New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-28
MONEY AND BUSINESS.

The sensational break In cotton has dlsap-
pointed the Street. because It has not brought
out the expected supply OF commercial bills.
nor much Increased exports. which are sui
almost 40 per cent smaller than last year Tor
the cotton year thus far. Indeed, the cotton
exports last week ~ per cent smaller
than last year Takngs OF Northern spinners
are so far q per cent smaller than last year.
while the quantity which has come into sight
IS 70 date only II per cent smaller. Mr.. Eli
son. In his annual circular. agrees with Ihe
Financial Chronicle" in estimating the Ameri-
can Weld at 1000 600 bales, and calculates that
$500 900 will be required for consumption here
and abroad allowing for a large increase here
but he corrects his estimate OF consumption
in Great Britain from $1,000 TO 1882 bales
weekly for the last year. The transactions IN
the market last week had remarkably little
TO do with production or consumption In the
week ending with last Friday just 2.S91 bales
were sold for consumption. while the so-called
sales OF futures were 2.742. 500 bales. and APP
proximately the same ratio. 1000 bales magma
ton for one Of cotton. has prevailed through
out the season. In eight weeks 1871 bales
have been sold to spinners, but OF futures 3D.
GIG GOO bales. nearly twice the whole supposed
crop. Eight weeks ago middling uplands sold
nj 81. cents. and on Thursday last at 81 cents,
since rising an eighth.
Interest has been much engrossed by the
cotton market because 1t was strongly hoped
that a decline would terminate anxiety about
the foreign exchanges. But the continued
strength OF exchange has been disappointing,
and there are many now who believe that
exports OF gold may not be long deferred.
Apparently the Kafir liquidation Is one i'm
portant cause Of the constant current Of Amer
lean securities returning this way. and 1t Is
natural that dsappointments about railway
management. earnings and United States wheat
or cotton crops should increase the on
dency to unload. But the fall has not been
severe. averaging for the week only half a
dollar for railroads and about a dollar per
share for trust stocks. Moreover, earnings are
distinctly more satisfactory than in recent
| months for the increase. compared with last
| year Is a little better. and the decrease, COM
| pared with 1892. little less. and II Is an en-
| couraging fact that the eastbound tonnage
| from Chicago increases. as grain Is now NOV
| Ing in large quantities. Yet IT cannot be said
| that the railroad returns have answered ex-
pectations based full crop estimates.
| The movement OF wheat Is remarkably
heavy. receipts running about 100000 bushels,
| against 100000 last year. and in four weeks
% &C., 3s bushels. against 19.O77,O4s last year.
| For the whole crop year since July l, the re-
| ceipts have been only 100000 bushels less
| than last year, and such facts are shaking
| the faith Of those who have relied upon Gov
! eminent estimates and have expected a small
| output on the other hand the foreign de-
| mand has been disappointing the whole season,
at least az TO Atlantic ports, and exports
thence for four weeks have been only 5.734,5i2
bushels, -four included. against s.ls5.o4o last
year II is explained that more full supplies
are now coming from Russia and also from
| Argentina but all this was pointed out as a
natural result while the price was being
hoisted 20 cents. Yet the market has been
taking a new start upward the last week, on
the strength OF adverse reports about the
next crop which IL pushing the business OF
gambling on futures possibly about as far as
II Will go.
Several good contracts for iron and steel prod
ucts have given that industry a more hopeful
| tone and Bcssemer pig has advanced to *l5 70 at
Pittsburg But Grey Forge and billets have not
risen nor foundry iron at the East and plates
are a shade lower. while II is understood that cur