New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-24

busIncss community large proportion OF the
hanks find their reserves below the legai ra''o'
and II IS generally believed that easier markets.
and hotter business will both follow the issue Oh
certificates.
The most mlschevous of all errors neverthe-
less Is the notion that all the trouble mas "'
other than a monetary cause, and can 'heieioie
be at once removed by no other than ho"c'"''
remedy 1t would intensity the distress Emu "p
prehension II men should begin TO COUNT upo
great wave Of prosperity coming as d result u '"s
issue of clearing house certificates. ana shou'u
then discover their mistake as they ala aitef ''e
repeal Of the silver purchasing act Men "ue"'
TO have learned by this time that something
besides monetary conditions has closed more
than twothlrds Of the woollen mills, for instance
The demand for woollen goods Is so small ana
irregular that one is scarcely surprised 10 n'u
the sales of wool at the three chief markets ior
the last week amount TO 2SI91 POUNDS. ana
for three weeks 1901 100. against 1851 Zoo las,
wear 1902 $50 in 1894 and 23.361 $40 in ls'2
Nearly a quarter Of last weeks sales. moreover
namely 100000 pounds Donskoi wool in one lot,
was not 10 a manufacturer but by a manutact-
urer. who had been carrying the material for
long time in the hope of orders which do not yet
appear. The business done is mainly In goods
and casimeres between 80 and Go cents per yard
A qreat auction sale Of 1000 cases prints and
other Iow-grade goods from Rhode Island was
tho striking feature of the week, and the prices
obtained were so far encouraging that the whole
drvgoods market was helped little, but no
actual Improvement appears In prices OF cotton
goods. although since the sharp rise In the ra"
material a good many manufacturers are dlslh-
clined to take orders at current prices.
The boot and shoe manufacturers are getting
very little business. the season Is pretty
much over, except In womens gram ana DUH
shoes for which manufacturers nave contracts
Tor elk weeks to two months ahead. and are still
receiving many new orders. In other branche'
there IS little doing and many OF the establish
ments have reached the end of their orders Inc
shipments from Boston for three weeks or August
thus far have been 256 IS cases, against 2'2,34'
last year, but are undoubtedly or the lower
grades mainly as in fact they have been for the
last few years The leather market is a little
Irregular as a few grades have advanced be-
cause Of scarcity, while others are little lower
The Chicago market for hides was decidedly
weak and In five weeks past the average of quota
tons had dropped fully % per cent Prices Of
iron and steel products have not generally
changed but Bessemer pig sold at $40 40 at Pitts
burg. and Southern No | has sold at SO at New
York Other quotations have not been openly
changed although It Is reported that nearly all
nre shaded in efforts to secure orders. The
transactions in rails and in structural work have
been decidedly few. But one contract or con-
siderable interest was placed during the week.
namely for 1000 tons Of steel rails to be shipped
to Japan In the minor metals the tendency Is
toward lower prices. and lead has made new
low record at 81 cents. while tin is also a shade
lower owing to London speculation. On the
other hand there IS a slight gain in italian silk,
other grades being unchanged.
All the speculative markets have turned up
ward the immediate cause being the altogether
gloomy crop reports by the Department Of Agri-
culture Whether entirely credited or not, it was
at least sufficient to start fit of apprehension
among those who had sold property which they
did not own, and the weeks advance in the price
OF wheat was -. cents, notwithstanding the con-
tlnuance Of Western receipts far exceeding those
of last year In three weeks of August the in
crease In Western receipts. compared with last
year has been nearly 60 per cent. and for the
crop year thus far the increase has been about
II 900 600 bushels. 50 per cent, while the At
lantic exports although in like manner gaining
flour included In three of August, 4S926oo
bushels. against 29953: last year. as yet take
but small share Of the supply The phenom-
enay low price of corn does not check In the
least the rapid movement and low figures are
being made at the West in the market for hog
products.
The market for cotton has advanced over
cent from a. June 49, to S.62 August -, near
" II per cent. But none reckon such rise
excessive If all the accounts of injury are ac-
copied The difficulty is that at this season of
the year. whenever actual injury occurs. such as
to reduce perceptibly the yield of cotton the
statements forwarded from the producing States
are almost invariably exaggerated as to pro-
duce false impression. Whether this is the fact
a present or not no one can determine until some
weeks and perhaps some months of the new crop
year have elapsed. The quantity which has come
into sight during the old year has mounted above
7G65000 bales, but cotton is coming for
ward rapidly.