New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-17


raise a large crop this year; nor Is !" s'ia"se,
since he has been able to produce Dig cropo az
$40 per bale less than the present price This
prospect already affects markets. 80 that 'he
price has declined quarter during the last week.
but another influence Of Importance Is that Euro
mean mill stocks. according to Mr. Ellison, IltooV
ha,as February + with the commercial stocks
Of American abroad, now 100000 bales, are
enough to provide for foreign consumption turing
most Of the remaining crop year, and larger
stocks are not likely to be accumulated at over
eight cents if there is prospect OF depresseu
nrces "a q large crop draws near. In this couh-
try Northern spinners have obviously taken seV-
ora, hundred thousand bales In advance OF COLI
sumption. for the sinking prices OF goous are
evidence that they have been running cohsioer
ably ahead Of actual orders or Sales ana theie
fore not crowding their mills. The visible s.och
in this country Is 100000 bales, ana tahines u
Northern spnners, 119S,26S Bales nave w..
about 10000 bales greater than hVe anu d "a'.
months consumption at last years rate 40 .ie
erst half NJ the wear draws near an end, Win
or,, % ono bales less coming into sight this month
,ho,, IN 1909 IN date and 21S 900 more since sep
tember than in the same part of 1898 the size
Of stocks unconsumed begins to be felt.
Wheat has declined about one cent altnough
Atlantic exports flour included, in TWO weeks VI
February have been about s0o,ooo pushels' VI
p third larger than last year, because "eS'1,''
roco,rts IN the same weeks have been 4,6oOoo)
bushels or over 400 per cent larger Una" "'
ve,r The consumption in -four making Is
large. so that the stock Of -four carried uhdo"o-'
edIv accumulates Notwithstanding exports con-
a,,aroh,,, larger than last years. Total exports
- .hoat nour included since July have been
oho, e. ono 400 bushels against 94oOO,0oO bushels
,os, yo,r Int the average export price in Jahu-
ar, v,as 81 . cents for wheat, against 56'4 Genus
lac. vear and So 49, for flour, against % i'1a
,aet voar Corn has also declined halt cent
and pork and lard are weaker
Tho decrease in weekly output of pig iron 10
19s 500 tons against 207.isl January l. ana |i''oo
November /, does not appear TO be enough ~
nrevent further accumulation, as the repor.eo
unsold stocks were $1,000 tons greater 'hii
January and 10000 greater than November
,os,aos tho stocks carried by the great steel
comnanies which are said to be larger than for
many wears The slight reduction In the price vi
Bessemer at Pittsburg, without further uechhe
at Chicago or at the East, Is ATTRIBUTED 10 s'i''
Of sneculators who bought heavily wheh priveS
were going up, but 1t is argued that the con''"'
of ore and coke by combinations VIII "aNe -
impossible 10 turn out BessemeI pig "''ho"'
loss at less than the present price or' the o'ne'
,ond rho demand for finished products Is
little better although notably below the Ia
,acitv of works In operation There has been
further reduction in prices OF many Klhus Vi
boots and shoes. as manufacturers find them
solves without orders 10 keep shops al "orh
I'M, comparatively little increase in buying has
os,,tsd a, the East though reported at some
Western centres. Leather also averages i'''N
iouar hut hides at Chicago have advanced
shade.
The general reduction IN prices Of cotton goods
&c no more than a recognition Of weakness when
has existed for some time. II may seem remark
able that with goods only 1871 per cent hiBher
than a year ago while cotton Is ~ per cent
higher the demand should be so slack that
| goods accumulate largely. but imports oil SOME
kinda have been heavy. and dealers throughout
the country also took larger supplies when prices
,vero rising than they calculated 10 distribute III
q s,npl. season. Woollen goods have yielded un-
I'll they are practically at last years prices al
| around and wool Is somewhat higher ana YET
the enormous importations make II di'hcui'
even at the reduced prices for goods, 10 get OF
dcrs enough to keep three-quarters OF the pro-
duo,iv. canac,tv employed. Sales of wool In
Tho first half Of February have been smarter
than in any previous year since 1891. except in
1894.
The volume Of domestic trade is perhaps best
| aasured nv exchanges at the principal clear
| ing houses with allowance for the new holiday
nartlv observed this year. the daily average
having been ll.5 per cent larger than last year.
| but % per cent smaller than in 1893 The num-
her Of failures is also rather large. ana the
volume Of liabilities reported by 'Duhs he-
view" AO796So for the first week OF feoruars'
against 50 gO9 $50 last year. and O'9.6o1 in 1894
included this year s2.372.252 OF manufacturing
! AGAINST only s7o9 3is last year. and $l5940i2 In
! 1894 The material increase in manufacturing
| liabilities Is due mainly &c a cotton mill ana
piano concerns but the general range Is hish
| for the season. The marked increase III cohh-
| dence since the bond operations however Will
doubtless lessen the pressure Tor many co'oe'"'
which have been carrying ipconvenient burdens
during the last year or two. and should there-
! ,ra holm IN diminish the commercial disasters.