New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-28
MONEY AND BUSINESS.


week there was added either an actual CO rher OF
the smulacrum Of a corner in wheat apparently
another enisode in the long warfare between ele-
vators and traders at the West 1t is just the time
Of the year when stocks of wheat are at their
lowest. and they apparently lower TINS year
than they have been at any other time since July
1892 so that no vast sum Of money Is needed
to purchase and hold all there Is available IN
the country of any particular grade Of wheat In
such conditions an advance of 2ia cents In wheat
was naturally attributed to artificial and tenn
porary means nor there any discoverabie
excuse for IL in the steadily Frightening crop
prospects, or I'm the decrease Of Atlantic exports.
New wheat has begun TO move in the Southwest,
and also in California, where dispatches say
that eight hundred thousand tons are regarded
as minimum estimate OF yield. The Western re-
ceipts are not large for the week only ,4J2 4:}o
bushels against 2.696602 for the same week
last year which made it all the easier If any
body actually tried IT, to lock UP for &c" days
all the contract wheat there in sight.
1t was in spite OF this rather sensational situa-
ton in the grain market. with exceptionally
large demand for other purposes, that the stock
market mounted about % cents per share for
railways. There We're some symptoms Of reac-
ton on Friday. and the average of sixty most
active railway stocks did in fact decline small
fraction after an almost unbroken advance daily
since May II. but the close was only Il cents per
share lower and for trust stocks cents per
share higher and the next day both resumed
their upward flight Events are constantly re-
mindng people of the experience in the summer
Of 1879 when the last great invasion Of Wall
Street by the public took place Then as now
d. nd m
business was expected and formed the basis Of
the buying movement. The market has been
growing broader with the lapse Of weeks, and
there is more real business in Wall Street than
there has been at any time for years. excepting
in the way Of liquidation and slaughterng Of
values.
II is not quite clear whether higher prices for
wool are to come quickly not after the passage
Of the new Tariff bill but the purchases by man
ufacturers and hy speculative dealers last week
amounted to s, 1873 800 pounds, and for the last
three weeks at the chief markets the sales were
% JSJ. 100 pounds against L., $4,000 last year
33. $50 9Gj in the same weeks of 1895 and % I.2S
900 in the same weeks Of 1892. The dealings
were large enough to arrest the decline in prices
which had been observed at Philadelphia and
there reckoned nearly half cent for many
last week quite much. Holders of do
IN site fleece at the West are usually demanding
prices higher than those now paid in Eastern
markets and in consequence no large quantity
of domestic wool has been marketed in this sec
ton. sales Of foreign wool alone amounting TO
5.Gl0.3n pounds last Week and 22.004. 100 pounds
for three weeks of June. The difficulty in judg-
Ing of the future Is due to the fact that no one
can accurately determine what quantity of wool
the manufacturers already have on hand
Either by them by speculative traders enor-
nous stocks held in The country. and if large
~ by traders. little delay of the expected adj
vance would he likely to cause unloading
ard a heavy decline i'm prices. For the present
the demand for woollen goods is little better
than it has been, with rather more purchases
by clothiers than usually seen at this sea-
son. and with fairly maintained demand for
women's dress goods.
An effort was made last week to lift cotton as
we'll wheat. but 1t was not rewarded by CORE
spending success. The price advanced a quar-
ter but presently dropped off much. The re-
cepts from plantations are just now smaller
than at this season in other recent years and
they will have to Increase materially before
long II the recently accepted estimates Of last
years crops to be justified But the specu-
latve world has moved on to another year and
crop, and cares not button any longer respect
ing the correctness Of last years guesses. There
is a little better movement in goods, especially
in prints and print cloths. but 1t is not at all
clear that the duties. which for most
grades Of goods not higher than those now In
force, will produce any especial advance in
prices The thing most desired in the cotton
manufacture as in other branches Of business
Is general expansion owing to restored ability
of the millions to buy with freedom.
Nothing seems to check or retard the move
ment in prices Of hides. which has now continued
without a break since the last week OF April
Much is said about scarcity at Chicago. but the
records Of cattle movement and Of Strengthening
scarcely sustain that explanation. Presumably
the speculation is in the main based upon the
idea that duties on imported hides will perma
nently strengthen prices Leather was fairly held
but without change in prices. nor were there any
changes in quotations of boots and shoes though
some OF the largest works have shut down for
want Of orders. In the iron and steel business
a very encouraging state OF facts appears. with
large increase in orders for plates. especially
for shipbuilding. and for bars from the agr-
cultural implement makers. At Philadelphia
and at Chicago prices Of pig iron were better
maintained, but the Impotence or makers in the
Pittsburg region has prevented any advance in
Bessemer in Grey Forge Another Of the
enormous Carnegie furnaces has gone into opera e.
ton at Duquesne. and it is stated that the com
pany can now turn out 10000 tons Of pig every
month
No marked change appears In the money mar
ket although there IL continuing and very sat
sfactory demand for commercial loans. especial
~ from Eastern manufacturers and from dry
goods merchants. The Treasury grows steadily
stronger with an excess of receipts over eXpend-
lures and during the last week the customary
summer demand for small notes to be used In
moving crops at the South began 10 be felt.
Although more gold went abroad. It was under
circumstances not different from those hereto
fore observed and bankers do not now antici-
pate that the movement will continue. In gem
eral the state ~ the money market is altogether
80 hap has laap for at