign.
represent considerably more than the actual con-
SUMPTION for the week The boot and shoe manu-
! facture Is also waiting for more orders and new
business Is much restricted by the advance In
price,. although shipments from Boston, accord
Ing to THE Shoe and Leather Reporter, have
been 1926 cases IN four weeks OF September,
against SSs .O97 last year.
For the first time in many months not single
advance is recorded in the representative quota
tons of iron and steel products. although the sup
ply Of Beseemer pig iron does not yet seem To
| equal the demand. II Is remarked with
some dismay that large Pittsburg works
which were supposed to have orders for all
they could do thl, year. are bidding for
small lots in Eastern markets at two-tenths
! or three-tenths Of cent below published
! quotations. and considerable sales OF Besse-
mer pig have been made there % Eastern buyers
At the same time contracts have been made by
Eastern furnaces for $50 900 tons OF foreign ore OF
Bessemer-maklng quality. and a such prices that
1t is believed the iron can be produced for less than
the Plttsburg article now costs. The demand for
finished products appears rather smaller than be-
fore though no decline in quotations is seen. and
| some heavy sales made at the best prices here
tofore reported. 1t is supposed by many that large
orders for steel rails Will be given before long by
the railroads but az yet the business Is quiet a
further advance In anthracite coal 10 accepted rs
evidence that the companies have privately com
posed their differences. and the strike OF Con
| nellsvlle coke workers seems TO be averted
Notwithstanding net exports of S24oo'ol gold
making sl5 97S 347 in September. the stock market
remains etagnant. except for "A very Few specu
| lative fanclcs. Sales OF Nh.skey, Sugar. Gas anc
| Tobacco amounted t. 6Gs.297 shares. and sales OF
four railroad stocks to 3s6,7b9 shares while al
other sales were less than $4,000 shares. Int