New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-09
MONEY AND BUSINESS.

WAL street az tndt Wnlch appeared last week.
All past records said to have been broken
by the wide distribution OF transactions, COW
erng ISL issues of stocks. and while The four
most active trust stocks counted for only 90.
OO0 shares less than a fifth Of the whole. and
the twelve most active railway and telegraph
stocks. OF which about 5000 shares more
were sold. made up an aggregate or lnjo,W"
shares. there were left 100 other issues, Of
whlch 1.2J3.OW shares We're sold The average
of prices for the sixty most active railway and
telegraph stocks advanced from So 60 on
Saturday, July 81. to so 0l per share at the
close. August T. st. Paul. Burlington. Chicago
and Great Western and other less conspicuous
stocks advancing 81 per share more For
some months the close resemblance OF this
years conditions to those OF 1870 has been re-
peatedy noted. and 1t may be doubted whether
there has been since that year another such
week as the last in wide distribution OF bust
ness and unhesitating advance I'm prices. That
year the average OF sixty most active stocks
started at So 49, and before any serious set
back came 1t reached $50 OF per share. Novem-
Der 10 having added over 10 per cent profit to
the opening value Of all stocks taken together.
the good with the bad, In every month for ten
consecutive months. 1t Is well remembered
also that London in 1870 repeatedly tried to
break the market by heavy sales, with such re-
suits as seen last week.
This rise in securities was Of small conse-
quence compared with the advance and the
heavy export engagements in wheat; in fact. the
rise in grain was an important cause of the up
ward rush in securities. The sharp decline on
Thursday supposed to indicate the liquidation
of a st. Louis combination. was followed by
more buying on Friday. and then by weakness
on Saturday. But IL is not at all strange If
some hesitation follows the rise from Az cents
July - to 500 August !. In this respect also
the year resembles 1879. for a large crop Of
wheat. 4lSOOO.OO0 bushels. was marketed in
that year so well that the average farm price
was 81 1O.S and while no such prices are to be
expected since modes Of transportation have
been revolutionzed wheat rose from about 81 OS
in the middle Of July to 81 52h in the mid lie
of October. with the urgent foreign demand
which took from that crop 1S00O0O00 bushels.
II the demand this year should prove as large
as reports indicate. the prices recently paid
will probably not be the highest. Atlantic ex-
ports thus far have fallen below those of the
same weeks last year by about 100000 bushels,
-four included while Pacific exports fully equal
last years. Western receipts have now become
very heavy, and there are signs OF a car famine
soon.
The cotton market changes but little at this
season. available stocks being much reduced
and the movement insignificant The extensive
curtailment Of production by mills, however
plainly necessary to relieve congested market
for goods. does not promise strong demand
for the raw material during the earliest month
Of the coming crop year. AS the takings Of
spinners North and South during the eleven
months OF the crop year have been only $1,000
bales, not per cent, less than their maxi
mum consumption in amy previous full year. II
is not improbable That quantities of domestic
and foreign goods to be carried are In
some lines greater than many have supposed.
Official crop accounts were more favorable. but
| hardly accord with dispatches to THE Financial
Chronicle" which indicate considerable injury
by drouth In Texas. The demand for goods
has clearly improved. as 1t naturally would
with many mills restricting production. and
prices Of some qualities have advanced.
Too much Importance can hardly be attached
to the great change which appears in payments
| through clearing houses. which. in the first five
months OF the year. as in previous years were
steadily below those OF corresponding months
in the last year OF prosperity. and also below
the average in like months for the last five
years. But the full statement given by THE
=
them not only $l59, 100000 larger than in the
same month Of 1892. or 33 per cent. but larger
| than in any other July record. 1t Is said
that heavy imports swell transactions. but the
| difference on the months importation would
not be half OF ] per cent OF the aggregate ex-
| changes A larger factor is the activity Of
| speculation in securities and grain; but this
| is one Of the dearest evidences of the SUBJ
| stantial Improvement so long desired. The
shrinkage in failures TO $1,117127 according
| to the July report Of "Dun's Review"-the small
| est amount In any month since 1S92--grows
still more encouraging when 1t Is found that
| the improvement extends 50 generally that in
only two out of the fourteen trading classes
were the failures small In more than eight
| of the previous forty-five months in July.
| The rapid resumption Of work In iron and steel
establishments, following the settlement OF wage
disputes with the Amalgamated Association.
would be OF itself an event Of the brightest omen
in a month less crowded with cheering facts.
Already many Of the works have started with
| full force as the demand for finished products
| has been gradually gaining during weeks Of sus-
| pension The boot and shoe industry also re.
| ports a growing demand. The one branch OF
| manufacture which would naturally gain most
| had there been no anticipatory imports OF WOOL
| len goods. does appear TO gain most notwith-
| standing the magnitude OF such imports. as the
| manufacturers are now able TO obtain moder-
| ate advance In goods and have as yet proposed
none equallIng the advance In the cost Of wool
| since January l. Prices Of wool are decidedly
strong but sales OF large blocks continue to indi-
cate that some holders apprehend they may 90
| too far.
There is nothing disturbing In tho money mar
ket, and the exports Of gold on foreign premiums
paid are regarded - rather less important or
lasting than . call loan. The buying Of stocks
on foreign account et ths close Of tho week At
fsotsd sxchtnss Immediately. and whils intsr'ss
J markets arstamD!y supplIsd Tor the present. sysn