New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-04
MONEY AND BUSINESS.


railroads or industries here, but 1t is the fact
that the home market has been growing weaker
and less ready to absorb the securities sent
across the water The average Of prices Is a
shade lower now than it was early in July. the
rise OF about 81 per share in that month ana
August has all been lost, in spite of more en-
couraging earnings and the apparent success
of negotiations between presidents for more
perfect combination. The railroad earnings APP
proach more closely to those Of 1892 or other
years Of prosperity than they have in any
previous month this year, and 1t is thoroughly
believed by leading railroad men that the new
agreement will be completed and VIII nave
great value All fear that the yield OF wheat
Is as small as was represented by Govern
ment reports has vanished. and it is no longer
questioned that the crop Is the largest
ever grown Yet railroad stocks have declined
81 IS per share during the last week. and about
as much the week before, and were then ABOUT
81 per share lower than they were In August
On the face Of things, present earnings nave
little to do with the matter. and the decline
Is largely caused by uncertainty regarding Ior-
eign speculations and their effect and regard
ing the rela tons Of foreign Powers
Serious fears Of war, said TO prevail in imam
oi,l Orioles abroad would not necessarily de-
press American securities. but, on the con-
trarv. would give them better value as pre-
sumably beyond the influence OF European OF
Asiatic disturbance. were there the oid-ume
confidence in the future of this country IL Is
undeniable that the od-time commence mas ho'
been shown since the financial policy OF our
Government was changed. Europe deligh's III
the success of free-trade theories here, out Is
moi fooled for an hour with the nolloh '""'
Il is going to be good thing for TINS country
II British factories are crowded WIN Ainei'""
orders so that they work night ana day "
catch I'D with them, Englishmen nave 'o'
much sense to suppose that the Aii'e
,n,us con also be equally crowded Neither are
intelligent Englishmen blind TO the rishs u"
,,o,,.d nv n financial policy which yields
deficit. and exposes the paper circu'a''o, y.
,h,s country TO distrust. There Is nothing
strange in the fact that the same Foreign capi-
tarsts. who years ago in every time OF alarm
bought American securities as the pes' III '"e
world. are now selling them IN any time Oh ap
nrebension because European anxiety for go'u
NAV place In difficulty government ~" ''e
a., eropcial nolicy now in force here
rxrort. of cotton reached 632, 46S bales III "
- ,g,inst o21 III last year, decrease Vi
yearly, 40 ner cent in quantity, which means III
i,a ~ an advance from about six 10 elghl ce"''
IN the average export price. decrease OF apou'
90 200 600 in value shipped, or nearly ~ per cei'
The takings Of Northern spinners SINCE oep'.
have also been 93,3ss bales, or nearly ~ pei
cent less than last year. The quahti'y ""'0'
~ ,u,o sioht IN october was 1.722122 bales
against GIG $50 last year. nearly ~ per ce"' e'
hut II is not supposed that the early snlpiie
give any trustworthy indication OF the h'ae'
.. .ho Gran since farmers necessities on one side
and farmers combinations to keep back COTTON OH
the other materially affect the movement.
Neither large nor small shipments unoer sue"
neculiar circumstances, give conclusive eViue"ce'
hut the market has been weaker since "euhe'
dav. with a perception OF the Importance VI
visible stocks amounting 10 -'''-'''' 0'
larger than year ago .
wheat Is still moving freely from the tarhS'
Western receipts having been S7.7o''45S BUSH
o,s 1, eva weeks against 23,6OO.975 last year,
but not freely from Atlantic ports. whence the
axnorts Including -four have been in the same
weeks only 1902 sol bushels. against llIZi3oZ last
vaar II Is noticed that the large exports OF corn
10 90 sol bushels against 4,s23,64S In the same
five weeks last year-must have some influence
T., lassenine the foreign demand for wheat fsu-
mates published during the week have oeen even
larger than before. and the price or corn mas ue-
clined over three cents. AS yet pork anu o'"e'
hog products have been affected comparatively
little in price but 1t is obvious that the abundance
and cheapness OF corn will have controihhs III
duence before long Wool has not quotaoiy
changed in price although che sales nave laiieh
off materially, for holders are still firm In the
belief that the weakening OF prices on the Con-
tinent since the London sales closed can only De
temporary The fact that a good many mills
are closing Is possibly more important than some
operators suppose.
The woollen manufacture is waiting in the
hope that orders for the next season may prove
decidedly more satisfactory because purchasers
Of foreign goods have in so many Instances been
disappointed as to quality. by delay in de-
| Ivory On the other hand there are many
woolen mills which will not venture to start for
the next season without clearer outlook than
they had this year. In many kinds of dress goods,
and in the kinds Of mems woollens which are not
much exposed to foreign competition. 1t has been
an exceptionally busy season. though with ex-
tremely narrow profits The mills which have
felt foreign competition most cannot boast OF
profits at all 1t is probable. The demand for cot
ton goods continues strong In spite Of the recent
break in raw cotton but It Is probably mistake
TO suppose that present prices for goods would be
maintained in any case by the demand although
goods have advanced much less than the material.
A decided Increase appears In transactions IN
iron products but In practically all cases the In
crease was brought about by concessions In price,
which result in lower quotations for Bessemer.
Grey Forge and plates. and in considerable shad-
ing OF other quotations. The nail combination.
which suddenly hoisted wire nails from 80 cents to
| 81 25, and cut nails from so cents to g. finds
the demand so short that the output Of wire nails
for November has been restricted to 100000 kegs,
| whereas the average for all the months last year
| was about 100000 kegs per month. The consump-
ton Is nevertheless large In other forms Of iron,
| and as yet there few signs II any, OF an &C
| emulation OF supply. Meanwhile the general
| volume Of business compares less favorably for
| October with returns OF 1892 than in other re-
cent months The Increase over last year Is 1T