New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-17
MONEY AND BUSINESS.

II Is safe to say that Mr. Bryan did not mean
by his great effort to hoist stocks for specula-
tors In London NewYork. but he did II, all
the same. He did not mean TO make failure SO
dismal that friends and foes alike would be
completely disilusioned regarding his possible
potency as a champion Of the silver cause, but
those hated goldbugs Of Wall Street would to-
day be pleased 10 pay him a good salary and
expenses for keeping himself on View and on
tap until Election Day. His friends may not be
astonshingly bright. but they know enough 10
direct him to take a season Of entire rest and
secusion The truth Is that Wall Street was
unreasonably nervous about this invasion. IL
had a notion that the orator who had captured
a Democratic Convention by accurately repre-
senting It's temper might produce some thauma-
turglc change in public opinion by a speech to
the mob in New-York. That was because Wall
Street had never put Bryan's speech on the
apothecary's scale, to see how light 1t was
The apprehension being over. stocks mounted,
railroads an average of 81 per share and trusts
50 90 per share which confirms the judgment OF
a week ago that prices were then unnaturally
depressed. There are still some who argue that
the entire season until the Presidential election
must be disturbed by a succession of such
rather groundIess rights. That does not alto
has been sized up and is found a very small
quantity. The chances are that confidence Will
steadily grow from this time. With Sherman at
the West Bourke Cochran here this week, and
President Harrison soon, public opinion is likely
to appreciate the weakness Of the silver cause
and when that happens men will begin to set
their houses in order for revival Of business
The politicians have plenty Of fighting to do yet.
but the business world has taken the measure
Of the opposing forces and begins to guess
what Will happen.
fact tending strongly to help business,
though not the Treasury, is the sharp decline
of imports which have been for two weeks OF
August $1j,0O7,347 at New-York against $21,-
60l 16S last year. decrease Of rs per cent. In
drygOods the decrease for the same weeks was
over 23 per cent At the same time mer-
chandise exports increased though only per
cent for the two weeks. 1t is not the time for
cotton TO move much, although the crop is from
two weeks to a month earlier than usual, but
Atlantic exports Of wheat were for the week
nearly 60 per cent, and for the crop year since
July l about SO per cent larger in quantity than
a year ago. Domestic trade does not gain as
yet nor could It be expected to with the money
market as much restricted 1t has been. COM
mercial loans being hard to place at any figure,
but the decrease in exchanges of all Clearing
Houses for August thus far Is but &C per cent
compared with last year. and 14.2 compared
with 1892 But for disastrous results Of Chi
cagO speculation In Trust stocks, the outlook
would be considerably more favorable.
Wheat has fallen a fraction. In spite OF
very gloomy Government report, for Western
receipts continue more than 90 per cent larger
than last year. and since July 1 have been so
years corn has never been low at NewYork
as it is now. being 81 cents below the lowest
then ever known last December but there
have never been two such crops In succession
as the last and the one now maturing. Cotton
took another rise of three-sixteenths, In view of
the serious injury done by drouth and heat and
estimates are now running wide apart. But 1t Is
timely to notice that those who predicted
Yield Of 100000 bales last year have TO face
an actual outcome Of 7003,646 bales already.
and the European mill stocks August l were
100 900 bales of 400 pounds, besides CONNER
cial stocks abroad of 100000 bales American.
and in this country the commercial stocks have
fallen to 214973 bales. but owing TO the stop
page Of many mills the quantity held outside
of commercial stocks here Is not easily esti-
mated. 1t may be presumed that the world car
ries over to the crop year stocks OF Amcri-
can cotton probably exceeding 100000 bales,
though to be somewhat reduced before Septem-
Der l.
The decrease in weekly output Of pg-irOn
in July was from 1SO,532 tons to $50. 78S, but
many other furnaces have stopped since August
|, so that the actual production now is. doubt
less, smaller by = sixth than July l. and nearly
80 per cent less than in November. AT such
time this, with the great steel companies
selling comparatively little. though in opera
ton, the reported Increase of %. 1872 tons In
unsold stocks OF iron probably falls below the
fact Nominal prices did not change last week.
but the small business done mainly at con-
cessions, and II is noted that Alabama No. is
offered at So 30 at Birmingham, which is equal
to SO - here Copper drifts back to its old
price below II cents. and lead IS lower, at ~
cents with considerable sales. large part Of
the coke ovens stopped, as like proportion
Of the Lake iron mines Shipments OF boots
and shoes are 10 per cent smaller than last
year for August. thus far and the business is
hindered by the demand for higher prices while
leather is held steady by combinations, and
hides are falling-6 per cent for the week.
Nothing satisfactory can be said just now Of
the textile industries except that they are walt
ing with less risk and loss than wien most OF
the mills were at work Yet dscontlnuance Of
work means smaller purchasing power for a
great number OF hands. Some cotton goods, and
also some wooens. are quoted lower. in spite
of the decrease in production. Cotton goods
still accommodating. and the advance In raw
material seems to have no influence upon the
market whatever. Wool sales for the week at
the three chief markets were 2.044.600 pounds.
against 1924 200 last year, and 1,l64,602 for
the same week In 1892. and for two weeks If
August sales have been $4,000, against
II 593 800 last year. and lG,436.302 In 1872 The
failures in August thus far have been consider
ably larger than in either Of the previous years.
the increase for the first week being mainly In
manufactures. but In the second week swelled