New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-26
MONEY AND BUSINESS.


protective duties; renders exports OF gold on
the very day the bill was signed somewhat
laughable. and united with the foreign buying
Of breadstuffs. makes the monetary future
about as safe as anything future can be- With
bountiful crops nsurng large tonnage for the
railroads, holders of American securities are
prepared to view with some amusement the
exertions Of British spectators to buy in their
shorts. While no great change Of National
policy has ever worked at the outset exactly
as men expected and in some lines season OF
disappointment may precede the desired inn
provement 1t is not doubted by capable business
men, OF whatever political belief. that an of
general and marked advance has been reached.
Men Of all sorts. the most prudent investors
and bankers, as well as the spectators. express
through the stock market their judgment of the
future. Bonds have been strong for months.
with constant buying. Stocks to the end Of
last week. the average of prices for the sixty
most active stocks closing every day higher than
the day before, which has been the fact every
day since July s. Previously there had been ten
days Of profit taking, with decline averaging
GA cents per share of $780, but from May 1 to
June % the average had risen almost continu-
ously. Starting May l at $40 81. it to
$50 81 June %. fell back to $40 % July =. and
has risen to So % July "a, a gain Of $6 II per
share in all, and 81 20 last week. Sales We're
the largest for long time, exceeding by more
than $50 900 shares those Of any other week
this year. and were so broadly distributed that
sales of 3GS, 1873 shares Sugar and 244.059 OF
three other trust stocks, were not only surpassed
by sales of $4,000 shares of eight railway
stocks but also by sales Of S4S 900 other stocks
to which no one contributed over about 10000.
In Sugar and few other stocks there seemed
Le lio,,i Iofin and aft arica
day for two weeks time of proft-takng is
natural but the faith Of American holders in
the future has in this much support in the
unwisdom of English short sellers, who have
to get ready for fortnightly settlement.
The heavy buying of wheat on foreign account,
with restricted receipts from Western farms.
lifted the price Sc % cents on Wednesday. and
the reaction to SIP on Friday surprised
body, but was followed on Saturday by an ad-
vance to S362 cents On July . the price was
14.25 and if foreign accounts now at hand are to
be trusted, there is more apparent reason for
rise than there was then. Although home crop
prospects remarkably bright and promise
such increase of yield that Bureau estimates
entirely forgotten except by strangers to the
business, the shipments and purchases for ship
ment to Australia. South America and South
Africa, whence Europe usually draws consd-
of condition in France and some other European
countries apparently give assurance that foreign
requirements of American wheat will exceed the
40 600 600 bushels taken abroad during the last
year. As that year started with stocks nearly
50,000,000 larger than were left July l, 1t ap-
pears that the crop OF 1896. whatever II may
have been, must be exceeded this year by about
| that quantity in order to meet foreign de-
| mand only as great. Exports from both coasts
in three weeks have been G,OO3.526 bushels. -four
| included against S.2O4 800 last year. and while
| Atlantic exports in July have been but 1853 261
| bushels, against j497, 0G2 in one more day last
| year. the exports % corn also have been
| 6G35395 against 2421 800 last year. When
| large quantity Of corn is demanded in July
| the foreign opinion about the future is some
what clearly disclosed.
One striking coincidence deserves mention
that the volume of payments through the prn-
! cipal clearinghouse for the first time since
! May, 1893 actually exceeds payments in the
same month of 1892. although only 4 Of | per
cent. SO much Of recovery comes in the very
month the new tariff becomes law, and while
| the gain corresponding with the normal increase
Of business in five years has yet to be realized.
| ii is encouraging to pass one definite milestone
on the upward road. Railroad earnings are not
yet quite satisfactory. but give thus far only
uncertain indications of the traffic for the month.
| Clearings were doubtless somewhat swclled by
! heavy foreign imports which have exceeded
last years largely. and yet the S29.G15,o2G dur
ing three weeks at NewYork, against S23. 2S2-
1870 last year exceeded by So, 80 In
the same weeks Of 1892. A still more significant
fact is that Dun & Co.'S report OF commercial
| failures for fifteen days Of July. S2SI5 So
! against SS214.2S in sixteen days last year Sc
500, 15l in 1895. and $6.3l7.G96 in 1894. shows
smaller defaulted liabilities than in the same
period Of any year since 1892.
With all Industries waiting for final action on
the tariff their latest reports OF small sig
niiicance Many large orders have been taken
In low grade wooens Of light weghcsand gen
orally at an advance Of ) to 10 per cent over
last year. Will, the opening of light eight bet
ter grades is expected at once and at similar
! advance Sales OF wool have diminished, and
are mostly speculative. only indicating strong
confidence in higher prices. Several large car
goes which came in on Saturday may probably
be reshipped If the Treasury decision to pay
mcnt Of duties that day is sustained. Cotton
mills are still curtailing production. and proba-
bly must until the range OF prices for new cot
ton has been indicated. Receipts from planta-
tons in July have been larger than in 1895 from
the maximum crop and news from the field Is
/ still highly favorable, except I'm some portions
| where rain is needed
The boot and shoe industry is getting more or
ders which i'll start more or the shops, and at
prices generally a shade better than have been
paid Shipments from the East in July are about
per cent smaller than in 1888 but larger than
/ I'm any other year Leather is unchanged in
price though the recent advance in grain has
stopped buying. Hides are generally lower at
| Chicago where the receipts Of cattle since Jan
| uary are not per cent behind last years The
iron industry is getting more orders for finished
products and. with summer stoppage and con-
tinued disagreement about wages cutting OF