New-York tribune., 1897-08-16

four days last week. but that 10000 were
| also bought at the same time
In an ordinary New-York market all this would
have had much influence. Last week it was only
| the fy on the coach wheel Transactions here
amounted to . 4t.,. .G20 shares. over 100000 Mon
| day and over 10000 Thursday. and the division
| of them s very suggestive. Every class OF stocks
| In which foreign holdings have been considerable
| closed at an advance. The nine largest railroad
stocks sold over 100000 shares each and 1,o''2-
NO In all: eight others sold 10000. excepting
| Illinois ~. 600, and In all $4,000. while three
trust stocks sold $4,000. and 100 other stocks l.
| OiO 900 shares. Tho average dropped on Monday
II cents per share Of S1OO rose 81 cents Tuesday
and 80 Wednesday and 80 Thursday, dropped 30
Friday and rose - Saturday, closing SO cents
higher FOR the week after all the foreign selling
ard the gigantic effort here to produce a reac-
tion. one may come any time. but signs OF 1t
did not appear last week. 1t would seem that
the new foreign buyers. who found such solid
backing here are not likely diminish in conf
dence or in number
International trade accounts no longer cheer
Europe. In two weeks imports here have been
90 per cent less than last year in nominal
amount and far more In actual cost. because
undervaluatIons then were heavy. while exports
in two weeks have been 1J.2 per cent larger than
last wear; but in August 1896 exports were SD
1872 SIG greater than imports. Similar changes
at all points and for the whole month would
make exports about SlO,OOOOOO larger than i'm
ports The July statement just out shows that
imports were nearly So 100000 smaller than in
June and nearly S2S,O00,0OO less than the July
exports of merchandise and specie. While for
egn banks were paying a premium to get goid
in spite OF exchanges which justified no outgo,
this country has been able. even before the new
tariff went into effect, to settle accounts for I'M
ports as officially valued and for securities re-
turned 1t is no wonder that long bills against
products have gone down to the lowest rate or
the year.
The movement of products has not beeh
checked. but possibly FASTENED by great ehor's
to break the wheat market, which did not sue
ceed The devices Of the Exchange substitute
fictitious or theoretic prices for actual quotations
Of cash grain. but the price for delivery this
month rose from 81 to OH cents at the close,
which is but a small fraction below the highest
point reached on Thursday, and II cents above
the price on July . The movements have be
come heavy. Western railroads being blockaded
for want Of cars and receipts in two weeks or
August were 1896, 713. bushels Of wheat. against
G. I'D 800 last year: while Atlantic exports nour
included were G,114.031 bushels against 3oofoio
last year. More significant still Is the outgo Oh
,51O 135 bushels Of corn against 2,514.42S in the
same two weeks last year notwithstanding an
advance of one cent in the price. While all SORTS
Of estimates are afoat, there is ample evidence
that the wheat crop Is unusually large ana APP
parently wanted at good prices.
The record which business makes for itseif IN
passing through clearing-houses is especially IN
structive because this is naturally the lowest
I,ttt t1p Of
been steadily rising since May. Comparing with
1892 the last year of full business. when the
ratio of August transactions to those OF the year.
n per cent was exactly the average for the
prevlous ten years II Is found that clearings last
week were l79 per cent larger, and the week
before - per cent larger averaging for August
thus far H. per cent larger than In lSo2 where
.s tho last two weeks in May were 21.0 and 204
NOR cont smaller than I'm 1892 The shortage
steadily diminished in June: increase over lS92
appeared the week the bill was reported from
conference 81 per cent. and larger increase
the next week, when 1t was passed. anu sun
larger each week since. Last week the cearhgs
were SOB 600 900 larger than the last week In
Nov while in 1899 they were $l31 100000
smaller as IS natural. Railroad earnings so far
cbow II per cent increase over last year, and
eastbound tonnage from Chicago is heavier than
IN that year or 1892 while the returns for July by
"The Financial Chronicle" were o.l6 per cent
larger than last year. and deducting CANADIAN
and Mexican roads. 40 per cent.
Industries have been making good progress
for the vacation season. and the delayed orders
for heavy weights keep boot and shoe rae
torias fairly busy with little gain in prices.
,ha woolen mills are increasing output rap
,,,,. opd taking satisfactory orders, with con-
siderable advance in prices, while the specua-
ton in wool does not decrease ana safes III wv
,rael,s were % 494 800 pounds, not largely 10
,nilIs which are generally we'll supplied sew
oal iron works have resumed since the settle
mani ~ wage disputes. and the weekly output
% MIC iron. which was 165,31S tons August l.
hos doubtless increased The b.tuminous coal
s,r,ra ia an embarrassment to some manufacture |
ing concerns though actual failure OF supplies
IL AT no point reported. Many OF the cotton
mills are still curtailiDg production, ana prices
have made a rather general advance with I'M !
proved demand and diminishing stocks. Re-
oaints Of cotton from plantations in August have
h.en 31744 bales. against 9,431 in 1880 from |
,he maximum crop, and, as 142.126 came into |
sight later In that year, including corrections
and S3S9 4SO have come into sight this year 1t |
saens likely that THE Financial Chronicle |
may again be congratulated upon the accuracy !
or IFS estimate more than two months ago put !
ting the crop Of 1896 at S,51OUO bales The |
price remains unchanged. though New-Orleans !
sold somewhat freely last week