New-York tribune., 1897-08-30

The rise caused by the Information that we
could not supply the foreign demand deserved
reaction. when all respectable estimates ai'el
allowance for injury thus far indicated yie'"
ranging from 54OOOOOOO to 5SO'OOO'Ooo pushe'S.
But the fact that. nevertheless. the markets. se'i
wheat 3H cents higher than before that rise III.
dicates n deliberate Judgment that foreign needs
will make such n supply none 100 large. anu
the enormous outgo Of corn-23 A. 726 bushels In
four weeks. agains, 1O,46C,41S last year-goes
far 70 provc that foreign necessities are known
10 be great. especially by houses Which sell mere
in order to buy more cheapy.
The evidence OF large crops has been the most
conspicuous cause OF the strength in stocks
which closed 81 IL per share higher for the week
Earnings for August were Sc per cent larger
than ,ast wear on United States roads alone, and
only 4G per cent less than in 1892, while east
bound tonnage from Chicago in three weeks
was 1GS. .S6S against 1JS,645 last year and
1G2 262 in the same weeks OF 1892. But the rise
In stocks began before much was known or the
crops and the increase Of earnings appears on
roads which have no grain business, ana even
on the coal carriers whose main trafnc is greatly
reduced by the strike. The expansion IN all
sorts of business has begun. which was the sure
foundation for hope Of better times when the
average price of sixty most active railroad STOCKS
was S45 9S per share May /. Growing confidence
lid not lift the price to SAT until the end Of that
mon,b but the average reached $40 by the
middle and $40 before the end OF June, Sol July
10 SO July a. the day the new tariff was
signed: S53 August 3. SJ4 August q. SOD August
and SJjS7 August il. When the leaders un-
loaded. and combinations set out to put down
prices. the lowest reached was S54 % August 90
but S5G was reached August 22 and S5G 81 Au-
gust 2S A market which behaves in that fash
ion is not weak
Wall Street chatter about London selling is
getting ridiculous. Nobody pretends to believe
that net sales on foreign account have reached
100000 shares in fortnight. representing possi-
bly, $J0O0.WW. But G320OO0 shares were sold
to Americans in a fortnight at New-York, and
actual Stock Exchange clearngs exceeded ST.,
100 600 900 in twelve days. and the market went
on rising Moreover, 1t is broadening. Seven rail-
road stocks exceeded in sales any trust stock
last week. and OF ten railroad stocks $4,000
shares were sold. OF two trust stocks 10000
and OF 156 other stocks $4,000 shares Ameri-
cans know. II foreigners do not that the general
prosperity which made the same sixty stocks
worth over 500 per share In August 1872 is re-
turning with the larger business for railways
due to five years increase In population ana 10
exceptional foreign needs. lf foreign bankers
prefer to pay for American exports with securi-
ties. as some of them have been telling reporters
they are welcome to put their money into Kafirs
and Turks and Argentines. but Will need 10 sell
something like one million shares in month to
moot the mercha ndse balance IN favor or TINS
country.
Exports from New-York in three weeks nave
heen 339 per cent larger than last year. when
tlO would
a total this month exceeding S9l 100000. I'M
norris in four weeks here have been IL per cent
loss than last year. when the total was S49'4bo'-
ono Indicating n total this month OF about S4l,-
ouo on0 Cation exports were larger last year
from noints outside New-York. so that the excess
may. not he so great but It is big enough to make
7 ordon bankers disgusted when their clients
t,sist uuon buying shares in American prospeIi-
~ And the prosperity coming does not seer"
for on with actual payments through cleal
,rg-bouses averaging daily in August 10 per
.,..rt mare than in 1892. and 3S9 per cent more
than last year. Although this month mas pu'
twentv-sx business days. against tWeh'y-seNe"
in the other years. the aggregate OF pay
viii nrobably be about S3OJ.OOO,ooo larger imam
I'm 1so2 and 81 .30O.OOOOO0 larger thah last Se"',
and a difference Of more than the entire a""""'
valua OF both wheat and corn crops III ''e pay
,osnts during a single month Is not S''''"
matter. ,.aa,
The inward start IN prices OF Iron and Steel
which has been awaited so lohs 'e'
demand had not yet oVer'ahe" Wv
canacitv OF works, has come at las' anu 'n'"s"
,,a o,arage "a vet only about g. per cent higher
80 ,La,v to go further. Pig iron Is ABOUT
- ce,ts higher steel bilets are 81 per ton' rods
g, IN u,rs nails five cents per keg. and struc'-
ro, oryles mates and bars about 81 per 'oi'
,,o ,atter beng in especial demand Tor car
,ua;re While part OF the rise may be que ~
the strike which keeps some WORKS luie' II -
y.u known that other works are star'ins di''
lang idleness. one journal mentioning siN'ee"
iran and fifteen wooen works FOR the "eeN'
r,a cation mills. after their summer vacation
to work off surplus stocks. are s'ar,'he III
n,o,, nlaces with full force, and prices OF goods
have generally advanced a little Whhe heaNy
eneculatiye sales OF wool continue. manufactur-
orc are buying rather more as their initial or
ders have been decidedly larger than mas peeh
usual in this month even Of good years. ana
prices Of goods have been advanced about ~
per cent on most grades. though more by some
manufacturers who wished to make no more
contracts at present. while many others nave
onenIv withdrawn their goods from the mar
ket. 4 number or miils ar 10" running "s"
and Jay TO fill orders The boot and shoe con-
Germs are generally kept busy by Delated or
ders for winter goods. much greater than are
customary AT this season. but spring ORDERS
arc slow, and the small advance IN prices II
not relished. although leather has risen about
per cent sine April and hides o6 per cent.
New-york has begun to supply the interior
demand for money, and at the same time the
lo,,o,d for commercial loans has become larger
and much broader representing Of late an un-
usual number OF country distributing houses.
The supply Of funds is so ample and rates at pres
ent are so moderate that banks are by no means
impatient to have gold imports begin, and the
IL 1, af nIs Is GhnNn