New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-02
VONEY AND BUSINESS.

The new month Is by many expected 10 ne one
of extra ordinary business. Decided Improvement
over August there should be; last year inc daily
average Of payments through clearing houses
was so 900 coo larger in September than IN All
eust in 1898 81 900 900 larger and in 1892 $4,000
900 larger This year August payments nave
averaged 16S per cent more than last year. but
IS per cent less than in 1892. so that something
Ike two-thrds Of the way back from the extreme
depression OF the August panic in 1893 has al
ready been traversod. But August Is not
month - test business conditions fairly, and In
some important branches trade has been little
better than last year, part Of the payments
through clearing houses always representing
transactions of previous months.
Railroad earnings In August show an Increase
Il only thrce-tcnths Of per cent In the United
States ms shown by "Duns Review the Cana
dian and Mexican gains making up slghtly
larger Increase reported by others. 1t Is always
an open question how FAR earnings are rendered
deceptive by rate cutting. but the east-pound
shipments from Chicago were 1s6.'36 tons IN
August, against l9l.7SS last year and 2O7s95 In
1892 Grain does not move largely. and probably
may not at present West-bound shipments
of merchandise are heavy. but. as always,
amaU COMPARED with east-bound trafic Ire
strong and confident tone displayed by the ad-
vance of 81 Of in the average price of railroad
stocks last week is mainly due to the belief that
the big corn crop will give roads enough to do a
little later. and the Erie plan also melted some
buv!ng on European account. Hope that an
thracite generalization will be stopped by
Reading settlement this month is another ele-
ment. The Trust stocks after drop of twenty
ponts in Tobacco. are pulling up again, but the
reduction in prices Of refined sugar and the new
for hattie in whisl<eV are less
couragng.
cnacuIation in products has some substantial
ha sis and the rise in cotton. about three-eghths
of cent for the week. IS based on the general
belief that the crop will fall 25 per cent short OF
last Years During the crop year which ended
Saturday s750,O0O bales have come into sight.
The most vociferous speculative firm at present
estimates the yield this year at 100000 bales
and the latest reports clearly indicate much
injury though there is always liability to over
estimate damage in August. But there would
me- no cotton famine even then. for the official
returns of commercial stocks here and abroad
are 21OO.53s bales American. which would give a
slpplv Of 1850 900 bales not counting mill stocks
and no one imagines that consumption or Amer
lean cotton has ever been within a million bales
Of that quantity. European mill stocks were
96i 900 bales August J. mainly American ana 90
not appear to have greatly uecreascu JuuslHs
from the decrease in commercial stocks. In this
country 32553s bales remain IN commercial stock
and presumably not less than three hundred
thousand in min stocks North and South, 50 that
the quantity Of old cotton remaining available
on both sides is not far from three million bales.
with a very short supply there could be no
scarcity though producers would get inadequate
returns.
Wheat continues its long reaction from the
advance 10 over So cents in June, and fell 2ts
cents last week TO 657s cents. though Western re-
ceps are larger than they have yet been this sea-
son The trouble Is not much with receipts,
though for four weeks OF August these have been
only slOGs5 26S bushels against 1926 last year,
but with the exports from Atlantic States. which
have been -four included only 1865. $50 bushels in
four weeks. against ll.7Ol,S53 last year Pacific
SHIPMENTS have been more than double last
years and about three times as much for the two
months II Northwestern farmers keep back
wheat until the Argentine and Russian supplies
fill European markets. they may yet have to en-
dure a short crop and low prices at the same time.
Corn has declined but little, though reports the
last week have been favorable. and railroad
estimates are indicated by the strength OF corn
carving stocks ~im advanced again last week.
though closing inactive at 1913 cents and lead was