New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-10

the stock speculation at Chicago brought an
alarm which was largely unreasonapie. Inc
Chicago market practically consisted OF the II"
promoters Of Trust stocks and their foilo"'ns'
but banks there and some at the East had oe-
come so entanged In the wild operations Oh 'ne
SPECTATORS that the Chicago Exchange mao 10
shut up shop. and the work OF ascertaih'hs
what Diamond Match and Biscuit STOCKS are
really worth seems difficult enough TO warrant
somewhat prolonged suspension OF transac-
items In all this furry nobody seems TO ques-
ton whether the companies are solvent o''
only whether their stocks are worth anywhere
rear the prices fixed for them by reckless
Gambling The fall OF such stocks would maze
nothing TO do with the value Of well-managed
railroad stocks here had not Chicago banks ana
CAPITALISTS so far stimulated the speculation py
their loans that they are now obliged suddenly
10 withdraw balances from New-York THIS mas
forced bankers here to call In many loans. and
causes sales without regard to the actual value
Of securities sold
The main reason VIII men who have large
amounts Of money at command are not yet ready
to buy Is that they anticipate as not improo-
able a noisy and sensational demonstration OF
Bryanism this week. which may frighten many
holders into selling. But for Tammany Hail ana
its conscenCeless greed Tor spos. the weico'ne
to the apostle Of reputation and anarchy "ou'u
he such a dismal failure as 20 encourage con-
edenca everywhere. but the trainbands Of
Tammany can make a big display for any CAUSE
however offensive. when backed by silver mill
ionaires Men who take these things duly INTO
account will not be frightened out Of their wis
mr. stocks bv anv theatrical demonstration. but
Will remember that the honest workinemen ana
tho husiness men Of this city have never been
en- nearly united as they now against the
revolution which Bryan proposes 1t is not I'M
probable that this will be made so clear before
the week ends that political alarm will cease to
control the market
Wheat declined ~ cents and corn q cent
last week. presumably in part because STOCKS
were weak and money growing close put the
continuing heavy receipts at the west gave
reason enourh amounting to 3161.621 BUSH
es Of wheat. against 1914 l6S last year, and
since July / 70 1883. 1872 bushels against
o $50 O23 last year. Wheat Is ii cents lower
than A wear ago. and yet Western receipts
are almost 90 per cent larger. facts which rem
der short crop estimates wellnigh incredible
Cotton scared up to cents. having risen in
three weeks from Up. nearly IL per cent,
with much undeniable damage at the South by
drouth and heat. Injuries are apt at such times
TO be greatly exaggerated, and two FACTORS are
almost ignored-the size OF stocks brought over
in markets and mills here and abroad ana
the small consumption and great accumulation
Of goods-over 100000 pieces Of print cloths
alone-nhch has caused many mills to stop.
Prices of goods do not fally with the partial
suspension but are on the whole, slightly lower
than when it began.
The average Of 104 quotations OF domestic wool
bv Coates Brothers now 1920 cents, against
- 90 July l. 1881 year ago. lob in the depth
of the panic in 1893 and % 81 in August 1S92.
declines because free wool has brought enormous
quantities hither from abroad, excluding from
use a great quantity Of American wool which
remains unsOd and at the same time the guam
tity of unconsumed foreign wool Is known to
he very large The consumption must also be
smaller than at any other time for many years.
as the sales at the three chief markets for the
week were only 2.7i64O0 pounds, against $3.50
800 last year 7,J43 400 in 1894. and 9.2I1,IOO In
the same week of 1892 The opening OF light
weight goods has thus far been quite disappoint-
ing and some grades have been reduced in |
price. The shipments Of boots and shoes de- |
crease. but not more than is natural at this |
season. the more important fact being that new |
orders are decidedly small and many shops |
are nearing the end of their contracts. In the
was shown because the various associations
refused to reduce prices: but there is no increase
in the demand for goods. and It remains an open
question whether present quotations for nails,
rails and biets can be held.
The volume of domestic trade shown by ex-
changes is 81 per cent smaller than last year
for August thus far and IL per cent less than
in 1892. the latest year Of full business. In
July the declines We're 1 , and % per cent
spectively. The earnings Of railroads for July
were I per cent larger than last year. but s
per cent less than I'm 1892. The heavy movement
Of grain eastward is partly neutralized by the
severe rate-cutting on some Western and some
Southern roads. Still there is every reason to
believe that the volume of traffic this year will
be large, and stocks OF goods In the hands of
dealers throughout the country must he much
reduced. that business would become
markably large If restoration OF confidence in
the future should start general replenishment
Of stocks But for the present. with commercial
loans hard to make and Western banks likely to
be Withdrawing balances from this city for some
time there seems not much reason to expect
important Improvement
----------
There is something for all New Workers to
rejoice at I'm the that a contract has at
last been let for the repaving of Fifth-ave. with
asphalt. The new pavement will extend from
Ninth-st to Fifty-ninth-st. and II is expected
that the work will be begun in less than three
weeks This improvement has been long desired