New-York tribune., 1897-11-01
lLnNEY iNn RIN[NNSS.

f,,u ,nonths since the present tariff brought Il
new state Of things. These three months nave
witnessed a volume OF business never surpasseu
in correspondng months even ir the most
fortunate wears Payments through the clear
ing-houses have been 6.1 per cent larger III
October than in 1892, and 2S.9 yer cent iarse'
than last year. The increase was grea'e' '
August and September, as the new tarih caused
a vast rush of business in midsummer WHICH u
usually done later, and 1t is the more sur
that after such extraordinary huylng 'or Two
months the volume OF business continues III
October greater than in 1s92 In place OF
anxiety about exports Of gold ana sulicieh'
reserve to insure the soundness oF the currency
We have heavy imports Of gold hFre ana NJ San
Francisco, free use OF the yelloF metal again
in clearing house settlements. Fnd SOVo'V"
loaned at interest in Europe by New-forK "i'h-
in two weeks through the buying ana noio'hs
Of long foreign exchange. Since Europe needs
the gold and greater case there facilitates larger
buying Of products and securities here, the
loans which individuals are making as good
use OF their money serve seed sown to Sc
cure q harvest OF larger claims upon ioreisn
money markets hereafter
Foreign trade for the month has closed with
an enormous favorable balance. Imports al
New-York. S1,9OO.OOO smaller for the week than
last year. and for four weeks S2.4O0,0O0 smaller
indicate an aggregate at all points for the month
not exceeding SAG 900 900 to S4S 100000. Ex-
ports from New-York for four weeks have been
about 81 800 900 larger than last year. when
the movement was much the greatest ever
known for the season, and. as New-York ex-
ports are only about third Of the whole, In
dicate an aggregate from all ports from Sllo'-
100000 to Sl1S00OOOO though cotton exports
elsewhere. owing to low prices, may SHOW some
decrease In value. in spite of increase In quan-
tity But so great an excess or exports going
beyond all precedent, insurcs either heavy I'M
ports of gold or creation OF a large reserve held
on call in Europc.
The exports Of wheat continue 80 large that
at this time no one is surprised to see the price
mount above 81. The advance was aided by
some unfavorable reports about results or
threshing which indicated a smaller yield In
some spring wheat States than had been ex-
pected but the main factor has been the largest
exports Of wheat and -four ever known in Octo-
ber as well as I'm September. For four weeks
the reported exports, flour Included, have been
90 33S 923 bushels, against 15,9O2s6O last year
which with the outgo In remaining days or the
month. % SGS. .S3S bushels. according TO Sep
tember preliminary reports and 2s 273965 bush
els OFFICIAL net tAIpll1 lbi JulS T'"oNN''
make not far from 79,OOo0O0 bushels in third
Of the crop year being at the rate OF -'',"oVV
bushels for the year. At such rate the move
men, could not continue without sending the
price considerably higher. Yet engagements OF
room last week for 1000 900 bushels more are
reported here Corn has changed little In
price. and exports have fallen 100000 bushels
below les, years for the week
Cotton also goes ou; In large quantity, 0lS34G
bales in October prior % Saturday. against
1903 IN the fun month OF 1894 from the
greates, crop ever raised But the threatening
controversy between spinners and workers IN
England. which NAV render nearly 2'pWo
hands Idle 'or n time. makes the foreign de-
mand Ices clear. while the decline in prices OF
some cotton goods here. of print cloths 20 the
| lowest point on record. indicates a demand 80
| dun that takngs Of Northern and Southern
| spinncrs for the month nave been only about
| 37O.7S3 bales. against il7,2oi in 1891 Six-cent
! cotton has come, Notwithstanding receipts dur
| ing the month ~ LOS 973 bales, against
| 2l01 251 IN October, 1s9i. the decrease being
! considerably loss than the excess OF receipts in
| September. Until Southern quarantines ceas,
| and ordinary trade movements are permitted, II
| will remain uncertain how much cotton has
| been kept bnck.
| The languid uncertainty In the stock market
| last week with n decline in the average oi
prices for railroad stocks amounting 10 II cents
per share and IN Trust stocks 6S cents, was
not unnatural after the persistent and careful
suppression Of public interest in the market by
the controlling forces. but was In part due t.
the proposal to defer the sale of Union Pacific
which caused considerable selling The earn
ines of railroads continue highly satisfactory
only ten small roads out OF seventy-two show
| ing anv decrease, and United States roads re-
port earnings iOt per cent larger for the month
than last year. and 81 per cent larger than "
! 1892 Almost every section reports some gain
| and. while the buying Of merchandise is less
than a month or two ago. the westbound move
ment OF IL Is heavy The decline IN anthracite
| coal which Is offered here about ~ cents belo"
circular price. Is considered by GONE reason
for selling stocks OF coal roads and the feve
at the South hindcrs the business Of other com
| panics but the aggregate Of earnings Is never
theess greater than in times Of the hiShes
! prosperity
! All the Industries are crowded wi:h order
! taken some tina" ago. and tho abatement of new
demand is not causing c:lbarrassment but ow
Ing to much uncertainty about prices OF ma
tcrials i'm the near future. the delay makes 70
the safety Of manufacturers and consumer
both Already the demand for coke. raising tn
weekly output to l9,JG:. tons. causes sales a
81 Gl TO 81 - and higher prices are expected
while many buyers believe that pig iro
must 20 lower because Of tine increase in fur
naces working Wool has been settling back
with some large sales for profit taking an
scarcely any demand. Cotton IS declining, an
leather also ranges little lower. encouraging
the hope that advances asked on boots an
shoes may prove unnecessary. All the great In
dustries have really remarkable demand 70
immediate deliveries. showing that enornou
purchases by dealers recently are found in som
lines too small for the increased demand, an
the reports of retail trade arc generally salts
factory excepting as 20 winter goods, of whic