New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-08
MONEY AND BUSINESS.


working time for about fifth of the spindles In
the country, which would not greatly diminish
the consumption Of cotton but 1t comes at time
when the consumption has not been very en-
couraging at the best and the markets for goods
have been narrow and weak Mr.. Ellison's an
nual statement Just issued places British con-
SUMPTION in 1896 at Sc, 900 bales of 800 pounds
each. and Continental at SO,35O such bales. Brit
ish consumption is less than It was five years
ago but Continental consumption has meanwhile
advanced over II per cent Mr.. Ellison reckons
the American crop Of 1896 at S65OOeO bales
and calculates that 1899, 900 will be exported to
Europe between January ! and September 81
which would result. according to his calculations
In reduction Of all European port ana mil
stocks to 900 bales September 30. But the
Manchester letter to THE Financial Chronicle
shows that the recent orders from India nave
been considerably decreasing and that the for
eign demand is generally shrinking. and the
letter closes There does not seem to be the
promise Of full consumption Of American cot
"ton in Europe in the near future" The takings
Of Northern spinners since September l have
been 443446 bales smaller than In 1871
when the consumption was large. and while
Southern consumption Is now reckoned at l9Oo0
bales weekly the partial closing Of Northern
mum consumption in this country will hot be
reached this year, some have estimated.
The wheat movement Is still somewhat per-
picking. Western receipts continue little over
half Of the receipts in recent years. which would
tend to confirm the most gloomy estimates of
Mr.. Pillsbury and others. But with no sales Of
cash wheat the price has been ranging from
az to cents higher than a year ago, and
cents or more below the price reached In the
upward rush Of November, when the movement
was altogether more encouraging than II has
been for the last two months. The Atlantic ex-
ports have been dropping off some. and for the
week were about 900 bushels. flour included,
or a sixth less than for the same week last year.
while dispatches show that the Pacific movement
continues heavy. II Government or current
speculative estimates of the yield were fully
credited II seems scarcely possible that either
Western farmers or traders anywhere would he
throwing away their wheat al less than SO cents
at Chicago. with great scarcity close at hand.
But the truth is that such reports are not really
credited The abundance ard cheapness OF
corn make a difference Also and In the first
week Of February the Atlantic exports Of corn
were about GO per cent larger than last year,
increasing more than the exports Of wheat de-
creased.
AS before. the volume Of business reflected
by clearing house payments shows improve
ment compared with last year. although the
exchanges were 30S per cent smaller than In
1892. When II Is considered that the opening
in 1899 was much the best then ever known
and in January was about IA and In the first
week OF February about 1S.J per cent larger
than in 1891, the decrease appears less dis
couraging. Nor arc railroad earnings so gloomy
in appearance. There is a gain of g. per cent
over last year in all the returns thus far re-
ported this year, and, compared with the heavy
earnings Of 1893 there is only 100 per cent de-
crease. Some foreign sales Of stocks which
are said to have been prompted by the disagree
ment about arbitration, produced little Yield
ing In prices; nevertheless, the average Of
all railroad stocks closes only 40 cents per
500 share lower than the previous week. though
in Trust stocks there was a decline of nearly
81 per share, there had been a greater rise
With money abundant and cheap and rea-
sonable certainty that It will so continue for
weeks, the holders of stocks are the less dis
posed to be frightened out of them at a time
when general Improvement In the condition of
business Is expected.
While the sales of wool at the three chief
markets, which In five weeks Of this year have
been u. 800 pounds and last week were
1868 900 pounds, are mostly speculative. and
have resulted as yet in scarcely any rise in
price. there is distinct Improvement in the
OF the goods market. More satisfactory
orders have been received. and they are no
longer confned to the cheaper qualities. and
business in some lines has been enough TO en-
courage a number of the smaller or medium
sized mills TO resume operations. At some in
terror points there is also reported better tone
N shoes. 10
IL still largely restricted to cheap goods. so
that shipments In number only 10000 cases less
than in 1895 and larger than for the same
weeks OF any other year. presumably represent
d considerably diminished value The Chicago
market for hides stiffened by heavy buy
ing of tanners. according to reports. for the
express purpose Of preventing the break In the
price Of leather. Of which there had appeared
some symptoms
The agreement of bituminOus coal producers
OF Ohio and the advance Of 40 cents in price H.
lustrate difficulties with which many branches
OF manufacture have al times to contend. The
anthracite producers are getting close to their
agreed prize. but the Connellsville coke COM
bination no longer controls, and one concern
is reported to have contracted its entire output
for the year at 81 81 The ore producers also
will disagree If current reports prove correct
and in that case one important obstacle to the
success OF the iron industry may be for the
time removed. The rail combination still adj
heres to the demand for SO per ton. which is
80 - higher than the Pittsburg quotation for
billsts and a reconstruction OF the billet pool
il not now expected. The bar iron combination
still keeps its price nomnaly s. per ton higher
than tho price Of steel bars. but prices Of nails
are gradually yielding, and the demand is ex-
pandine largely. Bessemer pig is a shade
stronger at Pittsburg. but less confidence Is ex-
pressed in Eastern markets and at Chicago.
Richard Croker Is trying hard to give air
Of respectability to Tammany Hall Some peo-