New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-21
MONEY AND BTSfNESS.

| For weeks past the collapse or the cotton
| boom has been reckoned inevitable, but 1t was
delayed by audaclous buying which may prove
rather expensive. When Mr.. NELL, whose early
estimates OF the last crop were so accurate.
gave out his estimate Of 6SOO.0O0 bales this
year, speculative necessities had compelled the
progressive storytelling to reduce current esti
mates here to a much lower figure, so that this
report gave the market a check. Then the ring
bought more wildly, the transactions became
the largest ever known in single day, and
nevertheless the price halted falling in the
three remaining days Of the week over half a
cent iSales sO-called, in other words, bets, COW
cred 1855 300 bales during the week, OF which
| 119S,7O0 were on January. That future sold at
ga on Wednesday. closing at $685. and sold on
Saturday at $50 after the official close, which
was at $50 The collapse will have TO go
further before exports will become sufficiently
free to remove entirely the apprehension Of
gold shipments.
The Financial Chronicle" with Its high repu-
tation as the best authority in cotton statis-
tics. rarely offers an estimate Of yield, but
this week says: I'VE have taken pains this
week to inform ourselves with reference to the
"extent of the yield. The result Of this examina-
"tion appears to be that the .out-turn cannot In
"any event fall below 100000 bales, and with
fairly favorable conditions there is reason to
"beeve ii will exceed that figure" Many years
of experience have proved the returns Of that
journal as TO acreage more accurate than any
other official or unofficial so that attention
Is naturally attracted to the really wide diff
ference between its estimate and that Of Mr..
Nell. for the latter named 6,SO0,000 bales
maximum, while 1.-THE Financial Chronicle"
names 100000 bales as the minimum. Either.
with the 100000 bales OLD American carried
over. would be more than the world could pos
sibly consume. Early receipts are not very con-
elusive, but only IA per cent less than last
year from September l to date, while takngs
of Northern spinners 23.4 per cent less. and
exports almost 40 per cent less.
Cotton exports are needed because imports
| continue heavy and wheat does not move
freely. In three weeks the imports at New
York have been s7.45 SOB larger than for
responding weeks last year. or over 30 per cent.
and the final returns Of foreign trade for Sep
TENDER, Just issued show increase in duti-
able imports Of over "a per cent. To balance
such a change there is only considerable In
crease in exports OF corn, but for which the
outgo OF breadstuffs would not be larger than
a year ago. Atlantic exports Of wheat for three
weeks flour included, have been 4.55S45S BUSH
els against 7,24S,1ll last year, and from all
| ports the shipments show a large decrease.
The elaborate attempt to induce Western farm
ers to hold back their wheat only inspires
laughter since Western receipts were 1873 900
bushels last week. against 4S39,976 last year,
and for three weeks have been more than so
per cent larger than last year. These receipts
do not include flour. and the quantity ground
at the Minneapolis mills last week was the
largest ever known In any week The spot price
has changed very little though December has
4 Put o,,ita Of ba
enormous yield is shade stronger.
The volume OF payments through clearing
houses averages for October thus far only 73
per cent less than in 1892, and Is relatively
larger than in any other recent month. But
this refers largely TO settlements for goods
dered and shipped months ago. and the ship
ments by rail, indicated by railroad earnings
thus far In October, are 40 per cent larger
than last year. but CT per cent smaller than in
1882. only the Granger roads showing much
increase. The figures cast no light at this time
upon the really vital question. as to the volume
OF new business going 10 the works and mills.
and on that point reports are less satisfactory.
The cotton manufacture seems to be getting
more business than any other, but 1.-The
Textile Manufacturers Journal says the
situation Is quiet, and has been growing more
80 during the last two weeks" The market Is
very firm and the mills are still at work en-
orders accepted when cotton was much cheaper
than 1t Is now. The market for woollen goods
is but moderately active to new business In
dress goods and clay worsteds. but decidedly
inactive in mems woollens. because the ex-
traordinary preference for worsted instead OF
wooen cloths much reduces the aggregate
demand for the latter. and then the foreign
makers have sent hither 273S7i52 pounds OF
wooen cloths in eight months ending with
August against 4294s3s last year The latest
returns show no abatement. but only Increase.
Iron and steel works are busy with orders