New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-08
MONEY AND BUSINESS.

speculative markets Is too much to expect. the
known speaks for ITSELF but vivid imagination
and stalwart lying speak for the unknown. Thus
speculative markets are severely depressed al
most without reason while the actual condition
OF industry and legitimate business gradually
improves With less real cause than has exsteu
for months to look for trouble with SPAIN wan
Street has acted as IL hostile fleet had passeu
nil dcfences and Law off the Battery. The DIS
tinguished men who died last week. acco'u''e
tn the fables which emotional children were
found ready TO believe should have owned all
tho RAILWAYS IN the country, but they did not and
they live although gullible dupes have lost
roonev The average Of prices for railroad STOCKS
closed exactly as 1t did July 80 anu i'i INC
first time has declined from the highest point
reached this year as much as I'D per cent sugar
and the two gas stocks made up quarter vi
the sales, the nine largest railway stocRs coN
cred CSC 900 and oil others $4,000 shares. 1t Is
much the sort OF market that exists when three
boys retire to a room to swap jack-knives'
The fall Of 3n cents in wheat was more nat
ural. because It followed sudden advance Vi
about as much for which there was no par'icu-
lar reason. The exports were almost IA iaiee
AS the week before, and have started November
as n the record OF IL .S42, $50 bushels Atlantic
exports. flour included. with about -o'VVV'oVo
bushels total exports. was to DC surpasseu' WIN
Western receipts exceeded last year D. anu III
oc,oher were o0S31. SO bushels. But as the
previous rise based on wild stories OF oe-
s,-rc,,or ~ winter wheat by drouth, and ex-
tensive rains have sent that argument 10 'he
rano,r shop the new dream in order was war
scare Corn behaved more sensibiy' advancing
,bree-eichtbs with the Orange Judd estimate
4
Cotton remained at 8 cents for spot. with the
January option a quarter weaker IN the eA
pectation that a very heavy movement VIII fol-
lou, tho raising Of embargoes at the South.
In two months OF the crop year 29il .io4 bales
came into sight. against 2,IS0,333 from the
maximum crop in 1894 and Ave days Of Novem-
her have brought out 397. 900 bales more. Buy
Ing IS narrow and hesitating, and the takings
NJ Northern splnncrs were smaller until Novem-
Der than in 1884,. but have since been quite
large.
The same fear 81 the unknown which ruled
speculative markets is the one hindering force
I'm the Industries In iron II IS fear lest enor-
nous production may put down prices. In boots
and shoes fear that the recent advance IN
hides and leather cannot be maintained, in wool
lens fear that the enormous stocks OF wool may
depress prices so that goods can be produced
az lower figures These ideas deter future con-
tracts and the past buying was so heavy that
waiting Is possible for dealers and not unwe-
come to manufacturers II Is probably bless
ing for the Industries that these considerations
and the fall OF cotton have prevented the specu-
lativc buying far into the future which might
have followed the rush in September. The works
are fully employed with more starting each
week and a season II adjustment ia the more
necessary because the prolonged warm and dry
weather with the fever AT the South. has re-
tarded n distribution OF goods purchased
some time ago. and prevented a close measure
ment 81 the consuming demand. Cotton goods
are 20 weak. with print cloths nj 231 cents. the
lowest ever known. that there Is serious talk OF
another curtailmcnt of output
Wool continued 10 advance during october.
Coates Brothers quotations FOR November !
averaging 2013 cents against 2O3I for October
l. but heavy realizing sales OF speculative lots
have since been reported. and without change
In open quotations there are said to have been
concessions % half a cent or 80 10 secure large
transactions with 31o,oooo0 pounds imported
this year before September J. Of which lo0Wo-
600 were clothing and about 3S.NnOo combing
wool and with the mills running at about half
capacity until August. the quantity available
besides the domestic clip must be large The
problem 10 consumption OF goods at prices
averaging AL per cent higher than In July can
scarcely he solved until genuine cold weather
has come. The Chicago market for hides was
higher again last week. scarcity being alleged.
but receipts Of cattle at the four chief Western
markets have been In ten months 315.IOO head.
or per cent larger than last year and OF sheep
Dos 800 head. or per cent larger. while the
leather works claim to have been running but
part capacity. though prices have yielded some.
The output Of shoes from the East has been
not per cent larger than last year for the ten
months. though OF late In greater proportion,
with prices slightly weakening.
After the unprecedented rush Of orders some
time ago the iron works have enough to DO.
most Of them for the rest OF the year or LONGER.
though orders have OF late been fewer. In most
kinds Of manufacture the works are stlll SO far
behind their orders that delays caused much
complaint and further orders have to be de-
clined unless delivery can be deferred Con-
siderable orders have come for shpbu,lding
mates for rails cars and other railway ma
terlal and for thin sheets. but the demand for
.truc,ural forms wire and wire nails Is season.
abIv Stacker The cut nail manufacturers were
unable to maintain fixed prices. which have
dropped to 115 base at Iittsburg, and the In
crease OF furnaces in blast makes Bessemer pig
slightly lower notwithstanding heavy purchases
The expectation OF still lower pig iron Is met,
however by the advance In coke. which Is ex-
pected to 20 higher January ], and by the evil
dence that even the increased output does not
much. II at all. exceed the present consumption.
Payments through clearing houses In Novem-
Der thus far show volume Of business 244 per
cent greater than last year. and 8 per cent
greater than I'm 1892. October cearngs were
nearly S2OO.0OO,000 larger than In 1892. Rail-
road earnings also show an II crease OF 30 per
cent over 1892 for October. with gains In almost
every class Of roads. The Government has ar
ranged with seven banks 80 that payments on