New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-03
HONEY AND BUSINESS.

STRAIGHTFORWARD bearing. his reliance upon nara
work and matchless organization rather IMAM
wind or mystcry and the rapid starting OF the
wheels here and at Chicago have helped DUST
ness men to believe that the country Is not going
to be ruined by the silver craze. But more Ill
rectly bearing on the stock and money markets
was the really magnificent union OF interna-
tlonal bankers under the leadership OF Mr.. MOT
gan and associates to control foreign exchahge'
which secured subscriptions of S2JO.WO,ooo WITH
in n few days All the greater credit is due to
the patriotism Of this movement because 1t may
be fairly doubted whether there any profits
I'm it, and the situa ton offers no opportunity for
an important movement in the stock market at
present The speculative combination which
had been selling so courageously stopped on
Wednesday, when stocks still averaged nearly 81
per share above the lowest point touched on the
10Th and i'm running to cover lifted prices. The
week closed with stagnation In place or alarm
railroads averaging nearly 81 per share lower
than a week ago. and trusts about 80 cents lower
The weeks sales were small. c:3.'jso snares'
nearly a third Of Sugar alone. and 412JS0 Of four
trust stocks with 41O51S Of the eight most active
railroad stocks.
The outlook for railroad tonnage certainly does
not justify exceptionally low figures for with
heavy movement already OF new wheat ana Ola
corn the prospect for large crops or both ana OF
cotton is enough to assure the roads large bust
ness for the fall At the West they are fighting
about rates. and the Lake competition may be
more severe this year than last. both because the
carrying fleet has been much increased, and be-
cause the movement Of iron from this time seems
likely TO be smaller. But an active Presidential
campaign always means considerable extra busi-
ness for railroads. and the Trunk lines and coal
combinations are securing fairly satisfactory
rates for important parts OF the traffic. General
business Is just now at a low ebb but saSaclous
men are found who predict that prevalent De-
lief In the success of the Republicans VIII start
much more active movement before November
II long headed spectators see It coming, they
will not be slow to hunt for stocks
The wheat outgo is already help to the syn
dicate Atlantic exports In thirty days or July
has been 1907, G71 bushels. -four Included,
against 3,075.5S9 in thirty-one days last year
and Pacific exports also show an increase OF over
t. 600 600 bushels The Western receipts. 144il-
81 bushels in the same period against I,ao5,soo
last year give very convincing proof that either
stocks brought over in farmers hands were far
larger than was supposed the farmers and
country dealers are more certain OF sufflclent
Weld this year than speculative estimates in
dcate AT all events the market has weakened
and closes five-eighths lower for the week IN
limited reports Of injury to corn have not pre-
vented a decline of tx cents for the week, and
while both grains have undoubtedly sustained
damage in some localities there is nothing as
yet TO indicate less than an ample yield OF either
The same is true Of cotton, although apparently |
reliable reports are published Of considerable |
injury in some States, and the yield may be
smaller than has been expected. Published cal |
culations commonly ignore the quantity remain
tio radr IN
sumption. European stocks Of American are
$4,000 bales having decreased in the month |
269 600 and American stocks are 100000. having |
decreased $4,000. but there also European |
mill stocks which were $50 900 bales Of 4OO |
pounds a month ago. and American mill stocks |
which are unknown but presumably large The |
worlds consumption of American cotton the past |
vear instead of surpassing all records. has been |
nj the rate of about 100000 bales. against |
8 300 600 estimated last October by Mr.. Ellison.
The stoppage Of 4OOOOOO spindles part time |
has not vet accumulated much buying OF cotton |
goods and print cloths sank last week to Z44 |
cents and business in prints, brown ana pieacheo
goods has been only moderate 1t is believed |
that q stronger tone will appear when the de- |
crease in output has continued another month |
The condition in wooen goods does not change |
and while light weights have been opened at an |
average of to IL per cent lower than last year |
the sales thus far are few and almost wholly or
low priced grades. Business in heavy weights is |
the more dull because OF the strike among cloth |
Ing hands Sales of wool for five weeks past have !
been II 541 131 pounds. against o0S45,Sl4 in |
1880 II Al. $50 in 1893 and $500, 80 in 1892 |
Even in the panic month Of 1893 the business
was about quarter larger than it is now. Quota
tions do not materially change. but concessions
are made to effect sales. and Western markets
are weaker.
Iron and steel products are inactive. the mar
kcts waiting to see whether billet structural, !
rail. nail and bar combinations maintain
prices and important meetings to consider the
matter held last week. results of which are
not vet made known. The demand for finished
products is remarkably light. and there are
many important orders for contracts held In
allegiance, but II they were placed the consump-
ton would yet be small. Erection Of new build
ings has lessened and with 1t the demand for
structural forms and nails, and the small allow
ance Of $1,000 kegs. TO which production In July
was limited, is thought to have exceeded the
sales. Southern pig is offered at lower figures
Bessemer pig sells at S11 30 at Pittsburg, and
most quotations of finished products are shaded.
Shipments Of boots and shoes continue close to
the largest ever known at this season. being only
6 per cent less than last year for July. but new
orders are few at present, many thinking the
recent advance in prices may not be maintained.
Leather is unchanged. but hides at Chicago de-
cned an average of per cent last week.
striking feature is the extreme inactivity in
commercial loans. as banks seem indisposed to
take even the best paper. and renew the best
collateral only with stipulation that the loan
shall be on call Merchants are also restricting
their usual credits quite extensively. and it is
clear that their new business is to some extent
prevented by this general curtailment Of facili-
ties. which is, however. eminently calculated to
make business for the fall more conservative
and safe.